How to Calculate the True Cost Per Mile of an Electric Car

That way, you can be certain you’re getting an affordable ride that won’t dent your wallet over time. Here’s what you need to know.

Factor In Initial Costs

As with any major purchase, you need to factor in initial costs. Compare the sticker price of electric vehicles to those of similar gas-burning cars, and see how they stack up. Then, see which cars come with additional incentives or tax credits that could lower your final cost.

Make Sure You Have Home Charging Setup

If you don’t have a home charging setup, now is the time to get it. Home charging systems can range from a few hundred dollars to a few thousand, so make sure you factor that into your budget.

Calculate Fuel Costs

Calculate your average fuel costs over the course of a year. Compare that number to the cost of electricity to power an electric vehicle. Many electric cars cost between $0.04-0.05 per mile to operate, which works out to a fraction of the cost of running a gas-powered car.

Factor In Maintenance Costs

Electric vehicles require far less maintenance than gas-burning cars. But there are still maintenance costs to consider, such as tire rotations, brake repairs and tune-ups. Compare the cost of maintenance for an electric car to the cost of maintaining a gas vehicle.

Calculate the Total Cost of Ownership

Once you’ve taken all initial costs, charging setup, fuel and maintenance expenses into account, you’ll have a much more accurate picture of the total cost of ownership for your electric car. This is a great way to gauge the true cost per mile of an electric vehicle.

Key Takeaways

• Compare the sticker prices of electric vehicles to those of similar gas-burning cars
• Get a home charging setup if you don’t already have one
• Compare your average fuel costs to the cost of electricity
• Factor in maintenance costs for both electric and gas vehicles
• Calculate the total cost of ownership to get an accurate cost per mile of an electric car

Bottom Line

When shopping for an electric car, take the time to accurately calculate the true cost per mile. Give yourself a realistic budget and do your research. That way, you can be certain you’re getting an affordable and reliable ride you can love for years to come.