📊 EV Total Cost of Ownership Calculator

For each car the calculator adds up four costs over the period you choose: depreciation (price minus resale value), energy, insurance and maintenance.

Default values: insurance of $3,159 a year for EVs and $2,218 for gas cars, the U.S. averages reported by Insurify in June 2026; maintenance of $0.061 per mile for EVs and $0.101 for gas cars from Argonne National Laboratory; and five-year value retention of about 41% for EVs and 54% for the average vehicle from iSeeCars. The electricity default ($0.22 per kWh) assumes mostly home charging with some public charging.

Financing, taxes, registration and fees are not included because they depend on where you live. Change any figure to match the quotes you have.

Is an electric car cheaper to own than a gas car?

Often, but not always. EVs usually save on fuel and maintenance, but they can cost more to insure and have tended to lose value faster. Drivers who cover long distances and charge at home are most likely to come out ahead.

What is total cost of ownership?

It is everything a car costs you while you own it: the value it loses, fuel or electricity, insurance, maintenance and repairs, plus financing, taxes and fees.

Why do EVs cost more to insure?

EVs often have higher purchase prices and more expensive repairs, especially to battery packs and sensors, which raises insurance costs. Prices vary widely by model, state and driver.