2026-04-01 · Guides · EVs for Idiots
The sticker price of a new car is only part of the story. What really matters is the total cost of ownership -- how much you spend over the entire time you own the vehicle. And when you compare EVs to gas cars on that basis, the numbers aren't even close.
The average American drives about 13,500 miles per year. At the national average gas price of about $4.37 per gallon (AAA, October 6, 2026) and 28 mpg, that's about $2,107 per year in gas, or $10,535 over five years. An EV driving the same distance, at the national average home electricity rate of about 18.3 cents per kWh (EIA, July 2026) and an efficiency of 3.5 miles per kWh, costs about $706 per year to charge, or $3,531 over five years. That's a savings of about $7,000 in fuel alone. Prices swing a lot by state, so see what charging costs where you live. If you charge mostly at home during off-peak hours, the savings are even bigger.
This is where EVs really pull ahead. According to AAA's annual driving cost study, EVs cost 7.89 cents per mile to maintain compared to 10.89 cents for a mid-size sedan. Over 67,500 miles (five years of average driving), that's $5,326 for an EV versus $7,351 for a gas car -- a savings of over $2,000. And that's conservative. EVs don't need oil changes, transmission service, spark plugs, timing belts, or exhaust system repairs. Brake pads last dramatically longer thanks to regenerative braking. The main maintenance items are tires, windshield wipers, and cabin air filters.
The federal EV tax credit is gone, but many states still offer their own incentives -- rebates, tax credits, sales tax exemptions, and utility rebates for home charger installation. Colorado, California, New Jersey, and others still have meaningful programs that can knock thousands off the price. Check what's available in your state before you write off the numbers.
At today's national averages, an EV owner saves roughly $9,000 over five years compared to an equivalent gas car: about $7,000 in fuel and $2,000 in maintenance. Expect less where electricity is pricey or gas is cheap, and more where gas is expensive. The upfront price gap between EVs and gas cars has been shrinking rapidly, and for many models it's already gone. Factor in state incentives where available, and the gap closes even further. When you look at the full picture, EVs aren't just better for the environment, they're better for your wallet. Run the numbers for yourself with our savings calculator.
EV incentives in Colorado · EV incentives in California · EV incentives in New Jersey
We match you to the right EV, then read the dealer's quote before you sign it, the junk fees, the phantom credits, the number you should actually be paying. Free, and we don't sell your email.
Sources: AAA - Annual Driving Costs, AAA - State gas price averages, EIA - Electric Power Monthly, Table 5.6.A, DOE - eGallon Comparison, Consumer Reports - EV Ownership Costs