“Electric cars always cost less to own than gasoline cars”

A sticker price needs a model, trim and date

There is no single EV purchase price to compare with a single gasoline-car price. Chevrolet's May 14, 2024 release listed the then-available 2024 Equinox EV 2LT at a $43,295 starting MSRP, while saying the lower 1LT would be available later that year at $34,995. Those are different trims and prices published at a particular point in the model-year rollout. The IRS's 2024 eligible-vehicle list included the Equinox EV for a maximum $7,500 clean-vehicle credit. A simple $43,295 minus $7,500 gives $35,795 before taxes and fees, but that is only an illustrative historical calculation: eligibility depended on the particular sale and buyer, and a credit did not change the vehicle's MSRP. ^{[3] [4]}

This period spans several incentive rules: the IRS says clean-vehicle credit details changed starting January 1, 2023, and eligible buyers could transfer a credit to a registered dealer for purchases after December 31, 2023. By October 5, 2026, the IRS states that new and used clean-vehicle credits are unavailable for vehicles acquired after September 30, 2025. A 2026 buyer therefore cannot use the old federal credit as a current discount in a purchase comparison. Dealer discounts, options, destination charges and regional offers can also make a transaction price differ from the published MSRP. ^{[6] [5]}

Home and public charging can produce different running costs

Use a dated rate and the vehicle's rated energy consumption. EIA reports a 2025 US residential average of 17.30 cents per kWh. The 2024 Equinox EV FWD is listed at 19.3 kWh/100km, so multiplying those inputs gives about $5.36 per 160.9 km of home electricity. This is a modeled national-average bill estimate, not a quote for a household's marginal or time-of-use rate. DOE notes that utilities may offer time-of-use rates and that apartment charging can resemble public charging. ^{[7] [9] [10]}

Public charging has its own price. DOE's Alternative Fuels Data Center describes Rhode Island's proposed 2025 fees for chargers on state property as 28 cents/kWh for Level 2 and 39 cents/kWh for DC fast charging. Applied to the same 31 kWh/100-mile vehicle rating, those rates would be $8.68 and $12.09 per 160.9 km, respectively, before applicable idle fees. These are a dated, location-specific public example, not the national average. Check the actual station price, plan fees and home utility rate for the routes and parking situation you expect to use. ^[8]

Owner reports show why a single national electricity rate can hide meaningful differences. In J.D. Power's 2026 U.S. home-charging survey, owners said they spent $63 on home charging in the previous 30 days on average; the regional figures were $99 in New England and $36 in the Mountain region. J.D. Power also reported that 86% of typical EV charging happens at home. These self-reported monthly totals include BEV and PHEV owners and are not normalized for miles driven or vehicle efficiency, so they cannot be compared directly as cost per mile. ^[11]

Fuel savings do not settle the five-year comparison

AAA's September 2026 study estimates costs for five years and 120,700.8 km, with 24,140.2 km driven per year. Among selected medium sedans, EVs cost $13,662 annually versus $10,582 for gasoline models. Fuel was much cheaper for the EV ($713 versus $2,215) and maintenance was lower ($1,602 versus $1,827), but estimated depreciation was $6,786 versus $3,330; full-coverage insurance was $2,070 versus $1,704. Higher finance charges and taxes also contributed to the total. In compact SUVs, the EV estimate was $11,888 versus $11,656. Medium SUVs were nearly even at $14,332 for EVs and $14,431 for gas. Pickups reversed the direction again: $17,414 for EVs and $16,626 for gas. The category chart shows these annual modeled totals. ^[1]

The result is mixed because purchase price and future trade-in value can outweigh lower energy and service costs, and because insurance and finance costs differ by model. AAA's 2026 charging assumption is 18 cents/kWh at home, while its gasoline input averaged $4.152 per gallon over the 12 months ending May 2026. Its depreciation calculation compares purchase cost with estimated five-year trade-in value, which can change sharply with new-car discounts, model changes, battery range, and local used demand. A future trade-in is an estimate, not a promise. ^[2]

Wholesale resale values have also moved sharply. Cox Automotive's Manheim used-EV value index was 28% below its July 2022 peak by December 2024, twice the 14% decline in its non-EV index; in the second half of 2024, the EV index rose 9.4% while non-EVs rose 4%. This is wholesale index movement, not a quote for a retail sale or an individual car's residual value, but it shows why future resale estimates are sensitive to market timing. ^[12]

Build the comparison around your own use

Compare the same vehicle class and equipment level, then use the actual dated trim price and any incentive that applied to that exact purchase. Add expected financing, your own insurance quotes, energy for the share of charging you can do at home, public-network fees, maintenance and a conservative resale estimate. AAA's results are helpful benchmarks, not a prediction for every driver: its selected models and standardized five-year assumptions will not match every location, annual mileage or ownership period. For charging, multiply rated kWh per 160.9 km by the rate you would pay; for gasoline, divide the local price per gallon by the vehicle's realistic miles per gallon and scale to 160.9 km. Keep those operating-cost calculations visible beside depreciation, financing and insurance rather than allowing lower charging costs to stand in for the whole ownership budget.