Should I buy an electric or gas powered vehicle?

Compare the true cost of driving electric versus gas, and see how many years it takes for an EV's savings to offset its higher upfront price.

Electric Vehicle

EV purchase price (include home charging station less tax credit) ?

Total cost including a home charging station, after any tax credit.

Miles driven per month ?

Your typical monthly driving distance.

Average household electricity cost per kWh ?

Average price you pay per kilowatt-hour at home.

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Electric Vehicle (EV) kWh per mile ?

How many kilowatt-hours the EV uses per mile driven.

Gas Vehicle

Current gas prices in your area ?

Current price per gallon of gas in your area.

Comparable gas vehicle purchase price ?

Price of a comparable gas-powered vehicle.

Average miles per gallon ?

Average miles per gallon for the gas vehicle.

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Annual maintenance cost ?

Yearly routine maintenance spending for the gas vehicle.

Enter your values and select Calculate.

Electric vehicles are all the rage these days, but is it worth it? Based on your monthly driving habits, electricity prices in your state, and the specs of the car, use this calculator to help decide whether an EV is the right choice for you. See when you will breakeven, and how much you might save if you make the switch!

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.