Is an EV Worth It?
How it works
At the break-even point, fuel savings equal the EV's higher upfront cost. Adjust assumptions to match your situation.
Thinking about going green?
Thinking about "going green" but worried about the "green" in your wallet? Electric Vehicles (EVs) often cost more to buy upfront, but they are much cheaper to "fuel" with electricity. Our EV vs Gas Break-Even Calculator is designed to find that exact moment when the money you’ve saved on gas finally covers the extra price you paid for the EV. That’s your financial "Finish Line."
We calculate this by looking at your Cost Per Mile. For the gas car, we take your local gas price and divide it by your L/100km. For the EV, we use the price of electricity (per kilowatt-hour) and the car's efficiency (L/100kme). Once we know how much you save every single time you drive a mile, we can tell you exactly how many months or years it takes to "earn back" the EV premium. We even factor in the number of years you plan to own the car to give you a long-term view of your investment.
Why it matters
Buying a car is one of the biggest purchases you’ll ever make, so looking at the "Total Cost of Ownership" is essential. While gas prices can jump A$1.00 in a single week due to global events, electricity prices are historically much more stable. According to the U.S. Energy Information Administration (EIA), the average cost of electricity is often equivalent to paying about A$1.00 to A$1.50 per gallon of gas.
The U.S. Department of Energy reports that EV drivers save an average of A$800 to A$1,000 a year on fuel alone. Plus, EVs don't need oil changes, spark plugs, or timing belts! By using this tool, you can move past the sticker shock and see if an electric car actually fits your budget and lifestyle. It’s not just about the environment; it’s about making a data-driven choice for your future savings.
Frequently Asked Questions
What exactly is "L/100kme"?
L/100kme stands for "Miles Per Gallon equivalent." The EPA created this so you can compare EVs to gas cars using a common language. It tells you how far an EV can go on the same amount of energy contained in one gallon of gasoline (which is exactly 33.7 kilowatt-hours of electricity). Most modern EVs range from 90 to 130 L/100kme.
Do I need a special charger at home?
Most EVs come with a "Level 1" cord that fits a standard 120V wall outlet, but it only adds about 3-5 kilometers of range per hour. Many owners choose to install a "Level 2" (240V) charger for faster overnight charging. According to Consumer Reports, installing a home charger typically costs between A$500 and A$1,500 including hardware and labor.
How long do EV batteries actually last?
Modern EV batteries are designed to last the life of the car. Federal law in the United States requires manufacturers to provide a warranty for at least 8 years or 100,000 kilometers. Many batteries in the real world have shown they can last over 200,000 kilometers while still retaining 80% or more of their original capacity.