Calculator
EV Total Cost of Ownership Calculator
See the full 5-year cost of owning any EV — purchase, depreciation, electricity, insurance, maintenance, and the federal tax credit — compared to driving an average gas car the same distance.
Total cost of ownership
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How total cost of ownership is calculated
TCO sums every dollar you'll spend over the ownership period, minus what you get back when you sell. The formula:
depreciation = price − (price × resale%)
energy = (annual_miles × years / efficiency) × rate
insurance = annual_insurance × years
maintenance = annual_maintenance × years
TCO = depreciation + energy + insurance + maintenance − tax_credit
Example: $45,000 EV, 45% resale after 5 years, 12,000 mi/yr, 3.5 mi/kWh, $0.16/kWh, $1,800 insurance, $500 maintenance, $7,500 tax credit. Depreciation $24,750 + energy $2,742 + insurance $9,000 + maintenance $2,500 − credit $7,500 = $31,492 TCO, or $0.52/mile — vs $0.62/mi for an average gas car.
Frequently asked questions
What is total cost of ownership (TCO)?
TCO is the full cost of owning a vehicle over a period — typically 5 years — including purchase price minus resale value (depreciation), fuel/electricity, insurance, maintenance, and registration. It's a much more accurate comparison than just looking at sticker price, because it captures the actual cost per year and per mile.
How does an EV TCO compare to a gas car?
For a typical $45,000 EV ($37,500 after federal tax credit) vs a $30,000 ICE, the EV has a higher acquisition cost but lower running costs. Over 5 years and 60,000 miles, the EV typically costs $42K total ($0.70/mi) while the ICE costs $46K total ($0.77/mi). The EV wins on TCO but only after the tax credit and only over 5+ years of ownership.
Why is the ICE comparison $0.62/mile?
That's AAA's 2025 published cost-per-mile for the average new ICE vehicle, including depreciation, fuel, insurance, maintenance, fees, and finance charges. Compact cars run $0.45–0.55/mi; mid-size SUVs $0.70–0.85/mi; full-size pickups $0.90–1.10/mi. Use the cost-per-mile output to compare directly.
Will the federal EV tax credit still exist when I buy?
As of 2026, the Inflation Reduction Act's $7,500 federal credit is still active for qualifying EVs (income, MSRP, and assembly requirements apply). It can be applied at the point of sale through participating dealers, effectively reducing the purchase price upfront. Verify current eligibility at fueleconomy.gov before purchasing — model and trim eligibility changes annually.