Calculate if an EV saves money for your driving habits. Compare total 5-year cost vs gas car including $7,500 tax credit. Free EV calculator.
Whether an EV saves you money depends on three things: how much you drive, your electricity rate, and whether you qualify for the $7,500 federal tax credit. A driver doing 15,000 miles/year in California at $0.24/kWh saves very differently than a driver doing 8,000 miles/year in Texas at $0.11/kWh. This calculator does your specific math.
EVs provide biggest savings for: high-mileage drivers 15,000+ miles/year, states with high gas prices like CA, HI, NY, home charger users far cheaper than public charging, drivers qualifying for $7,500 federal credit, and those replacing high-maintenance or high-fuel older vehicles.
The $7,500 federal EV tax credit in 2026 requires: vehicle MSRP under $55,000 for sedans or $80,000 for SUV and trucks, buyer income under $150,000 single or $300,000 joint, vehicle assembled in North America. Not all EVs qualify — check IRS list before purchasing. Credit can now be applied at purchase directly.
At 15,000 miles/year: average gas car at 28 MPG uses 536 gallons × $3.50 = $1,875/year. Average EV uses 4.0 miles/kWh × 15,000 = 3,750 kWh × $0.16 average = $600/year. Annual fuel savings: $1,275. Over 5 years: $6,375 in fuel savings alone before maintenance savings.
Yes significantly. EVs have no oil changes saving $400-600/year, no transmission fluid, fewer brake replacements due to regenerative braking, no spark plugs, and fewer moving parts overall. Consumer Reports estimates EV maintenance costs 40% less than comparable gas vehicles over the vehicle lifetime.
Higher upfront purchase price $5,000-$15,000 premium over gas equivalent, range anxiety for long trips, slower refueling compared to 5-minute gas fill, apartment dwellers cannot easily charge at home, and higher insurance premiums. For apartment renters who cannot install home charger, EV ownership is significantly less convenient.
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