What are the most important factors to compare when deciding between buying an electric vehicle and a new gasoline car?

Here is a plain-English look at the main things worth comparing when choosing between an electric vehicle and a new gasoline car.

Upfront and long-term money

• EVs generally cost more to buy. The average new EV sold for about $56,000 in June 2024, while a new gas car sold for about $49,000 [10]. EVs generally have a higher upfront purchase price than gas cars [7]. One estimate, spreading purchase cost over six years, puts EV cost at about $14,763 per year versus $11,177 per year for a gas car [25].
• Incentives can narrow that gap. The federal government offers a tax credit of up to $7,500 for qualifying new EVs, and states and utilities may offer additional tax breaks [11][12]. Those incentives vary by state and can include tax credits, rebates, utility rebates, and other funds [31]. State and local incentives can be a meaningful factor [67].
• Fuel and charging costs usually favor EVs. One comparison puts average annual fueling cost at $485 for an EV versus $1,117 for a gas car, which is about 60% less [1]. Another estimates $880 per year for an EV versus $3,250 for a gas car, with annual savings of about $2,369 [4][5]. State averages have been put at $741 for charging versus $1,926 for filling up [27]. For compact SUVs, the per-mile cost is about $0.05 for an EV versus $0.13 for a gas version [28]. Overall, refueling an EV tends to be significantly cheaper because EVs are more efficient and electricity is usually cheaper than gasoline [15]. In broad terms, an EV can cost as little as 20% and as much as 70% of what a gasoline vehicle costs to run [2].
• But the answer depends heavily on where you live and how you charge. Whether an EV beats a gas car on total cost depends on the EV model, location, and charging method [9]. A midsize electric SUV with 300 miles of range can vary in lifetime cost by about $52,000 depending on location [17]. Regional electricity and gasoline prices drive much of that difference [18]. In places with very low gas prices, such as Texas, it is harder for an EV to break even [19]. EVs make more financial sense when you can charge at home, since public charging generally costs more [20]. Home charging access can lower lifetime cost by about $10,000 on average, and up to $26,000 [21]. EV running costs also vary by state, with Hawaii the cheapest state to run an EV and Wyoming the most expensive [30].
• Vehicle size and range matter too. Small, low-range EVs with about 200 miles of range had lower total ownership costs than similar gas vehicles in all studied cities, even without tax incentives [22]. Longer-range EVs around 300 miles can be comparable for smaller vehicles, but the longest-range models around 400 miles generally are not yet cost-competitive, even with subsidies [23].
• Over a full ownership period, EVs can come out ahead. EV ownership is estimated to save a typical driver $6,000 to $12,000 over the vehicle's life compared with a comparable gas car [13]. A 2024 study found EVs beat gas-powered cars on five-year total cost in every state except Maine and West Virginia [16]. EVs may cost less over their lifetimes largely because of lower refueling and maintenance costs [8].

Time: charging versus refueling

• Gasoline refueling is quick: a gas car can usually refuel in about 10 minutes [36]. EV charging usually means overnight charging at home, or around 30 minutes at a fast public station [35]. In a worst-case comparison, gas wins on clock time: about 10 minutes for gas versus 30 minutes to 10 hours for electric [37]. One monthly-mileage example put total EV charging time at 61 hours versus just 30 minutes for gas refueling [38].
• Active time is a different story. Overnight charging and fast-charging sessions happen while you are doing other things, like sleeping or shopping [41]. When overnight charging and fast-charging sessions are excluded, active monthly EV charging time can be zero minutes, while gas refueling requires a dedicated trip to the station [42]. The source concludes that charging an EV can take less of the driver's active time than refueling a gas car [39][43][44]. One study valued the time trade-off at $32.84 per hour and estimated an average excess travel time of 2.31 minutes when recharging compared with refueling [45].
• Charging options also change the experience. EV charging can be Level 1 from a standard household outlet, Level 2 from a dedicated charging station, or DC fast charging for quick top-ups [50]. The optimal time to charge is often overnight, when the car is not in use and off-peak electricity rates can apply [48][49]. Fast charging is increasingly available along major transportation corridors [51]. How long charging actually takes depends on the vehicle's maximum charging rate, whether the car is a battery EV or plug-in hybrid, the charging level, how much range is needed, and even outdoor temperature [34].

Maintenance, insurance, and other recurring costs

• EVs usually need less maintenance. EVs have fewer moving parts than gasoline vehicles, so they are less likely to need repairs and maintenance [14]. They do not need oil changes, fuel filters, spark plugs, or timing belts [56]. As a result, EVs are generally cheaper to maintain [58].
• Insurance and taxes can be higher for EVs. On average, insuring a gas vehicle is about $1,213 cheaper per year than insuring an electric vehicle [26]. One comparison put average yearly taxes at $2,928 for an EV versus $2,671 for a gas car [29]. EV cost calculations also often include registration fees, EV ownership fees, home charger and labor costs, charging fees, and extra insurance premiums [32]. Insurance costs vary by state, driving record, and coverage, so this is not a fixed number [65].
• Total running costs can still be close. Including insurance, taxes, fuel or charging, and maintenance, the estimated annual running cost for the most popular EV is $3,934, compared with $4,007 for the most popular gas car [24].
• Battery worries are smaller than many people expect. EV battery replacements due to failure are rare, at about 2.5% on average, and 97.5% of EVs are still using their original batteries outside major recalls [88][89]. For EVs made from 2016 onward, the replacement rate falls below 1% [89]. An EV battery tends to last longer if it is not charged to 100% or drained all the way to zero [53].

Resale value and depreciation

• EVs generally lose value faster than gas cars. One estimate says EVs depreciate by 13% more over five years than the overall market average [69]. EVs are described as depreciating quicker than their gas counterparts [62], and in some cases much faster [76]. They may be cheaper to maintain, but they can lose money quickly as values fall [70].
• Incentives and technology changes play a role in that depreciation. EVs have historically received about twice as many incentives as gas cars, and used buyers will not pay as much for a car that received, or could have received, discounts [71][72]. Rapidly improving EV range and technology, plus the fact that EVs are still a niche product, also affect resale values [73][74]. Used-car buyers tend to be more value-focused than wealthy new-car shoppers, so depreciation matters more to them [75]. Some evidence suggests longer-range EVs tend to depreciate more slowly [73].
• If you are open to buying used, the math changes. Used EVs currently have the lowest total cost of ownership, outperforming both new and used gas cars, according to one analysis [77].

Environmental footprint: it is a lifecycle story

• EVs generally come out cleaner over their full lifetime. EVs typically have a smaller carbon footprint than gasoline cars, even when accounting for the electricity used for charging [79]. Lifetime greenhouse gas emissions are typically lower for an EV than an average gasoline vehicle, even when manufacturing is included [81][83][86]. One lifecycle estimate says EVs can reduce greenhouse gas emissions by about 90% [98]. EVs also have no tailpipe emissions [80][103].
• The day-to-day efficiency difference is large. EVs use about 87% to 91% of the energy from the battery and regenerative braking to move the vehicle, while gasoline vehicles convert only about 16% to 25% of the energy in gasoline into movement [84]. Average gas cars in the U.S. get about 25 mpg, while average EVs get close to 100 mpg equivalent, meaning an EV uses around four times less energy per mile [109]. One comparison puts lifetime emissions at about 410 grams of CO2 per mile for a new gas car versus about 110 grams per mile for a new EV [107]. EVs can catch up and pass gas cars on emissions in less than two years [108].
• The local electricity mix matters. Charging an EV creates carbon pollution if the local electricity comes from coal or natural gas, while wind or solar produce much less [82]. A very efficient gas car can keep its lifetime carbon emissions below the average EV for three to six years, depending on how dirty the local electric grid is [110]. The environmental impact depends heavily on where you live and how your electricity or gasoline is produced [111]. In some situations, a plug-in hybrid can be a greener choice than a fully electric vehicle, especially on a very clean grid [112].
• Manufacturing is the EV's biggest environmental weakness. Making an EV can create more carbon pollution than making a gasoline car, mostly because of the energy needed to produce the battery [85]. One comparison found an average gas sedan creates about six metric tons of CO2 during manufacturing, while an EV of the same size creates more than 10 metric tons [101]. EVs therefore start with a "carbon debt" [102]. A 2023 report also estimated upstream emissions for gas cars at about half those of EVs over the car's life [105]. Battery recycling can reduce the emissions tied to making an EV [87]. Buying a used EV can reduce your carbon impact further, because battery and manufacturing processes account for about 35% of EV emissions [113].
• More EVs on the road can also improve local air quality, regardless of how the electricity is generated [114].

Practical realities: range, charging, weather, and safety

• Public charging is already widespread. There are more than 77,000 public stations and 219,000 public charging ports in the U.S. [90]. Many EV owners can meet their driving needs by charging at home with a standard 120-volt outlet [91], and overnight charging can take advantage of cheaper off-peak electricity rates [92].
• EV range is enough for most daily trips. Most new EV models go above 200 miles on a full charge, and all new models are rated for more than 100 miles [94]. Over 73% of U.S. passenger trips are 10 miles or less, and over 98% are less than 75 miles [93]. Cold weather can reduce EV range by about 40% on average because of heating needs [95].
• Safety requirements are similar. All light-duty cars and trucks sold in the U.S. must meet the Federal Motor Vehicle Safety Standards, and EVs add safety features that shut down the electrical system if a collision or short circuit is detected [96][97].

Why the comparison is not simple

• Cost comparisons depend on many assumptions, including purchase price [57], annual miles driven [66], EPA energy-efficiency figures [59], gasoline prices [60], the split between home and public charging [61], and financing terms [64]. EV price cuts and tax credits also change the math [11][63]. For many models, an EV and a gas car are not a straight comparison because there may be no exact gas-equivalent model [68].
• Environmental lifecycle comparisons have their own variables. Tools that compare conventional cars, plug-in hybrids, and EVs often let you adjust vehicle size, annual driving distance, vehicle lifetime, battery size, the emissions intensity of electricity production, and fuel consumption [115][120][121]. A full lifecycle assessment looks at manufacturing, operating, upstream emissions, and end-of-life impacts [99]. Because so much depends on location, habits, incentives, and vehicle choice, the best move is to run the numbers for your own situation before deciding.