In 2026 the average U.S. gallon of regular gas is around $3.50, and home electricity is around $0.16/kWh. That math is hugely favorable for EVs - but only home charging makes the math clean. Here are the real cost-per-mile numbers for the most popular EVs vs. their gas competitors, plus 5-year total cost of ownership.
Tesla Model Y at 4 mi/kWh and $0.16/kWh: $0.04/mi fuel cost. Equivalent gas SUV at 28 mpg and $3.50/gal: $0.125/mi. Annual difference: roughly $1,000 on 12,000 miles.
At $0.40-0.55/kWh on Electrify America or Supercharger, the same 4 mi/kWh Tesla costs $0.11-0.14/mi - basically gas parity. If you road-trip often, the savings shrink.
No oil changes, spark plugs, timing belts, fuel filters, or exhaust work. AAA estimates EVs save $700-1,000/yr vs gas on maintenance. Cabin air filter, tire rotation, brake fluid every 2-3 yr are all you owe routinely.
EVs cost 15-25% more to insure on average. Tesla Model Y and Rivian R1T are above-average; Bolt EUV and Leaf are near gas-car rates.
EV resale crashed in 2023-2024 after Tesla price cuts, then stabilized. Bolt EV, Leaf, and used Tesla Model 3/Y now hold value comparable to ICE counterparts. Lightning and Mach-E still drop faster.
Federal Clean Vehicle Credit (Section 30D) gives up to $7,500 new and $4,000 used in 2026 (under current law). Many states stack additional rebates. See ev-tax-credits-2026 for current rules.
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$0.03-0.05 per mile on home electricity ($0.10-0.20/kWh, 3-4 mi/kWh). $0.10-0.14 per mile on public DC fast charging. The gas equivalent at $3.50/gal and 28 mpg is $0.125/mi.
$1,000-2,000 typical for someone driving 12-15k miles per year, charging mostly at home, and skipping gas-car maintenance. Less if your electricity is expensive (CA, NE) or you rely on public charging.
Yes. Consumer Reports tracked roughly half the per-mile maintenance cost vs. gas cars over 200,000 miles. The big savings: no engine oil, no transmission service, dramatically longer brake life.
Slightly. EV-rated tires last fewer miles (heavier vehicles, higher torque) but are similar in upfront cost. Plan on rotating every 5-7k miles to even wear and budget for tire replacement at 30-45k miles vs. 50-60k on gas.
It is starting to. As parts and repair networks normalize, EV insurance is moving toward gas-car parity. Tesla Insurance (12 states) is already 20-30% cheaper than third-party for Tesla owners.
2026 numbers: Model Y LR ($46k MSRP) - 5yr TCO around $43k including depreciation. RAV4 Hybrid ($34k MSRP) - 5yr TCO around $38k. EV is more expensive in absolute terms but cheaper per mile.