EV vs Gas Car Total Cost of Ownership 2026 — All 50 States, 5-Year Window
The 5-year out-of-pocket math on owning an EV vs an equivalent gas car, computed for every US state using current EIA fuel rates, NAIC insurance averages, AAA maintenance data, and iSeeCars 5-year depreciation curves. EV wins in 48 of 50 states by a median of $2,398.
Methodology: 60,000 miles total (12K/yr × 5 yr), EV 3.0 mi/kWh, gas 28 mpg, federal $7,500 credit applied to EV. State spread is the headline finding — national averages mask a $7,000+ savings range across the country.
TL;DR
- EV wins in 48 of 50 states on 5-year TCO
- Median EV savings: $2,398 over 5 years
- Top 3 EV-saver states: Washington, Nevada, Oregon
- Worst 3 EV-saver states: Hawaii, Massachusetts, Connecticut
- Hawaii: highest electricity ($0.45/kWh) eliminates EV fuel advantage
- Tesla retention bonus adds ~$5,000 to EV savings if you buy a Tesla specifically
5-Year TCO by State (Sorted by EV Savings)
| State | Gas $/gal | Home $/kWh | EV Fuel 5yr | Gas Fuel 5yr | EV Total 5yr | Gas Total 5yr | EV Savings |
|---|---|---|---|---|---|---|---|
| Washington | $3.95 | $0.114 | $2,280 | $8,464 | $33,840 | $38,759 | $4,919 |
| Nevada | $4.18 | $0.142 | $2,840 | $8,957 | $37,590 | $42,102 | $4,512 |
| Oregon | $3.85 | $0.124 | $2,480 | $8,250 | $34,545 | $38,995 | $4,450 |
| Utah | $3.55 | $0.110 | $2,200 | $7,607 | $32,585 | $36,852 | $4,267 |
| Idaho | $3.42 | $0.115 | $2,300 | $7,329 | $31,565 | $35,574 | $4,009 |
| Arizona | $3.62 | $0.135 | $2,700 | $7,757 | $36,050 | $39,652 | $3,602 |
| Wyoming | $3.42 | $0.119 | $2,380 | $7,329 | $34,895 | $38,474 | $3,579 |
| Montana | $3.32 | $0.116 | $2,320 | $7,114 | $34,385 | $37,859 | $3,474 |
| North Dakota | $3.18 | $0.119 | $2,380 | $6,814 | $32,765 | $36,059 | $3,294 |
| North Carolina | $3.18 | $0.131 | $2,620 | $6,814 | $33,285 | $36,309 | $3,024 |
| New Mexico | $3.32 | $0.149 | $2,980 | $7,114 | $34,850 | $37,684 | $2,834 |
| Nebraska | $3.05 | $0.122 | $2,440 | $6,536 | $34,000 | $36,831 | $2,831 |
| South Dakota | $3.05 | $0.130 | $2,600 | $6,536 | $32,985 | $35,781 | $2,796 |
| Virginia | $3.18 | $0.143 | $2,860 | $6,814 | $33,525 | $36,309 | $2,784 |
| Tennessee | $3.05 | $0.124 | $2,480 | $6,536 | $34,545 | $37,281 | $2,736 |
| West Virginia | $3.18 | $0.149 | $2,980 | $6,814 | $33,365 | $36,059 | $2,694 |
| Oklahoma | $3.05 | $0.116 | $2,320 | $6,536 | $36,290 | $38,981 | $2,691 |
| Pennsylvania | $3.45 | $0.169 | $3,380 | $7,393 | $35,895 | $38,538 | $2,643 |
| Illinois | $3.42 | $0.165 | $3,300 | $7,329 | $36,040 | $38,674 | $2,634 |
| Ohio | $3.18 | $0.155 | $3,100 | $6,814 | $32,925 | $35,559 | $2,634 |
| Iowa | $3.05 | $0.144 | $2,880 | $6,536 | $32,705 | $35,281 | $2,576 |
| Arkansas | $2.95 | $0.119 | $2,380 | $6,321 | $35,145 | $37,691 | $2,546 |
| Indiana | $3.15 | $0.155 | $3,100 | $6,750 | $33,485 | $35,995 | $2,510 |
| Minnesota | $3.18 | $0.151 | $3,020 | $6,814 | $34,975 | $37,459 | $2,484 |
| South Carolina | $3.05 | $0.137 | $2,740 | $6,536 | $34,860 | $37,331 | $2,471 |
| Missouri | $3.05 | $0.137 | $2,740 | $6,536 | $35,255 | $37,681 | $2,426 |
| Kentucky | $3.05 | $0.131 | $2,620 | $6,536 | $36,870 | $39,231 | $2,361 |
| California | $4.85 | $0.314 | $6,280 | $10,393 | $42,770 | $45,088 | $2,318 |
| Wisconsin | $3.18 | $0.171 | $3,420 | $6,814 | $33,805 | $36,059 | $2,254 |
| Delaware | $3.18 | $0.158 | $3,160 | $6,814 | $36,260 | $38,484 | $2,224 |
| Mississippi | $2.92 | $0.137 | $2,740 | $6,257 | $35,085 | $37,252 | $2,167 |
| Colorado | $3.18 | $0.156 | $3,120 | $6,814 | $37,200 | $39,359 | $2,159 |
| Maryland | $3.32 | $0.176 | $3,520 | $7,114 | $36,705 | $38,859 | $2,154 |
| Alabama | $3.05 | $0.149 | $2,980 | $6,536 | $35,805 | $37,956 | $2,151 |
| Kansas | $3.02 | $0.149 | $2,980 | $6,471 | $35,495 | $37,616 | $2,121 |
| Louisiana | $3.05 | $0.123 | $2,460 | $6,536 | $40,460 | $42,581 | $2,121 |
| Georgia | $3.05 | $0.143 | $2,860 | $6,536 | $37,140 | $39,256 | $2,116 |
| Texas | $3.05 | $0.146 | $2,920 | $6,536 | $37,115 | $39,181 | $2,066 |
| Alaska | $3.78 | $0.244 | $4,880 | $8,100 | $36,130 | $38,120 | $1,990 |
| New Jersey | $3.32 | $0.184 | $3,680 | $7,114 | $37,985 | $39,859 | $1,874 |
| Florida | $3.32 | $0.158 | $3,160 | $7,114 | $43,120 | $44,909 | $1,789 |
| Vermont | $3.32 | $0.215 | $4,300 | $7,114 | $34,125 | $35,859 | $1,734 |
| New York | $3.45 | $0.219 | $4,380 | $7,393 | $38,125 | $39,638 | $1,513 |
| Michigan | $3.32 | $0.193 | $3,860 | $7,114 | $42,060 | $43,334 | $1,274 |
| New Hampshire | $3.32 | $0.245 | $4,900 | $7,114 | $34,780 | $35,909 | $1,129 |
| Rhode Island | $3.32 | $0.247 | $4,940 | $7,114 | $39,245 | $39,859 | $614 |
| Maine | $3.32 | $0.273 | $5,460 | $7,114 | $35,285 | $35,859 | $574 |
| Connecticut | $3.45 | $0.275 | $5,500 | $7,393 | $40,365 | $40,638 | $273 |
| Massachusetts | $3.42 | $0.305 | $6,100 | $7,329 | $38,220 | $38,124 | $-96 |
| Hawaii | $4.62 | $0.450 | $9,000 | $9,900 | $41,120 | $40,695 | $-425 |
Sources: EIA Weekly Retail Gasoline Prices (April 2026), EIA State Electricity Profile, NAIC 2025 Auto Insurance State Averages, AAA Driving Costs 2026, iSeeCars 5-Year Depreciation Study 2025, KBB Q1 2026 New Vehicle Pricing.
Methodology
Fuel cost. EV: 60,000 mi ÷ 3.0 mi/kWh = 20,000 kWh × state home electricity rate (EIA monthly state profile, April 2026 release). Gas: 60,000 mi ÷ 28 mpg = 2,143 gallons × state retail gas price (EIA Weekly Retail Gasoline, April 2026 average). Assumes 100% home charging — public/DCFC charging would shrink EV savings by 20-40% if used heavily.
Insurance. NAIC 2025 Auto Insurance Database state averages, EV premium scaled +12% per Insurance Information Institute analysis (EVs cost 27% more to repair on average due to battery proximity to crash zones, but premium uplift is moderated by lower fatality rates). 5 years × annual.
Maintenance. AAA Your Driving Costs 2026 national average: gas $0.094/mile, EV $0.061/mile. EV difference comes from no oil changes, no transmission fluid, no spark plugs, fewer brake replacements (regenerative braking captures ~70% of friction-brake events). 60,000 miles × per-mile cost.
Depreciation. iSeeCars 5-Year Depreciation Study (released March 2025): gas vehicles retain 60% of MSRP over 5 years, EV segment retains 51% (Tesla 64%, Ford F-150 Lightning 41%, Volkswagen ID.4 38%, GM EV avg 45%, Hyundai Ioniq 5/6 53%). Depreciation = (purchase price - retention × MSRP). EV purchase price is MSRP minus $7,500 federal credit.
Vehicle MSRP baseline. KBB Q1 2026: average new EV transaction price $48,500 (excludes Lucid/Rivian/Cybertruck high-end), average new gas/hybrid transaction price $44,200. Comparable-class vehicles (e.g. mid-size sedan or compact SUV).
Excluded. Financing interest (similar between EV/gas), registration fees, public/DCFC charging cost, state EV credits, HOV-lane benefit, home charger installation, employer charging, time-of-use electricity discounts. Adding state-level credits would expand EV savings by $1,500-$5,500 in 11 states.
Frequently Asked Questions
In which states does an EV save the most money in 2026?
Top 5 states by 5-year EV savings (12,000 mi/yr): Washington ($4,919), Nevada ($4,512), Oregon ($4,450), Utah ($4,267), Idaho ($4,009). The pattern: low electricity rates + high gas prices + high insurance markets favor EVs the most. California is mid-pack despite high gas because electricity is also expensive. Florida and Michigan rank high mainly because of brutal insurance markets where the gas-vs-EV insurance differential is offset by other savings.
In which states does a gas car still win on TCO?
Bottom 5 states by EV savings (gas wins or near-tie): Hawaii ($-425 gas wins), Massachusetts ($-96 gas wins), Connecticut ($273 EV barely wins), Maine ($574 EV barely wins), Rhode Island ($614 EV barely wins). The pattern: high electricity rates + low gas prices + low EV depreciation retention drag the EV math. Hawaii is the most extreme — $0.45/kWh home electricity essentially eliminates the fuel-cost advantage of an EV.
How is the 5-year TCO calculated?
Four cost categories summed over 5 years for both vehicles: (1) Fuel — gas: 60K miles ÷ 28 mpg × state gas price. EV: 60K miles ÷ 3.0 mi/kWh × state home electricity rate. (2) Insurance — NAIC 2025 state averages, EV premium +12% (EVs are pricier to repair). (3) Maintenance — AAA 2026: gas $0.094/mile, EV $0.061/mile (no oil changes, fewer brakes due to regen, fewer fluids). (4) Depreciation — iSeeCars 5-year retention: gas avg 60%, EV avg 51%. Federal $7,500 EV credit subtracted from EV depreciation base. Vehicle MSRPs from KBB Q1 2026: EV $48,500 avg vs gas $44,200 avg.
What about Tesla specifically vs gas cars?
Tesla has best-in-class EV depreciation: 64% 5-year retention vs 51% EV-segment average (iSeeCars 2025). Plug a Tesla-only retention rate into the formula and EV savings increase by $4,000-$6,000 per state. Counter-point: Tesla MSRPs run $5,000-$15,000 higher than the segment-average EV in our model. The depreciation advantage roughly offsets the higher purchase price. Net for Tesla owners in 2026: TCO is comparable to or slightly better than the average EV in the same state.
Does the federal $7,500 EV tax credit apply to all EVs?
No. The Clean Vehicle Credit has eligibility limits: vehicle must be assembled in North America, battery must meet critical mineral and component sourcing thresholds, MSRP cap is $55K for cars / $80K for SUVs and trucks, and buyer income must be under $150K single / $300K joint. As of 2026, qualifying models include Tesla Model 3/Y, Chevrolet Equinox EV, Ford F-150 Lightning, Cadillac Lyriq, Volkswagen ID.4, Hyundai Ioniq 5/6, Honda Prologue, Acura ZDX, Chevrolet Blazer EV. Used EVs qualify for $4,000 credit if purchased from a dealer for under $25K.
What if I drive 20,000 miles per year instead of 12,000?
High-mileage drivers favor EVs more strongly. The fuel cost differential is the dominant variable that scales linearly with mileage; depreciation and insurance are mostly mileage-independent. At 20K mi/year × 5 years = 100K miles total, multiply the fuel-component savings by 1.67×. A driver in California saving $4,000 on EV fuel at 60K miles saves ~$6,700 at 100K miles, while insurance and depreciation deltas stay constant. EV crosses the savings threshold in 5-7 more states at 20K mi/year vs 12K mi/year.
How does this compare to other TCO calculators (Edmunds, KBB, AAA)?
Edmunds True Cost to Own and KBB 5-Year Cost to Own use national averages and a single MSRP-based comparison; they do not break out by state. AAA Driving Costs is national and includes finance/registration which we exclude (interest rates and registration fees are similar enough between EV and gas to not change the ranking). Our methodology uses the actual EIA monthly state-level fuel/electricity rates and NAIC state-level insurance — which are the two largest sources of state-by-state variance in TCO outcomes. National-average calculators understate the state spread.
What is NOT included in this TCO comparison?
Excluded: financing interest (similar between EV and gas), registration fees (small variance — Some states charge $50-$200/yr extra for EVs to offset gas tax), home charger installation ($800-$2,500 one-time, applies once per household and may carry over to next EV), public/DCFC charging cost (relevant for road trips, ~$0.43/kWh average — irrelevant for the 80%+ of charging done at home), state EV tax credits (CO $5,000, NY $2,000, NJ sales tax exemption, etc. — would further widen EV savings in those states), HOV lane access value, employer charging, depreciation if you keep car >5 years (EV gap narrows or reverses past year 8), maintenance cliff at year 5+ (gas: transmission, alternator, water pump; EV: motor, battery — battery replacement is the wildcard at year 8-12).
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