Buy Electric or Gas Car Calculator

When considering the purchase of a new vehicle, buyers would weigh the pros and cons of electric vehicles (EVs) versus traditional gasoline-powered cars. Key factors influencing this decision include initial purchase price, government incentives, fuel and maintenance costs, and environmental impact. To assist in this evaluation, this calculator provides a comprehensive tool to compare the financial aspects of owning an EV and a gasoline car. We will use the Tesla Model Y (electric) and Toyota RAV4 (gas model), two of the most-sold SUVs in the U.S. in 2024, as an example to analyze the cost and benefits and determine whether an electric vehicle or a gas car can save you more money. We will compare the Tesla Model Y Long Range AWD model and the Toyota RAV4 AWD model. Here are the steps of input:

1. Input Total Purchase Price

   Enter the total purchase prices for both vehicles, including taxes, financing charges, and all applicable fees. For the 2024 Tesla Model Y Long Range AWD, the purchase price is approximately $49,500. For the 2024 Toyota RAV4 XLE Premium AWD, the MSRP is around $35,000.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   MSRP	$ 49,500	$ 35,000
   Tax & fees (assuming 6%)	$ 2,970	$ 2,100
   Car purchase price	$ 52,470	$ 37,100

2. Account for Government Subsidies

   Input any government subsidies or incentives available for the EV. These can vary based on location and time, so consult local resources or the dealership to determine current incentives for your vehicle. In the U.S., buying the Tesla Model Y is eligible for Federal incentive of $7,500 if your income level requirement is met. You can check more state and local incentive programs summarized in Kelly Blue Book.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Federal incentive	$ 7,500	$ 0
   State incentive	$ 0	$ 0
   Local incentive	$ 0	$ 0
   Total government subsidy	$ 7,500	$ 0

3. Enter Battery or Fuel Capacity

   For the Tesla Model Y, input the battery capacity in kilowatt-hours (kWh). For example, the Tesla Model Y Long Range AWD has a battery capacity of 75kWh. For the Toyota RAV4, the fuel tank capacity is about 14 gallons. Please refer to car manufacturers' official specifications for precise information.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Energy capacity	75 kWh	14 gallons

4. Input Electricity and Gas Price per Unit

   Enter the current local cost of electricity per kWh and gasoline per gallon. These figures can be obtained from your utility provider and local gas stations, respectively. The electricity cost of EVs can vary a lot, depending on your local electricity price and where you charge the car. If you charge at a metered charging station, the cost can be between $0.15 and $0.5 per kWh. When you charge at your home, the price is the same as your regular electricity rate, around $0.1 to $0.2 per kWh, depending on where you live. Or, it can be $0 per kWh when you always charge at a free station.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Electric or fuel price	$ 0.11 / kWh	$ 4 / gallon

5. Provide Vehicle Efficiency Ratings

   For the Toyota RAV4, input the vehicle's fuel efficiency, which is 27 MPG in the city and 33 MPG on the highway, with a combined rating of 29 MPG. For the Tesla Model Y, input the vehicle's range in miles when fully charged. The 2024 Model Y Long Range AWD has an estimated range of up to 310 miles on a full charge. EVs' energy consumption rate (MPG) is automatically calculated based on battery capacity, range, and the relative price between electricity and gas.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Miles per gallon (MPG)	auto-filled	29
   Full range	310 miles	auto-filled

   Then, you can compare the fuel costs of an EV and a gas car. Normally, the fuel cost per mile of an EV is only about 10% to 50% of that of a gas car.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Full-range fuel cost	$ 8.3	$ 56
   Fuel cost per mile	$ 0.0266	$ 0.1379

6. Estimate Total Driving Miles and Depreciation

   Enter the total mileage you expect to drive before you want to resell or dispose of the car. This helps the calculator estimate fuel or electricity consumption and associated costs over time. This input is the same for both EVs and gas cars to compare consistently.

   Next, input the estimated depreciation for each vehicle over the total miles you expect to drive. Depreciation rates can vary, so consider consulting automotive depreciation guides or using average depreciation rates for similar vehicles. We assume the Tesla Model Y will lose 50% of its value, and the Toyota RAV4 will depreciate 40% after driving 150,000 miles long.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Total miles to drive	150,000	150,000
   Car value depreciated	50%	40%

7. Maintenance Costs

   Provide the estimated maintenance costs per 10,000 miles for both vehicles. In the long term, EVs typically have lower maintenance costs due to fewer moving parts, but specific figures can be obtained from manufacturer data or owner reports.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Maintenance cost per 10k miles	$ 500	$ 1000

8. Insurance Costs

   Enter the monthly insurance premiums for both vehicles. Insurance rates can vary based on factors such as vehicle type, market value, driver history, and location. An EV usually has a higher insurance premium than a gas car because of the higher repair cost for battery replacement. Contact your insurance provider for the right quotes. To have a more accurate comparison, you can also add monthly renewal registration fees and property tax here.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Monthly insurance cost (including renewal registration and property tax)	$ 150	$ 100

9. Input Driving Habits

   Enter your expected monthly driving distance. This will estimate how long you will keep this car and calculate the lifetime cost of driving this car. This input should be the same for an EV and a gas car.

   	Tesla Model Y Long Range	Toyota RAV4 XLE Premium
   Monthly miles to drive	1,000	1,000
   Total drive time	150 months (12.5 years)

10. Review Comparison Results

    After entering all required information, the calculator will compare the monthly and total costs for both vehicles, including fuel/energy expenses, insurance, maintenance, depreciation, and overall cost of ownership. In our example, buying a Tesla Model Y Long Range can save you $ 111 more cash on monthly fuel, insurance, and maintenance payments than the Toyota RAV4 XLE Premium. Tesla Model Y Long Range will also save $ 12,803 more at the end of the lifetime driving period of this vehicle after considering all initial payments, monthly payments, and depreciation. Analyze these results to determine which dream vehicle aligns better with your financial considerations.

By following these steps and inputting accurate information, the Opesway Cost-Benefit EV vs. Gas Car Calculator can provide valuable insights to help you decide between purchasing an electric vehicle and a gasoline-powered car.