What is the total cost of ownership for an EV vs a gas car?

Over 5 years at 12,000 miles/year, a Chevy Bolt ($26,500) costs about $39,200 all-in (purchase, fuel, maintenance, insurance) vs. $48,100 for a comparable 27 MPG compact gas car at $30,000. That's $8,900 less for the EV. An EV SUV like the Chevy Equinox EV ($35,000) costs about $49,700 all-in vs. $54,100 for a Toyota RAV4 — saving $4,400. Trucks are the exception: the F-150 Lightning ($55,000) costs more to own over 5 years than a Silverado ($43,000) because the EV price premium is too large to recover through fuel savings alone.

Which is cheaper to own over 5 years — an EV or a gas car?

For compacts and SUVs, EVs win on 5-year total cost. The Chevy Bolt beats most compact gas cars by $6,000–$10,000. The Equinox EV beats the RAV4 by about $4,400. For premium EVs like the Tesla Model 3 ($40,240 vs. a $30,000 midsize gas car), the EV costs more upfront and the fuel/maintenance savings over 5 years don't fully close the gap — you need 8–10 years to break even on that comparison. Trucks are the toughest case: the $12,000+ price premium on the F-150 Lightning is hard to recover through fuel savings in 5 years.

What components make up EV total cost of ownership?

EV total cost of ownership includes six main components: (1) Purchase price — the sticker price or net price after any applicable state incentives. The federal $7,500 EV tax credit expired in September 2025, so it no longer applies. (2) Fuel/charging costs — EVs average $0.04–0.06/mile at home vs. $0.11–0.18/mile for gas cars. (3) Maintenance — EVs skip oil changes, transmission service, and have longer brake life: $500–$700/year vs. $1,100–$1,400/year for gas. (4) Insurance — similar to gas cars, sometimes slightly higher for EVs due to repair costs. (5) Depreciation — EVs depreciate slightly faster than comparable gas cars in years 1–5, though this varies by model. (6) Financing/interest if you're not paying cash.

How does EV maintenance compare to gas car maintenance in a total cost calculation?

Maintenance is where EVs win big. A gas car averages $1,100–$1,400/year for oil changes, filters, transmission service, and brake work (AAA data). An EV averages $500–$700/year — mostly tires, cabin air filter, and coolant service. Over 5 years, that's $2,000–$3,500 in EV maintenance savings. Over 10 years, it's $4,000–$7,000. This advantage grows as gas cars age and need more expensive repairs.

Does EV insurance cost more than gas car insurance?

Slightly, on average. EVs cost more to repair after accidents because battery and electrical system parts are expensive and fewer shops are certified to work on them. AAA data puts average EV insurance about 6–12% higher than comparable gas cars. Tesla vehicles (Model 3, Model Y) see the biggest premium — often 15–25% more than non-Tesla EVs — because repair costs are higher and Tesla claims its own parts channel. The Chevy Bolt and Equinox EV are much closer to their gas counterparts on insurance cost.

How does EV depreciation affect total cost of ownership?

EVs depreciate faster than most gas cars in years 1–3, largely due to rapid model updates and buyer uncertainty about battery longevity. The average EV retains about 38–45% of its value after 5 years vs. 42–50% for comparable gas cars (iSeeCars data). However, this varies a lot by model: Tesla Model 3 retains value better than average. The Chevy Bolt historically depreciated sharply (around 60–65% in 5 years). Depreciation matters if you plan to sell — it's less relevant if you drive the car to 200,000 miles.

Over 10 years, is an EV or gas car cheaper to own?

Over 10 years, EVs win more clearly. Annual maintenance costs for gas cars increase with age (timing belts, water pumps, transmission service), while EV maintenance stays flat. A 10-year gas car might average $1,500–$2,000/year in maintenance vs. $600–$800/year for the EV — a gap of $7,000–$12,000 over that period. Fuel savings compound too. The one wildcard: battery replacement, which runs $8,000–$15,000 for most EVs if needed. Most modern EV batteries last 150,000–200,000 miles, so a 10-year/120,000-mile driver is unlikely to need one.

EV vs Gas Total Cost of Ownership 2026

The Chevy Bolt costs $8,400 less than a comparable gas compact over 5 years. An EV SUV saves $4,400 vs. the RAV4. Trucks are the exception. Below: exact numbers by vehicle class, a calculator for your state and miles, and a full breakdown of every cost category. See also: cost per mile by state and annual savings calculator.

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5-Year Total Cost of Ownership by Vehicle Class

National averages: 12,000 miles/year, gas $3.30/gal, electricity 16¢/kWh. Includes purchase, fuel, maintenance, and insurance. Excludes financing and depreciation.

Gas Car	EV	Gas 5yr	EV 5yr	EV Saves
Compact sedan ~27 MPG, $30K MSRP	Chevy Bolt 3.9 mi/kWh, $26,500	$48,100	$39,700	$8,400
Midsize sedan ~32 MPG, $33K MSRP	Tesla Model 3 4.0 mi/kWh, $40,240	$50,400	$55,200	-$4,800
SUV / Crossover ~26 MPG, $35K MSRP	Chevy Equinox EV 3.3 mi/kWh, $34,995	$54,100	$49,700	$4,400
Pickup truck ~20 MPG, $43K MSRP	F-150 Lightning 2.3 mi/kWh, $54,995	$63,800	$69,200	-$5,400

Best EV case: compact

The Bolt costs $3,500 less to buy than the gas compact and saves $5,700+ in fuel and maintenance over 5 years. The math is straightforward.

Worst EV case: premium midsize

A $40K Model 3 vs. a $33K midsize gas car: the $7K purchase gap takes 9–10 years to recover through fuel and maintenance savings at 12K miles/year.

What Goes Into a TCO Calculation

Six numbers drive the comparison. Get these right and you'll have a real answer instead of a guess.

Purchase price

The federal $7,500 EV tax credit expired in September 2025. State incentives remain in 20+ states — Colorado ($5,000), Oregon ($7,500), Connecticut ($9,500). Check your state before buying.

Fuel / charging

Gas at 27 MPG / $3.30 a gallon costs about $1,467/year for 12,000 miles. An EV at 3.3 mi/kWh and 16¢/kWh costs $582/year. That's $885/year in your pocket. See cost per mile by state for your number.

Maintenance

Gas cars average $1,100–$1,400/year (AAA). EVs: $500–$700/year. No oil changes, no transmission service, brakes last longer due to regenerative braking. The gap widens as gas cars age.

Insurance

EVs average 6–12% higher than comparable gas cars (AAA data). Tesla vehicles run 15–25% more — parts are expensive and Tesla controls its repair network. Bolt and Equinox EV are much closer to gas car rates.

Depreciation

EVs depreciate slightly faster than gas cars in years 1–3 — roughly 60% of value lost after 5 years vs. 52% for comparable gas cars (iSeeCars). Matters a lot if you flip cars every 3–4 years. Doesn't matter much if you drive to 150K miles.

Financing costs

On a $35K EV at 7% for 60 months, you'll pay about $7,800 in interest. On a $35K gas car at the same rate, same amount. The higher the EV purchase price, the more this hurts the EV's TCO advantage.

5-Year & 10-Year TCO Calculator

Pick your vehicle class and state. We use state gas prices (AAA) and electricity rates (EIA) for your numbers.

Vehicle class

Your state

Annual miles

Ownership period

Gas Car

—

over 5 years

Electric Vehicle

—

over 5 years

—

Cost category	Gas car	EV	Difference
Purchase price	—	—	—
Fuel / charging	—	—	—
Maintenance	—	—	—
Insurance	—	—	—
Total	—	—	—

Excludes depreciation, financing/interest, and registration fees.

Common Questions

The federal EV tax credit ended — does EV TCO still work?

For compact EVs like the Bolt, yes. The Bolt starts at $26,500 — already cheaper than most compact gas cars before any incentives. State rebates in Colorado, Oregon, Connecticut, and others add $5,000–$9,500 more. For premium EVs (Model 3, Model Y), the math is harder without the federal credit. You need 8–10 years of savings to break even on a $40K+ EV vs. a $33K midsize gas car.

How does EV TCO change if I drive more miles?

More miles accelerates the EV advantage. At 20,000 miles/year, the Bolt saves ~$1,500/year in fuel alone vs. a 27 MPG gas compact. At 12,000 miles/year, that's ~$885/year. High-mileage drivers (rideshare, long commutes) see the fastest payback. Use the savings calculator above to model your exact mileage.

Why is the F-150 Lightning more expensive to own than the Silverado?

The Lightning costs $12,000 more upfront ($55K vs. $43K) and saves about $900/year in fuel at 12K miles. That's 13 years to recover the purchase premium on fuel savings alone. Maintenance savings add another $400–$600/year, bringing the break-even to 8–10 years. At 20K miles/year, it drops to 6–7 years. Trucks have large batteries and lower efficiency relative to their purchase price — the economics work better for high-mileage work trucks than weekend drivers.

What's the cheapest EV to own over 5 years?

The Chevy Bolt, at $26,500. It's cheaper to buy than most gas compacts, costs $2,500/year to fuel and maintain vs. $6,800/year for a 27 MPG gas car (fuel + maintenance combined at national averages). 5-year TCO is about $39,700 including insurance — $8,400 less than a comparable gas compact. The Bolt EUV is slightly larger and costs $28,600, but the TCO math is nearly identical.

EV Payback Period Calculator

How many years until your EV pays for itself? Enter your model and miles.

Cost Per Mile by State

Bolt: 4¢/mi. Civic: 10¢/mi. Gap widens in cheap-electricity states.

Annual Savings Calculator

Enter your MPG and state — get exact fuel and maintenance savings.

Charging Costs by State

10¢/kWh in Washington. 44¢ in Hawaii. Electricity rate changes everything.

EV Incentives by State 2026

Federal credit gone. 20+ states still offer $2,000–$9,500.

EV Maintenance Costs

$600/yr vs $1,200/yr. What EVs skip and what they still need.

Most Affordable EVs to Own

Bolt and Equinox EV rank #1 and #2 on 5-year total cost.

EV Lease vs Buy Calculator

Compare monthly lease vs loan payment. $437/mo lease vs $626/mo to buy for the Equinox EV.

Data: EIA State-Level Residential Electricity Prices, EPA Fuel Economy Ratings Database, DOE Alternative Fuels Data Center, IRS Clean Vehicle Tax Credit Schedules

Last updated: January 2025

How we calculate this · Tax credit eligibility varies by income and vehicle. Verify with your tax professional before purchase.