Choosing an electric vehicle (EV) is a significant decision that involves evaluating not just the upfront purchase price but also the long-term operational costs. While EVs often have a higher initial sticker price, their lower running costs can lead to substantial savings over the vehicle's lifespan. This calculator is designed to help you compare the total cost of ownership between an electric vehicle and a comparable gasoline-powered car.
How the Calculation Works
The calculator uses the following logic:
1. Net Purchase Price:
This is the initial cost of the vehicle after accounting for any government incentives, rebates, or tax credits available. These can significantly reduce the upfront financial outlay for an EV.
Net Purchase Price = Vehicle Purchase Price - Government Incentives/Rebates
2. Total Fuel/Energy Costs:
This estimates the total amount you'll spend on energy over the ownership period.
Total Fuel Cost (Gas) = Annual Fuel Cost (Gas) * Number of Years Owning the Vehicle
Total Energy Cost (EV) = Annual Electricity Cost (EV) * Number of Years Owning the Vehicle
3. Total Maintenance Costs:
EVs generally require less maintenance than their gasoline counterparts due to fewer moving parts (no oil changes, exhaust systems, etc.).
Total Maintenance Cost (Gas) = Annual Maintenance Cost (Gas) * Number of Years Owning the Vehicle
Total Maintenance Cost (EV) = Annual Maintenance Cost (EV) * Number of Years Owning the Vehicle
4. Total Cost of Ownership (TCO):
This aggregates all the costs over the specified ownership period for both vehicle types.
TCO (Gas) = Net Purchase Price (Gas - assuming no incentives for a direct comparison base if needed, or the gas car's price) + Total Fuel Cost (Gas) + Total Maintenance Cost (Gas)
TCO (EV) = Net Purchase Price (EV) + Total Energy Cost (EV) + Total Maintenance Cost (EV)
5. Annual Savings:
The difference in annual operating costs (fuel/energy + maintenance) highlights the ongoing savings of choosing an EV.
Comparing Models: Use this calculator to compare specific EV models against their gasoline equivalents, using realistic fuel, energy, and maintenance cost estimates for your region.
Long-Term Financial Planning: Understand the true financial benefits of going electric beyond the initial purchase.
Incentive Impact: See how government incentives can dramatically reduce the upfront cost and improve the overall return on investment for an EV.
Personalized Estimates: Input your actual expected mileage and local energy prices for more accurate results. Remember to factor in insurance, registration, and potential battery replacement costs (though battery life has improved significantly).
By using this calculator, you can make a more informed decision about whether an electric vehicle is the right financial choice for your needs.
function calculateEVCosts() {
var purchasePrice = parseFloat(document.getElementById("purchasePrice").value);
var incentives = parseFloat(document.getElementById("incentives").value);
var annualFuelCost = parseFloat(document.getElementById("annualFuelCost").value);
var annualElectricityCost = parseFloat(document.getElementById("annualElectricityCost").value);
var annualMaintenanceCost = parseFloat(document.getElementById("annualMaintenanceCost").value);
var annualEvMaintenanceCost = parseFloat(document.getElementById("annualEvMaintenanceCost").value);
var ownershipYears = parseInt(document.getElementById("ownershipYears").value);
var totalCostDisplay = document.getElementById("totalCostDisplay");
var annualSavingsDisplay = document.getElementById("annualSavingsDisplay");
// Input validation
if (isNaN(purchasePrice) || isNaN(incentives) || isNaN(annualFuelCost) ||
isNaN(annualElectricityCost) || isNaN(annualMaintenanceCost) ||
isNaN(annualEvMaintenanceCost) || isNaN(ownershipYears) ||
purchasePrice < 0 || incentives < 0 || annualFuelCost < 0 ||
annualElectricityCost < 0 || annualMaintenanceCost < 0 ||
annualEvMaintenanceCost < 0 || ownershipYears = 0) {
annualSavingsDisplay.innerText = "Estimated Annual Savings (EV): " + formatter.format(annualSavings);
} else {
annualSavingsDisplay.innerText = "Estimated Annual Additional Cost (EV): " + formatter.format(Math.abs(annualSavings));
}
}