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 $3.75/gallon that's $15,000. The same 120,000 miles in a 3.5 mi/kWh EV uses about 34,000 kWh. At the US average $0.17/kWh residential rate, that's $5,800 — saving $9,200 vs gas.
That number shifts dramatically with local electricity price. In low-cost states (WA, OR, ID), the EV saves ~$11,000. In California, it saves only $5,000. If you rely heavily on DC fast charging at $0.45/kWh, the EV might save nothing or slightly more than gas.
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 $18,000 to $22,000 after 5 years (55% depreciation). A $35,000 new gas car is worth about $20,000 to $22,000 after 5 years (40% depreciation).
Over 10 years, gas cars bottom out slowly; EVs have been falling faster due to battery-tech improvement making older packs less desirable. This alone can add $5,000 to $8,000 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 2026. Battery replacement risk (and the cost of minor collision damage to battery packs) drives premiums. 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 6% financing over 60 months costs about $1,600 more in interest than the gas equivalent. Federal EV tax credit ($7,500 where it applies) mostly offsets this.
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 $52,000. The comparable $45k EV (post tax credit: $37,500 effective price), same driving, same region, costs roughly $49,000. EV wins by $3,000 over 10 years.
Move to California (higher electricity, similar gas): EV wins by about $500. Move to rural areas without home charging (heavy DC fast charging reliance): gas wins by about $2,000. Move to a two-car household using the EV as a short-commute second car with solar: EV wins by $10,000+.
| Cost bucket | Gas sedan | EV | Δ favors |
|---|---|---|---|
| Fuel / electricity | $15,000 | $5,800 | EV −$9,200 |
| Depreciation | $18,000 | $24,000 | Gas −$6,000 |
| Maintenance | $8,500 | $4,500 | EV −$4,000 |
| Insurance | $13,000 | $15,500 | Gas −$2,500 |
| Financing interest | $3,500 | $3,200 | Tied |
| Total 10-yr cost | $58,000 | $53,000 | EV −$5,000 |
The takeaway
The headline EV fuel savings are real but get eroded by faster depreciation and higher insurance. At 2026 prices, an EV is a modest financial win for most drivers with home charging — not the dramatic savings either side of the culture war claims. The variables that actually drive the answer are your electricity price, your miles per year, and whether you have home charging. Get those right and the total-cost-of-ownership math falls out one way or the other.
