Calculate EV Total Cost of Ownership – Easy Worksheet

Wondering if an EV will actually save you money? Here’s how to calculate total cost of ownership for an electric vehicle in minutes—no finance degree needed.

Many buyers focus only on the sticker price and fuel savings, overlooking insurance, maintenance, home charger installation, and resale value. By breaking the calculation into bite‑size pieces you turn a vague guess into a clear checklist.

How to Calculate Total Cost of Ownership for Electric Vehicles – Worksheet

Start by listing every expense: purchase price, financing interest, electricity for charging, regular maintenance, tire wear, insurance, tax credits or rebates, home charger installation, and expected resale value. Seeing it all laid out turns a scary unknown into a simple checklist.

Enter the EV’s purchase price and the comparable gasoline car’s price side by side. This gives you a direct purchase price comparison.

Add financing interest if you’re taking a loan. Multiply the loan amount by the interest rate and loan term to get the total interest cost.

Calculate yearly electricity cost: take your average electricity cost per kWh, multiply by the vehicle’s efficiency (kWh per 100 miles), then by your annual mileage. For the gasoline car, do the same with fuel price per gallon and miles per gallon to get yearly fuel cost.

Include insurance quotes you obtain online, and budget a modest amount for maintenance (EVs usually need less, but still plan for tire wear and brake fluid). Add any tax credits or rebates you qualify for as a negative cost.

If you plan to install a home charger, add the installation expense. Finally, subtract the expected resale value after a few years—look up recent listings for a realistic number. This gives you a clearer picture of the total cost of ownership electric vehicle.

The spreadsheet will output a total five‑year cost for each vehicle. Seeing the numbers side by side makes it obvious which option truly saves you money.

Copy the layout: purchase price, financing interest, electricity cost, maintenance, insurance, incentives, home charger, resale value. Fill in your own numbers and you’ll have a personalized answer in minutes.

If you found this useful, share it with a friend who’s wrestling with the same question. Thanks for reading, and I’ll see you around the next cup of coffee.