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 an average gas price of $3.50 per gallon and 28 mpg (the national average), that's about $1,688 per year in gas -- or $8,438 over five years. An EV driving the same distance, at the national average electricity rate of $0.16 per kWh and an efficiency of 3.5 miles per kWh, costs about $617 per year to charge -- or $3,086 over five years. That's a savings of over $5,350 in fuel alone. 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.
Over five years, the average EV owner saves roughly $5,000 to $9,000 compared to an equivalent gas car when you factor in fuel savings and lower maintenance costs. 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](/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](/savings-calculator) with our savings calculator.
Sources: AAA - Annual Driving Costs, DOE - eGallon Comparison, Consumer Reports - EV Ownership Costs