EV vs Gas Car Calculator 2026: Which Saves You More Money?

Electric vehicles are everywhere now, but are they actually cheaper? The sticker price says no, but the total cost of ownership tells a different story.

I switched to an EV two years ago. My monthly "fuel" bill dropped from $280 to $45. But that's just one piece of the puzzle.

Upfront Cost Comparison

Purchase Price

Gas vehicles:

• Compact sedan: $25,000-$35,000
• Mid-size SUV: $35,000-$50,000
• Luxury sedan: $50,000-$80,000

Electric vehicles:

• Compact EV: $40,000-$50,000
• Mid-size EV SUV: $50,000-$70,000
• Luxury EV: $70,000-$120,000

Initial difference: EVs cost $10,000-$20,000 more

Federal EV Incentive

Up to $5,000 for vehicles under $55,000 MSRP

Eligible vehicles (2026):

• Nissan Leaf: $5,000 rebate
• Chevrolet Bolt: $5,000 rebate
• Hyundai Kona Electric: $5,000 rebate
• Tesla Model 3 Standard Range: $5,000 rebate

Vehicles over $55,000: No federal rebate

Provincial Incentives

British Columbia:

• Up to $4,000 for new EVs
• Up to $3,000 for used EVs
• Total with federal: $9,000

Quebec:

• Up to $7,000 for EVs under $65,000
• Total with federal: $12,000

Ontario:

• No provincial EV incentive (as of 2026)
• Total: $5,000 (federal only)

Other provinces: Vary, check local programs

Real Purchase Price After Incentives

Example: Nissan Leaf ($45,000 MSRP)

Ontario:

• MSRP: $45,000
• Federal rebate: -$5,000
• Net cost: $40,000

Quebec:

• MSRP: $45,000
• Federal rebate: -$5,000
• Provincial rebate: -$7,000
• Net cost: $33,000

Comparable gas car (Honda Civic): $30,000

Price difference:

• Ontario: $10,000 more for EV
• Quebec: $3,000 more for EV

Fuel Costs: The Big Savings

Gas Vehicle Costs

Average gas price (2026): $1.65/L

Example: Honda Civic

• Fuel economy: 7.5 L/100km
• Annual driving: 20,000 km
• Fuel used: 1,500 L
• Annual cost: $2,475
• Monthly: $206

Example: Toyota RAV4

• Fuel economy: 9.0 L/100km
• Annual driving: 20,000 km
• Fuel used: 1,800 L
• Annual cost: $2,970
• Monthly: $248

Electric Vehicle Costs

Average electricity rate: $0.12/kWh (varies by province)

Example: Nissan Leaf

• Efficiency: 18 kWh/100km
• Annual driving: 20,000 km
• Electricity used: 3,600 kWh
• Annual cost: $432
• Monthly: $36

Example: Tesla Model Y

• Efficiency: 20 kWh/100km
• Annual driving: 20,000 km
• Electricity used: 4,000 kWh
• Annual cost: $480
• Monthly: $40

5-Year Fuel Savings

Nissan Leaf vs Honda Civic:

• Gas cost: $12,375
• Electricity cost: $2,160
• Savings: $10,215

Tesla Model Y vs Toyota RAV4:

• Gas cost: $14,850
• Electricity cost: $2,400
• Savings: $12,450

Maintenance Costs

Gas Vehicle Maintenance

Annual costs:

• Oil changes (3x): $180
• Air filter: $40
• Spark plugs (every 3 years): $100/year average
• Transmission service: $150 every 3 years = $50/year
• Exhaust system repairs: $100/year average
• Total: ~$520/year

Major repairs (over 10 years):

• Transmission: $3,000-$5,000
• Engine work: $2,000-$8,000
• Exhaust system: $1,000-$2,000

Electric Vehicle Maintenance

Annual costs:

• Cabin air filter: $30
• Brake fluid (every 2 years): $50/year average
• Tire rotation: $80
• Total: ~$160/year

What EVs don't need:

• Oil changes
• Transmission service
• Spark plugs
• Exhaust system
• Timing belts
• Fuel filters

Brake savings: Regenerative braking means brake pads last 2-3x longer

5-year maintenance savings:

• Gas vehicle: $2,600
• EV: $800
• Savings: $1,800

Insurance Costs

EVs typically cost 10-20% more to insure:

Gas vehicle: $1,800/year Electric vehicle: $2,000-$2,200/year

Extra cost: $200-$400/year

Why? Higher repair costs and vehicle values

5-year difference: $1,000-$2,000 more for EV

Depreciation

Gas Vehicles

Typical depreciation:

• Year 1: 20-25%
• Year 3: 40-50%
• Year 5: 55-65%

Example: $30,000 gas car

• After 5 years: Worth $10,500-$13,500
• Loss: $16,500-$19,500

Electric Vehicles

Depreciation is improving but still higher:

• Year 1: 25-30%
• Year 3: 45-55%
• Year 5: 60-70%

Example: $45,000 EV (after rebates: $40,000)

• After 5 years: Worth $12,000-$16,000
• Loss: $24,000-$28,000

However: EV depreciation is improving as technology matures and demand increases.

Charging Infrastructure Costs

Home Charging

Level 1 (regular outlet):

• Cost: $0 (use existing outlet)
• Speed: 6-8 km of range per hour
• Good for: Overnight charging, low daily driving

Level 2 (240V charger):

• Equipment: $500-$1,200
• Installation: $500-$2,000
• Total: $1,000-$3,200
• Speed: 40-50 km of range per hour
• Good for: Most EV owners

Provincial rebates:

• BC: Up to $350
• Quebec: Up to $600
• Ontario: No rebate currently

Public Charging

Level 2 public charging:

• Cost: $1-$3/hour or $0.20-$0.40/kWh
• Occasional use: $20-$50/month

DC Fast charging:

• Cost: $0.40-$0.60/kWh
• Full charge: $15-$30
• Use for road trips only (expensive)

Most EV owners charge at home 90% of the time

Total Cost of Ownership: 5-Year Comparison

Scenario 1: Compact Car (20,000 km/year)

Honda Civic ($30,000):

• Purchase: $30,000
• Fuel: $12,375
• Maintenance: $2,600
• Insurance: $9,000
• Resale: -$13,500
• Total cost: $40,475

Nissan Leaf ($40,000 after rebates):

• Purchase: $40,000
• Charger install: $1,500
• Electricity: $2,160
• Maintenance: $800
• Insurance: $10,000
• Resale: -$16,000
• Total cost: $38,460

EV saves: $2,015 over 5 years

Scenario 2: SUV (25,000 km/year)

Toyota RAV4 ($38,000):

• Purchase: $38,000
• Fuel: $18,563
• Maintenance: $3,000
• Insurance: $10,000
• Resale: -$15,200
• Total cost: $54,363

Tesla Model Y ($60,000, after rebates: $55,000):

• Purchase: $55,000
• Charger install: $2,000
• Electricity: $3,000
• Maintenance: $1,000
• Insurance: $11,500
• Resale: -$22,000
• Total cost: $50,500

EV saves: $3,863 over 5 years

Scenario 3: High Mileage (35,000 km/year)

Honda Accord ($35,000):

• Purchase: $35,000
• Fuel: $21,656
• Maintenance: $3,500
• Insurance: $9,500
• Resale: -$14,000
• Total cost: $55,656

Chevrolet Bolt ($45,000, after rebates: $40,000):

• Purchase: $40,000
• Charger install: $1,500
• Electricity: $3,780
• Maintenance: $1,200
• Insurance: $10,500
• Resale: -$16,000
• Total cost: $40,980

EV saves: $14,676 over 5 years

Key insight: The more you drive, the more you save with an EV

10-Year Total Cost of Ownership

Gas vehicle ($30,000):

• Purchase: $30,000
• Fuel: $24,750
• Maintenance: $6,500
• Major repairs: $3,000
• Insurance: $18,000
• Resale: -$6,000
• Total: $76,250

Electric vehicle ($40,000 after rebates):

• Purchase: $40,000
• Charger: $1,500
• Electricity: $4,320
• Maintenance: $2,000
• Battery replacement risk: $2,000 (average)
• Insurance: $20,000
• Resale: -$8,000
• Total: $61,820

EV saves: $14,430 over 10 years

Environmental Impact

Gas Vehicle Emissions

Average car (20,000 km/year):

• CO2 emissions: 3.5 tonnes/year
• 10 years: 35 tonnes

Electric Vehicle Emissions

Depends on electricity source:

Quebec (95% hydro):

• CO2 emissions: 0.2 tonnes/year
• 10 years: 2 tonnes
• Reduction: 94%

Alberta (coal/gas heavy):

• CO2 emissions: 1.8 tonnes/year
• 10 years: 18 tonnes
• Reduction: 49%

Ontario (nuclear/hydro mix):

• CO2 emissions: 0.5 tonnes/year
• 10 years: 5 tonnes
• Reduction: 86%

Even in coal-heavy provinces, EVs produce fewer emissions

When Gas Makes More Sense

1. Low Annual Mileage

If you drive under 10,000 km/year:

• Fuel savings are minimal
• Takes longer to recoup higher purchase price
• Gas might be cheaper overall

2. No Home Charging

If you can't charge at home:

• Relying on public charging is expensive
• Inconvenient
• Negates most savings

3. Frequent Long Road Trips

If you regularly drive 500+ km:

• Charging stops add time
• Fast charging is expensive
• Gas is more convenient

4. Very Cold Climate + No Garage

EVs lose 20-40% range in extreme cold:

• Heating uses battery power
• Reduced efficiency
• May not meet your needs

5. Towing Heavy Loads

EVs lose 30-50% range when towing:

• Limited towing capacity on most EVs
• Frequent charging needed
• Gas/diesel better for heavy towing

When EV Makes More Sense

1. High Annual Mileage

Drive 20,000+ km/year:

• Fuel savings are substantial
• Payback period is short
• Clear financial winner

2. Home Charging Available

Can charge at home:

• Convenient
• Cheap electricity rates
• Wake up to full "tank" daily

3. Short Daily Commute

Drive under 100 km/day:

• Never need public charging
• Perfect for EV range
• Maximum savings

4. Second Vehicle

Have another car for road trips:

• Use EV for daily driving
• Use gas car for long trips
• Best of both worlds

5. Environmental Priority

Care about emissions:

• Significant CO2 reduction
• Cleaner air
• Support renewable energy

Future Considerations

Battery Technology Improving

• Range increasing (400-600 km common)
• Charging speed improving (80% in 20 minutes)
• Costs decreasing
• Longevity improving (500,000+ km)

Gas Prices Rising

• Long-term trend is upward
• Carbon taxes increasing
• Makes EVs more attractive

Used EV Market Growing

• More affordable options
• Proven reliability
• Good value for budget buyers

Charging Infrastructure Expanding

• More public chargers
• Faster charging speeds
• Better coverage

Final Thoughts

For most Canadians driving 15,000+ km/year with home charging, EVs are now cheaper over 5-10 years despite higher upfront costs.

The break-even point is typically 3-5 years, after which you're saving money every month.

But EVs aren't for everyone. If you can't charge at home, drive very little, or need to tow heavy loads regularly, gas might still make more sense.

Ready to compare? Use our EV vs Gas Calculator to calculate your specific savings based on your driving habits, electricity rates, and vehicle choices.

Disclaimer: Costs and savings vary based on driving habits, electricity rates, gas prices, and vehicle choices. This guide provides general estimates for 2026. Always research specific vehicles and calculate your own costs.