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Enter Your Comparison Data
1. Vehicle Prices
Subtracts directly from the EV's upfront cost.
2. Efficiency & Fuel Rates
3. Driving Habits
It will take exactly 6.8 years for the $951 you save on fuel every year to pay off the $6,500 extra you spent buying the EV. After that point, the EV is generating pure profit to your bottom line.
The Economics of EV vs Gas
When deciding between an internal combustion engine (ICE) vehicle and an electric vehicle (EV), you are essentially choosing between two financial models: Pay less upfront but pay forever at the pump, OR pay more upfront to lock in ultra-low "fuel" rates.
The Tax Credit Multiplier
The $7,500 Federal EV Tax Credit drastically alters the break-even math. By slicing a massive chunk off the initial purchase price, the EV "premium" drops from $10,000 to just $2,500. This often shifts the break-even point from an unreasonable 7 years down to just 2 years.
High Mileage Drivers Win
If you drive 5,000 miles a year, it takes a decade to recoup the EV premium. But if you commute 25,000 miles a year (e.g. Uber drivers or remote commuters), you burn through the EV premium in fuel savings in just 18 months. EV economics heavily favor those who drive a lot.
EV Charging Calculator
Need to figure out your exact charging costs for this tool? Calculate your home vs public EV rates here.
Gasoline Cost Calculator
Calculate exact annual fuel costs for internal combustion engine cars based on local gas prices.