EV Total Cost of Ownership Calculator
The sticker price is only the beginning. Compare the true 5-year cost of an electric car vs a petrol car — purchase price, energy, maintenance, insurance and resale value.
1. Purchase price
2. Driving & energy
More km = faster payback.
0% = all home charging. Public costs ~2.5x home rate.
3. Ownership costs
Resale value & loan settings
EV total cost
Petrol total cost
EV saves you
Break-even
EV cost breakdown
Petrol cost breakdown
Cost per kilometer
EV
Petrol
including depreciation
Saving
per km driven
Worked example: Model 3 vs an equivalent petrol sedan
A $44,990 Tesla Model 3 vs a $32,000 Toyota Camry, both driven 18,000 km/year for 5 years. Model 3: 16 kWh/100km, $0.15/kWh at home. Camry: 6.3 L/100km at $1.75/L:
| Over 5 years | EV (Model 3) | Petrol (Camry) |
|---|---|---|
| Purchase price | $44,990 | $32,000 |
| Energy / fuel | $2,160 | $9,921 |
| Maintenance | $1,500 | $4,500 |
| Insurance | $7,000 | $6,000 |
| Resale value (−) | −$20,246 | −$16,000 |
| True 5-year total | $35,404 | $36,421 |
| EV is cheaper over 5 years | ≈ $1,017 saved | |
Add a $7,500 federal tax credit and the EV saves over $8,500. High-mileage drivers and generous incentives make the gap even wider. Use the calculator above with your real numbers.
How to make an EV cheaper to own
- Use every incentive. Federal tax credits + state rebates can slash 10-25% off the purchase price.
- Drive more. The break-even arrives faster at 20,000+ km/year because fuel savings compound.
- Buy used. A 3-year-old EV already absorbed most depreciation — often the smartest financial play.
- Shop insurance. EV premiums vary by 40%+ between providers — always compare quotes.
- Charge at home. Public-only charging can erase 30-50% of your fuel savings.
How it's calculated
- Energy: EV = (km × kWh/100km ÷ 100) × blended price. Petrol = (km × L/100km ÷ 100) × $/L.
- Public charging assumed at 2.5x your home rate for the selected share.
- Resale value is subtracted at the end of the period as a credit.
- Break-even = months until cumulative savings cover the price difference.
- Estimates only — finance interest, taxes and registration vary by state.
See the energy-only comparison in the EV vs Gas calculator and per-100km costs in the Charging Cost calculator.
Frequently asked questions
What is total cost of ownership (TCO) for an EV?
TCO includes every cost over the time you own the car: purchase price, financing, energy, insurance, maintenance, tires, taxes and resale value. An EV often has a higher purchase price but dramatically lower running costs, so TCO reveals the true comparison.
Are electric cars really cheaper to own than petrol cars?
Over 5 years and 15,000 km/year, a typical EV saves $5,000–10,000 vs an equivalent petrol car once energy, maintenance and fuel savings are added up — even before government incentives. High-mileage drivers save even more.
What is the break-even point for an EV?
The break-even point is when cumulative savings (fuel + maintenance) equal the higher purchase price of the EV. It typically arrives between 2 and 6 years depending on your annual mileage, electricity price and incentives.
Do EVs really cost less to maintain?
Yes. No oil changes, no exhaust system, regenerative braking preserves brake pads, and far fewer moving parts. Most owners spend $200–400/year on maintenance vs $600–1,200 for a comparable petrol car.
How does EV depreciation compare to petrol cars?
EVs historically depreciated faster due to battery concerns, but the gap is narrowing quickly. A 5-year-old EV typically retains 40–55% of its value today, helped by strong demand and improving battery longevity.