Electric Cars vs. Gas Costs: Which Is Cheaper In 2026?
Compare the costs of an electric car vs a gas car.
Last updated: May, 2026
Are you wondering whether it’s finally time to give up the pump and plug into an electric vehicle (EV)? In all 50 U.S. states, it’s cheaper to fuel and maintain an EV than a comparable gas car, according to Coltura’s EV Savings Report.
Electric vehicles (EVs) are no longer a niche choice for tech enthusiasts. With 40 million in use globally, they’ve gone mainstream - and with good reason.
As battery costs - the priciest part of an EV - continue to all, so do sticker prices. According to a recent report, EV prices have fallen 25% in the U.S. since 2018.
EVs also deliver massive savings on fuel - the average U.S. driver saves around $1,000 every single year year and the highest mileage drivers can save several thousand dollars. Plus, on average, EVs cost 50% less to maintain.
Today’s EVs offer impressive range, rapid-charging technology, sleek designs, and high performance - making them a compelling alternative to gas cars on every front.
But exactly how can EVs save you money? Let’s break it all down, from sticker price to total cost of ownership.
Electric Cars vs. Gas Costs Overview
Find The Cheapest EV Near You
The cheapest electric car is not the same everywhere. Local inventory, dealer pricing, used EV supply, lease offers, and remaining incentives can all change what is cheapest in your ZIP code.
Use our Electric Car Deal Finder to search new and used electric cars near you, compare prices, and spot lower-cost options that may not appear on national “cheapest EV” lists.
Find The Cheapest EV Deals Near Me
Search new and used EV options by location.
Prefer a national ranked list? See our Top 15 Least Expensive EVs
1. Sticker Prices for Electric vs. Gas Cars
Falling EV Prices & Growing Choices
In just a few years, EV prices have dropped dramatically, making electric vehicles more affordable than ever. Since 2018, the average price of an EV in the U.S. has fallen by 25%, closing the gap with gas-powered cars.
As of 2026, drivers can choose from nearly 70 electric vehicle models across 30 brands - and that number keeps growing. Whether you're looking for a budget-friendly hatchback, a sleek sedan, a family SUV, or even a pickup truck, there’s now an EV to match almost any lifestyle and price point.
Want to explore your options? Check out our 2026 EV range and price comparison list, or dive into the 15 least expensive EVs of 2026 to find one that fits your needs.
And don’t forget - used EVs are more available than ever, and EV lease deals offer another great way to save while going electric.
Stacking Up on Tax Credits & Rebates
State & Local Incentives: Utilities, state governments, and local agencies often offer rebates or sales tax exemptions that can knock thousands more off the purchase price. Explore what’s available in your region.
Bottom Line: After layering in incentives, most EVs are surprisingly cost-competitive - and cheaper to fuel - than their gasoline-powered counterparts. When comparing sticker prices, ensure you check which incentives or tax credits apply to you and your chosen vehicle first.
By driving an EV, you'll never have to make another oil change.
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2. Is Electricity Cheaper Than Gas For Cars?
EVs Offer Cheaper Fuel in All 50 States
Fuel savings are where EVs really shine.
According to Coltura’s EV Savings Report, drivers in every U.S. state save money by charging with electricity instead of filling up at the pump.
What About Electricity Rates?
Electricity costs do vary by region, just like gas prices. But in general:
- Overnight Savings: Many utilities provide discounted “time-of-use” rates for EV owners. Charging in off-peak hours can trim your electricity bill considerably.
- Free or Discounted Public Charging: More workplaces, shopping centers, and apartments offer free or ultra-low-cost EV charging as an employee or community perk.
- Going Solar: If you have solar panels, you can literally power your car from sunlight. It doesn’t get cheaper - or greener - than free solar energy.
Key Takeaway: EV owners typically spend 40 to 65 percent less on fuel each year. That’s extra cash you could put toward a vacation, home upgrades, or anything else you value more than a gas pump.
Switching to an EV can save you 40-65% on fuel expenses annually.
How Much Cheaper Is It To Fuel An EV In Your State?
Electricity and gas prices vary across the U.S. - EV drivers in some states save more each year than others.
More information about savings per mile can be found in Coltura’s EV Savings Report. The report breaks down average EV savings per mile and total annual fuel savings by state, comparing electricity costs for EVs with gasoline costs for traditional cars. Average annual EV fuel savings by state are based on the most recent data from the U.S. Department of Transportation’s Federal Highway Administration.
Switching to an EV can put real money back in your pocket.
When switching to an EV, the more miles you drive, the more money you save on average. In fact, the top 10% of U.S. drivers in terms of their gasoline consumption save a thousands of dollars per year on fuel alone.
Interested in an estimate of how much you could save based on your location, vehicle type, and how much you drive? Use our free EV savings estimator below!
Haven't switched to an EV yet?
Imagine never having to visit a gas station again, or needing an oil change again or worrying about unpredictable gas prices. With an electric vehicle, this could be your reality—while potentially saving thousands of dollars a year.
Curious how much you could save switching to an EV? Get a quick estimate of your savings below!
*Disclaimer: This tool is only intended to provide an estimate of potential savings. Actual results will vary. Learn more about the calculation and the Electric vs Gas Calculator here.
3. Maintenance Costs for Electric vs. Gas Cars
Say Goodbye to Oil Changes, Spark Plugs, and Exhaust Issues
An EV has far fewer moving parts than an internal combustion engine, so there’s simply less to break or wear out. Oil changes? Gone. Exhaust repairs? A thing of the past. Spark plugs? Not in an electric motor.
Regenerative Braking = Fewer Trips to the Mechanic
Most electric cars use regenerative braking, which slows your vehicle by reversing the electric motor and recovering energy. As a bonus, your brake pads last much longer. That means fewer brake jobs and fewer weekends lost to car troubles.
Real-World Savings
A study by Consumer Reports shows that EVs can slash maintenance and repair expenses by about 50 percent. Imagine cutting your mechanic bills in half - without sacrificing reliability or performance.
Bottom Line: With fewer parts, fluids to replace, and minimal wear on brake systems, EV owners typically save hundreds, if not thousands, on maintenance over the lifetime of their vehicle.
Imagine driving past gas stations without a second thought – no more stops sucking in gas fumes, no more stressing about price spikes, no more unpredictability.
With an electric vehicle, that freedom can be yours, along with the potential to save thousands on fuel over time.
4. Lifetime Costs for Electric vs. Gas Cars
Seeing the Bigger Picture
When deciding whether to go electric, it’s important to look beyond the sticker price and ask, “What will I spend and save over the entire time I own this vehicle?”
According to a Consumer Reports 2023 study, thanks in large part to the massive fuel and maintenance savings, EV drivers can save on average between $6,000 and $12,000 over the vehicle's lifetime compared to a similar gasoline-powered car – and much more if they drive a lot of miles.
Source: Consumer Reports
The 7-Year Benchmark
According to a 2024 Atlas Public Policy analysis, EVs are cheaper to own than gas vehicles across all major vehicle types over a seven-year period - the typical length of car ownership. This includes sedans, SUVs, and pickup trucks. The study analyzed five popular 2024 electric vehicles and compared them to their top-selling gas-powered counterparts, evaluating the total cost of ownership for each.
Here are some key findings:
- Savings are driven by lower fuel and maintenance costs. EV drivers save between 40%–65% on fuel and around 40% on maintenance and repairs compared to gas vehicle drivers.
- The Chevrolet Bolt EUV offered the largest savings studied, costing $10,581 less to own over seven years than the comparable Toyota Corolla LE - about 25% cheaper overall.
- Even EVs with higher upfront prices can be more affordable long-term. The Tesla Model Y, for example, costs $4,361 less to own than a Toyota Highlander, despite being more expensive upfront.
- Incentives can play a big role. Most EVs included in the study qualify for the federal EV tax credit, significantly reducing their total cost of ownership. While that's no longer available, be sure to check other local incentives. Explore what’s available in your region.
Keep in mind that most cars last well beyond seven years. EV vs gas vehicle savings build up over time - so the longer you drive your EV, the more money you'll save compared to sticking with gas.
Environmental & Health Advantages: A Priceless Bonus
Switching to an EV isn’t just a smart financial move - it’s a major step toward cleaner air and a healthier future. With zero tailpipe emissions, they significantly reduce pollution like nitrogen oxides (NOₓ) and carbon dioxide (CO₂) that harm public health. Cleaner air means fewer asthma attacks, heart issues, and premature deaths in your community and beyond. A 2022 U.S. EPA analysis estimates the social cost of greenhouse gas emissions at $190 per ton – nearly four times higher than previous figures.
Choosing an EV doesn’t just save you money - it helps reduce real, long-term costs we all share.Gasoline Superusers
Did you know that in the United States, just 10% of drivers consume 35% of all gasoline? US “Gasoline Superusers” make up less than 0.25% of the global population yet account for over 10% of global gasoline use.
Low- and middle-income Superusers are hit hardest by high-mileage driving, spending on average about 12% of their income on fuel.
Learn how much you could save by switching to an EV.
Conclusion
It’s never been easier to drive electric. The barriers that once held EVs back have disappeared: sticker prices are now competitive, there’s a wide variety of models to choose from, driving ranges have increased significantly, and battery technology is more reliable than ever.
Best of all, once you experience a smooth, quiet ride, with much cheaper fuel, and wave goodbye to routine oil changes, you’ll wonder why you didn’t switch sooner.
Help Build a Healthier Tomorrow
Join thousands of others making the switch to cleaner transportation! Sign up for our nonprofit’s Beyond Gasoline newsletter to stay up to date on the growing movement.
Frequently Asked Questions
Is It Truly Cheaper To Drive An EV In All 50 States?
Yes! According to Coltura’s EV Savings Report, electricity costs less than gasoline in every state, and the difference grows further once maintenance savings are factored in.
Do EVs Cost More Upfront Than Gas Cars?
Some EVs are priced slightly higher initially, but state incentives can offset most or even all of that difference. Some models end up cheaper than their gas equivalents once rebates are applied.
How Much Could I Save On Fuel Each Year?
It varies by location and driving habits, but research suggests 40–65 percent lower fuel costs are common. The average EV owner in the US saves over $1,000 per year on fuel alone.
What If I Need To Take Long Road Trips?
Modern EVs often exceed 250–300 miles on a single charge, with some models reaching over 400 miles. Rapidly expanding fast-charger networks and apps that plan your charging stops make road trips more seamless than ever.
Are There Any Real Downsides?
Challenges include finding fast chargers on certain rural routes and adapting to new charging routines. But for most drivers, these are minor issues compared to significant savings and public health benefits.
Will An EV Really Help Reduce Pollution And Climate Change?
Absolutely! EVs produce zero tailpipe emissions, reducing local air pollution. Over their lifespan, they also generate significantly lower carbon emissions - even if your electricity comes from a fossil-fuel-based grid. As renewable energy expands, their climate impact becomes even more beneficial.
How Do I Find The Best EV For My Lifestyle And Budget?
The EV Deal Explorer is a great starting point. You can compare multiple models by range, price, charging speed, and more.