EV Affordability Calculator
Before you fall in love with a spec sheet, check the real math. This calculator totals your loan payment, insurance, charging, maintenance and depreciation — and tells you honestly if it fits your budget.
1. Choose your EV
Price — adjust the price below if your trim or options differ.
2. Your finances
3. Running costs
Your fixed monthly commitments before the car.
Affordability
Total monthly car cost
Loan payment
Insurance
Charging
Maintenance
Depreciation
Budget check
Estimates only — this is not financial advice. Get a real loan quote and insurance estimate before committing.
Worked example: $3,500/month income
A $44,990 Tesla Model 3 with $5,000 down at 5.9% over 60 months, for someone earning $3,500/month:
| Monthly item | Amount |
|---|---|
| Loan payment | $770 |
| Insurance | $140 |
| Charging (12,000 km/yr at home) | $29 |
| Maintenance | $25 |
| Depreciation (5-yr, 45% retention) | $412 |
| Total | $1,376 / month |
| As % of $3,500 income | 39% — risky |
With $900 rent + $800 other expenses, this leaves ~$424/month — enough to cover the car but little else. Most advisors cap total car costs at 15-20% of gross income; consider a cheaper EV or a longer payment plan.
How to afford an EV
- Buy used. A 3-year-old EV costs 40-55% less than new and still has years of battery warranty.
- Maximize incentives. Tax credits and rebates can cut 10-25% off the price.
- Charge at home off-peak. Cuts your charging bill 3-4x vs public.
- Compare insurance. EV premiums vary by 40%+ between insurers.
- Don't stretch the loan term. 84+ months leaves you underwater for years.
How it's calculated
- Loan = standard amortization of (price − down) at your APR.
- Charging = km/year × consumption ÷ 100 × price ÷ 12.
- Maintenance assumed $300/year, tires included.
- Depreciation = (price × 55% loss) ÷ term months.
- Verdict: 🟢 comfortable (<20% income), 🟡 tight (20-30%), 🔴 risky (>30%).
See the full 5-year picture in the Total Cost of Ownership calculator.
Frequently asked questions
What percentage of income should a car cost?
Financial experts suggest keeping total car costs (payment, insurance, fuel, maintenance) under 15-20% of your gross monthly income. Including energy and insurance, an EV monthly cost above 15% risks stretching the budget.
Are EVs more affordable than petrol cars monthly?
The loan payment is usually higher, but EV running costs are 50-70% lower. Net monthly cost is often comparable or better — especially with incentives lowering the purchase price and off-peak home charging.
How much should I spend on an EV?
A common rule: don't spend more than 15-20% of your gross annual income on a car. For a $50,000 income that's $7,500-10,000 — but EVs' lower running costs mean you can responsibly go slightly above the purchase price.
What costs should I include in EV affordability?
Loan payment, insurance, charging (home + public), maintenance, tires, registration and estimated depreciation. Our calculator includes all of them and flags whether the total fits your budget.
How much is EV insurance compared to petrol?
EVs cost 10-25% more to insure than equivalent petrol cars, mainly due to higher repair costs. But many insurers now offer EV-specific discounts, and you often save more on fuel than you add in premium.