Fuel is less than half of what you spend to own a car over a decade. The other half — depreciation, insurance, maintenance, financing, charging infrastructure — behaves very differently between EVs and gas cars. A full 10-year comparison at 12,000 miles a year looks different than most of the headlines suggest.
Fuel / electricity (the small piece everyone argues about)
Over 120,000 miles, a 30 MPG gas car burns 4,000 gallons. At $3.50/gallon — roughly the mid-2026 US average — that's $14,000. The same 120,000 miles in a 3.5 mi/kWh EV uses about 34,000 kWh. At the US average $0.18/kWh residential rate, that's $6,100 — saving roughly $7,900 vs gas.
That number shifts dramatically with local electricity price. In low-cost states (WA, OR, ID), the EV saves ~$10,000. In California, where electricity rates have continued climbing toward $0.30/kWh on average, the savings narrow to around $3,500. If you rely heavily on DC fast charging at $0.48/kWh, the EV may save nothing at all compared to a fuel-efficient gas car.
Depreciation (the big piece almost nobody talks about)
Depreciation is typically the single largest cost of car ownership — more than fuel. A $45,000 new EV in 2026 is worth about $17,000 to $21,000 after 5 years (roughly 55–60% depreciation), as a wave of longer-range, lower-priced models continues to pressure used-EV values. A $35,000 new gas car is worth about $19,000 to $22,000 after 5 years (40–45% depreciation).
Over 10 years, gas cars bottom out slowly; EVs have continued depreciating faster due to rapid battery-tech improvements making older packs less desirable and ongoing price cuts from major manufacturers. This alone can add $6,000 to $9,000 to the EV's 10-year TCO — often canceling a meaningful chunk of the fuel savings.
Maintenance (the reliable EV advantage)
Over 10 years, EVs consistently come in $3,000 to $5,000 cheaper on maintenance. No oil changes, no spark plugs, no timing belts, no catalytic converter, and significantly less brake wear due to regenerative braking.
The exception is tires — EVs are heavier and have strong instant torque, so they eat tires 15 to 25% faster than gas cars. This erodes some of the maintenance savings. Net: EVs still win on maintenance, but by a smaller margin than many buyers expect.
Insurance and financing
EV insurance is about 10 to 20% higher than comparable gas cars in mid-2026. Battery replacement risk (and the elevated cost of minor collision damage to battery packs) continues to drive premiums upward. Over 10 years on a $45k EV, that's roughly $1,500 to $3,000 more in insurance than a $35k gas car.
Financing costs scale with sticker price, so a $10k higher-priced EV at today's prevailing 6–7% auto-loan rates over 60 months costs about $1,600 to $1,900 more in interest than the gas equivalent. The federal EV tax credit ($7,500 where it still applies under current policy) mostly offsets this, though eligibility rules around income caps and vehicle assembly requirements continue to limit who qualifies.
Bringing it together
A typical 10-year comparison: $35k gas sedan at 30 MPG, 120,000 miles, US average electricity and gas prices. 10-year ownership costs roughly $51,000. The comparable $45k EV (post tax credit: $37,500 effective price), same driving, same region, costs roughly $49,000. EV wins by about $2,000 over 10 years — a slimmer margin than in prior years, mostly due to steeper EV depreciation and rising electricity rates.
Move to California (higher electricity rates, similar gas): the comparison is now essentially a wash or a slight gas-car advantage. Move to rural areas without home charging (heavy DC fast charging reliance): gas wins by about $2,500. Move to a two-car household using the EV as a short-commute second car with rooftop solar: EV wins by $9,000 or more.
The takeaway
The headline EV fuel savings are real but continue to be eroded by faster depreciation, higher insurance, and — in many states — rising electricity costs. At mid-2026 prices, an EV is a modest financial win for most drivers with home charging, but not the dramatic savings either side of the culture war claims. The variables that actually drive the answer are your electricity rate, your annual mileage, and whether you have reliable home charging. Get those three right and the total-cost-of-ownership math falls out clearly one way or the other.
