Compare the cost of owning an electric vs. gasoline vehicle

Our calculator takes into account a range of factors, including purchase price, operating costs, energy/fuel consumption, battery replacement costs, and available incentives. Based on this data, we calculate the total cost of ownership (TCO) for both electric and gasoline vehicles over different time periods. You can switch between USA and EU regions to compare costs with region-specific data.

In the USA, the IRS offers a tax credit of up to $7,500 for the purchase of new qualifying electric vehicles. The credit amount depends on battery capacity and whether the vehicle and its components meet specific criteria regarding U.S. production. Since 2023, new rules have been introduced regarding the origin of battery components and critical minerals. Additionally, many states offer their own incentives ranging from $1,000 to $5,000.

Incentives in the EU vary by country but typically include purchase subsidies, tax benefits, and other advantages. For example, Germany offers an environmental bonus (Umweltbonus) with subsidies up to €4,500 for EVs priced under €40,000. France provides an ecological bonus (bonus écologique) of up to €5,000 for vehicles with low CO₂ emissions. Many EU countries also offer reduced registration taxes, road tax exemptions, and free parking or charging in certain areas.

In the USA, home charging typically costs $0.11 to $0.16 per kWh, depending on the region. Public Level 2 AC charging stations usually cost $0.20-$0.30 per kWh, while DC fast chargers can cost $0.40-$0.60 per kWh.

In the EU, home charging costs vary significantly between countries, ranging from €0.15 to €0.35 per kWh. Public charging in the EU is generally more expensive, with rates between €0.30-€0.70 per kWh, and some premium fast-charging networks charging up to €0.80 per kWh. Some networks in both regions offer subscriptions that can reduce these costs.

Most modern batteries in electric vehicles are designed to last at least 8-10 years or 100,000-150,000 miles (160,000-240,000 km). Manufacturers typically offer battery warranties lasting 8 years or 100,000 miles (160,000 km). Actual lifespan depends on many factors, including driving style, climate conditions, charging habits, and vehicle model.

Electric cars often have slightly higher insurance premiums due to their higher initial value and potentially higher costs for repairing specialized components. However, this difference is shrinking as electric vehicles become more widespread. In the USA, some insurance companies offer discounts for "green" vehicles. In the EU, several insurance providers offer special EV policies with additional coverage for charging equipment and reduced rates reflecting the lower accident rates of EVs. We account for these differences in the annual operating costs in our calculator.

The EU generally has a more developed charging infrastructure in terms of chargers per capita, particularly in countries like the Netherlands, Norway, and Germany. As of 2023, the EU has approximately 400,000 public charging points, with a goal to reach 1 million by 2025. The USA has around 140,000 public chargers but is rapidly expanding with significant federal investment from the Infrastructure Investment and Jobs Act, which allocated $7.5 billion for EV charging infrastructure. Both regions are focusing on expanding fast-charging networks along major highways.