Cost Calculator AI
Cars & Vehicles5-Year EV TCO

Electric Car Cost Calculator

Calculate the complete 5-year total cost of owning an electric car—integrating purchase price, federal tax credits, home charger installation, electricity, insurance, and lower maintenance.

Calculation Results

5-Year Electric Car Ownership Formula

Total EV Cost = (Purchase Price − Tax Credits + Charger Install) − Resale Value + 5-Year Energy + 5-Year Insurance + 5-Year Maintenance
  • Incentives & Charging: Includes federal Section 30D tax credit (up to $7,500) and Level 2 home charger equipment/installation ($1,000–$1,500).
  • Energy Expense = (Annual Miles / 100) × kWh per 100 Miles × Electricity Rate × 5 Years.
  • Maintenance Savings: EVs save ~$400 to $600 per year in oil changes, belts, and brake maintenance.

Step-by-Step Worked Example

Scenario: Owning a $43,000 EV with $7,500 tax credit driven 12,000 miles/year for 5 years

Calculation Steps:

  1. Net Acquisition Outlay = $43,000 − $7,500 + $1,200 = $36,700.00
  2. 5-Year Energy Cost = (60,000 mi / 100) × 28 kWh × $0.15 = $2,520.00
  3. 5-Year Depreciation (48%) = $20,640.00 loss (Resale value = $22,360)
  4. 5-Year Insurance & Maintenance = ($1,800 + $450) × 5 = $11,250.00
  5. Total 5-Year Ownership Cost = $20,640 + $2,520 + $11,250 + $600 = $35,010.00
Result: The EV costs $35,010 over 5 years ($583.50/month or 58.4¢ per mile driven).

How to Use This Calculator

  1. 1Enter the EV purchase price and any eligible federal or state clean vehicle tax credits.
  2. 2Include home charger hardware and electrical installation costs.
  3. 3Specify your local electricity rate and vehicle energy efficiency (kWh/100 miles).
  4. 4Examine the 5-year total expense and cost per mile.

Assumptions & Limitations

  • Assumes 85% home charging on residential electric rates and 15% public fast charging.

Frequently Asked Questions

How much does it cost to install a Level 2 home EV charger?

A dedicated Level 2 240V wall connector costs $400 to $600 for the unit, plus $500 to $1,500 for licensed electrician installation, depending on the distance from your electrical breaker panel.

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