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Is an EV Worth It? Calculator
Enter your driving habits and local energy prices to find out if switching to an electric vehicle makes financial sense. We'll calculate your break-even, lifetime savings, and a Worth It Score from 0–100.
Starts at $4.47, the national regular average on Sept 23, 2026. AAA
Sources & Methodology
- DOE Alternative Fuels Data Center Vehicle Cost Calculator, total cost of ownership comparison for EVs vs. gas vehicles
- EIA State Electricity Profiles, average residential electricity rates by state used to calculate per-mile charging costs
- IRS Clean Vehicle Tax Credits, confirmation that federal EV credits ended for vehicles acquired after September 30, 2025
- AAA Fuel Prices, national average gas price used in gas vehicle cost comparisons
- AAA Your Driving Costs 2026 (brochure, p. 3), electric vs gas maintenance, repair and tire costs used for the maintenance savings rate
By Sean Baldwin · Last updated
The Verdict
Worth it if: your break-even period is 5 years or less, you drive more than 15,000 miles a year, and you can charge at home overnight.
Not worth it if: your break-even period runs past 10 years or you drive under 8,000 miles a year, low mileage erases most of the fuel savings that make an EV pay off.
Break-even threshold: a break-even under 5 years is a strong buy signal; past 10 years, the math rarely beats keeping a comparable gas vehicle.
Frequently Asked Questions
How long does it take for an EV to pay for itself in fuel savings?
It is the price premium you pay for the EV divided by what you save each year, so it varies too much for one average to mean anything. For scale, AAA's 2026 Your Driving Costs study (September 2026) found the electric versions of four vehicle types spent $1,503 to $2,376 a year less on fuel than their gas versions at 15,000 miles, with gas at $4.152 a gallon and charging at 18 cents per kWh. As an illustration, a $7,500 price premium would take about 3 to 5 years to recover at those savings. Fewer miles, cheaper gas or pricier electricity stretch it out.
How much do EVs save on maintenance?
Less than many people expect. AAA's 2026 Your Driving Costs study compared electric and gas versions of four vehicle types at 15,000 miles a year, and the EV cost less for maintenance, repair and tires in all four: $225 a year less for a medium sedan ($1,602 vs $1,827), $552 for a compact SUV ($1,402 vs $1,954), $45 for a medium SUV ($1,784 vs $1,829) and $170 for a pickup ($1,618 vs $1,788). The average gap is $248 a year, about 1.65 cents a mile, and that is the rate this calculator applies to your miles. AAA's maintenance figure includes an extended warranty and one set of replacement tires. In the same study the EV lost more value to depreciation than the gas version in all four types, so maintenance alone rarely settles the question.
What is the federal EV tax credit in 2026?
There is no federal EV tax credit in 2026. The $7,500 credit for new EVs and the $4,000 credit for used EVs ended for vehicles acquired after September 30, 2025. In its place, buyers financing a new US-assembled vehicle can deduct up to $10,000 per year in car loan interest through 2028, with income phaseouts starting at $100,000 for single filers and $200,000 for joint filers. Several states still offer their own EV incentives.
Is an EV worth it if I don't drive much?
If you drive fewer than 8,000–10,000 miles per year, an EV is harder to justify. Fuel and maintenance savings both shrink with mileage, so your break-even period extends significantly. It can still make sense if you were buying a new car anyway and the EV costs about the same as the gas model you would otherwise choose.
Do EVs hold their value?
Less well than gas cars, in AAA's data. In its 2026 Your Driving Costs study the electric version lost more value than the gas version in all four vehicle types compared, by $1,730 to $3,456 a year at 15,000 miles. With the federal tax credit gone for 2026 purchases, resale value matters more than ever in the total cost math.
How to calculate the real break-even on an EV
The EV break-even calculation compares total cost of ownership between an EV and its equivalent gas vehicle over your expected holding period. The key variables are: (1) purchase price premium, which varies by model, so compare real quotes before incentives; (2) fuel savings, which depend on your electricity rate, your gas price, and how you charge; (3) maintenance savings, since EVs have no oil changes, fewer brake jobs, and a simpler drivetrain (in AAA's 2026 Your Driving Costs study the EV cost $45 to $552 a year less for maintenance, repair and tires than the gas version in each of the four vehicle types it compared); and (4) incentives, the federal EV credit ended September 30, 2025, so state and local programs plus the new car loan interest deduction (up to $10,000/year for US-assembled vehicles) now carry the math. High-mileage drivers with cheap home charging tend to see the strongest savings, so run the calculator with your own mileage and electricity rate.
Why your electricity rate matters more than the national average
EV operating costs depend entirely on your local electricity rate and how you charge. The EIA put the 2024 U.S. average residential rate at 16.48 cents/kWh, with state averages ranging from 11.51 cents in North Dakota to 42.86 cents in Hawaii. At that national average and an assumed 0.3 kWh per mile, charging at home costs roughly 5 cents per mile, far below typical gas costs. But public DC fast charging generally costs more per kWh than home charging, which narrows the gap significantly for drivers who rely on it. The economics are strongest for drivers who can charge at home overnight, commute regularly (high annual mileage), and live in states with moderate electricity rates. Apartment dwellers who rely on public charging infrastructure are the hardest case for EV financial savings.
The federal EV tax credit is gone: what replaced it in 2026
The $7,500 federal credit for new EVs and the $4,000 used EV credit ended for vehicles acquired after September 30, 2025, eliminated by legislation passed in July 2025. The one exception: buyers who signed a binding purchase contract and made a payment by that date can still claim it, even if delivery slipped into 2026. What replaced it is a car loan interest deduction, up to $10,000 per year in interest on loans for new vehicles with final assembly in the US, available through 2028. It phases out above $100,000 of income for single filers and $200,000 for joint filers, and its value depends on your interest and tax bracket (for example, $10,000 of deductible interest is worth about $2,200 at a 22% bracket), far less than the old credit. Many states still run their own EV rebates and incentives, so check your state energy office before assuming the math.
EV depreciation: the factor most buyers overlook
EVs lose value faster than equivalent gas vehicles in AAA's figures. Its 2026 Your Driving Costs study (brochure p. 3, September 2026) compared electric and gas versions of four vehicle types at 15,000 miles a year, and annual depreciation came out at $6,786 vs $3,330 for a medium sedan, $5,298 vs $3,568 for a compact SUV, $7,077 vs $5,052 for a medium SUV and $8,624 vs $6,446 for a pickup. That is $1,730 to $3,456 a year more for the EV, or about $8,650 to $17,280 over AAA's five-year ownership period. The depreciation gap matters most if you plan to sell or trade in within 5 years. If you plan to keep the vehicle 10+ years and drive it to high mileage, depreciation is less relevant and the fuel and maintenance savings dominate the calculation.
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How We Calculate Your Score
The Worth It Score starts at 50 and adjusts based on five factors: annual fuel savings, tax credits and incentives, break-even timeline, annual mileage, and net vehicle cost. High fuel savings and a short break-even period drive the score up; low mileage or a very long payback period bring it down.
- · Base score: 50
- · Annual fuel savings: over $1,500/yr adds 15 points; over $800/yr adds 8 points
- · Tax credits and incentives: $7,500+ adds 10 points
- · Break-even: 5 years or less adds 15 points; 7 years or less adds 8 points; over 10 years subtracts 15 points
- · Annual miles: over 15,000 miles adds 10 points; under 8,000 miles subtracts 10 points
- · Net EV cost: under $25,000 after incentives adds 10 points
Score does not factor in depreciation, which has historically been faster for EVs than comparable gas vehicles. If you plan to sell or trade within 5 years, factor in resale value separately.
How to Cite This Calculator
If you reference this calculator in an article, blog post, or research, use one of the formats below. The Worth It Score methodology is fully documented and independently verifiable.
APA
Baldwin, S. (2026). Is an Electric Vehicle Actually Worth It? Real Savings (2026). Worth It Calculators. https://worthitcalculators.com/ev-worth-it/
MLA
Baldwin, Sean. "Is an Electric Vehicle Actually Worth It? Real Savings (2026)." Worth It Calculators, October 14, 2026, https://worthitcalculators.com/ev-worth-it/.
Plain text / web
Source: Is an Electric Vehicle Actually Worth It? Real Savings (2026), Worth It Calculators (https://worthitcalculators.com/ev-worth-it/)
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