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.
Frequently Asked Questions
How long does it take for an EV to pay for itself in fuel savings?
The average EV break-even period from fuel savings alone is 4–8 years, depending on your gas price, electricity rate, and miles driven. High-mileage drivers in high gas-price areas see the shortest payback periods.
How much do EVs save on maintenance?
EVs save an average of $800–$1,200 per year compared to gas cars because they have no oil changes, fewer brake jobs (regenerative braking), no transmission service, and fewer moving parts overall. Over 10 years, that's $8,000–$12,000 in savings.
What is the federal EV tax credit in 2026?
Qualifying new EVs are eligible for up to $7,500 in federal tax credits, and qualifying used EVs can get up to $4,000. Income limits apply: $150,000 for single filers and $300,000 for married filing jointly. The credit is applied at point of sale.
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 on fuel savings alone. Your break-even period extends significantly. However, if you hold the car long-term, maintenance savings and potential resale value can still make it worthwhile.
Do EVs hold their value?
EV depreciation has historically been higher than gas cars, though this is improving as the market matures. Tesla models have held value better than most. The federal tax credit effectively reduces your cost basis, which helps overall ROI.