Compare what you spend on petrol or diesel versus charging an electric car, and see your savings per year, over several years, and the break-even point if the EV costs more to buy.
Figures compare fuelling cost only (petrol/diesel vs electricity). Maintenance, insurance, taxes and incentives are not included. Enter an EV price premium to estimate the break-even point.
Is switching to an electric vehicle (EV) actually going to save you money, or do the savings get swallowed up by a higher purchase price and a home charger? The real return on investment is not just the price of a gallon of petrol versus a public charging station — it comes down to your daily driving habits, your local electricity rates, and a large drop in long-term maintenance. Plug your own numbers into the calculator above, then read on to see exactly how the math breaks down.
Tip: see the environmental side too with our CO₂ Emission Calculator.
The biggest mental shift in moving from a combustion (ICE) car to an EV is how you measure fuel. Instead of miles per gallon (MPG), you look at kilowatt-hours per 100 miles or miles per kWh. Comparing cost per mile is the fairest way to see why electricity usually wins:
If you rely only on public DC fast charging, your energy savings will be modest. The real financial win comes from charging at home overnight. Standard residential rates — or a time-of-use (TOU) off-peak tariff — let you charge when grid demand is lowest, dropping your cost per mile to a fraction of what an efficient petrol or hybrid car costs at the pump.
Many drivers focus only on fuel, but a hidden win of EV ownership is in the workshop. A traditional engine and transmission rely on roughly 2,000 moving parts under constant heat, friction and pressure — timing belts, spark plugs, catalytic converters, fuel injectors, oxygen sensors, and regular oil and filter changes. A battery electric vehicle has fewer than 20 moving parts in its drivetrain: no oil to change, no transmission fluid to flush, and no exhaust system to rust out.
In a gas car, stopping converts momentum into wasted heat through friction between pads and rotors. EVs use regenerative braking: lift off the accelerator and the motor runs as a generator, feeding energy back to the battery while slowing the car. Because the motor does most of the braking, mechanical pads and rotors wear very slowly and routinely last two to three times longer than on an ICE car.
To judge long-term savings fairly, look at the whole balance sheet across a typical 5-year ownership window.
| Cost area | Gas vehicle (ICE) | Electric vehicle (EV) | Verdict |
|---|---|---|---|
| Fuel / energy | High and tied to volatile oil prices | Low and predictable, lower still with home charging | EV wins — often 60–70% lower energy cost |
| Scheduled maintenance | Frequent oil, fluid and filter service | Mostly cabin filters, tyre rotations, fluid top-ups | EV wins — roughly 40% lower routine upkeep |
| Braking system | Standard pad and rotor wear cycles | Brakes act mainly as a backup to regen | EV wins — far fewer replacements over 100k miles |
| Upfront setup | None; ready to drive off the lot | May need a Level 2 home charger installed | Gas wins — an EV needs some initial setup |
| Factor | Effect on savings |
|---|---|
| Annual mileage | More driving multiplies the per-mile saving into a bigger yearly total. |
| Fuel price | Higher petrol/diesel prices increase the gap in the EV favour. |
| Electricity price | Cheap home or off-peak charging maximises savings; pricey rapid charging reduces them. |
| Efficiency | An efficient EV and a thirsty gas car widen the gap; the reverse narrows it. |
If an EV costs more upfront than a comparable petrol car, divide that extra cost by your yearly running-cost saving to estimate how long it takes to break even — usually 2 to 5 years, and fastest for high-mileage drivers on cheap electricity. After that point, the savings are money in your pocket. Enter a price premium above and the chart marks your break-even year automatically.
It depends on mileage and local prices, but because electricity per mile is usually much cheaper, many drivers cut fuelling costs by 60–70%, often a four-figure yearly saving before maintenance is counted.
In almost all cases, yes. Home overnight charging on residential rates is far cheaper per mile than petrol. Public fast charging costs more and can approach an efficient hybrid, but most charging happens cheaply at home.
For gas, divide mileage by MPG and multiply by price per gallon; for an EV, divide mileage by mi/kWh and multiply by price per kWh. Compare the two figures.
Usually 2 to 5 years, depending heavily on mileage. Savings build with every mile, so high-mileage drivers break even fastest. Enter a price premium to estimate yours.
Generally yes — around 2,000 moving parts in a gas drivetrain versus fewer than 20 in an EV, with no oil changes and long-lasting brakes thanks to regen. Those savings are on top of the fuel savings shown here.
No. Modern packs use thermal management to limit degradation and are usually backed by an 8-year or 100,000-mile warranty, typically outlasting the first ownership period with minor capacity loss.
Strongly. Cheap off-peak or home charging maximises savings, while expensive public fast charging narrows the gap with petrol.
Over several years many do, once lower fuelling and maintenance offset a higher purchase price and any charger setup — especially for high-mileage drivers on cheap electricity.
Cost-per-mile and total-cost-of-ownership concepts follow guidance from the U.S. DOE/EPA fueleconomy.gov and the U.S. Department of Energy. Results use the prices you enter and are general estimates, not financial advice.