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Why Drive Electric

Total Cost of Ownership (TCO)

What is vehicle Total Cost of Ownership (TCO)?

TCO is the purchase price of an asset plus the costs of operation. When choosing among alternatives in a car-buying decision, buyers should look not just at an item’s short-term price, which is its purchase price, but also at its long-term cost, which is its TCO – and is often lower for a plug-in electric car.

How much less total to own might an EV be? Let the DrivE & SaVe Wizard make this calculation for you!

Calculating Cost of Ownership (5 years)*
 
Model
(“fuel” type)
Nissan LEAF
(BEV)
Toyota Prius Prime
(PHEV)
Honda Civic Hatchback
(gasoline only)
MSRP$29,990$27,300$20,950
Home charging station$1,150$0$0
Federal tax credit($7,500)($4,502)$0
State incentive($2,500)($1,500)$0
Electricity$3,000$1,316$0
Gasoline$0$1,934$6,250
“Fuel” Total$3,000$3,250$6,250
Maintenance & Repairs$2,963$3,300$3,637
Insurance**$0$0$0
TOTAL$27,103$27,848$30,837

*Example based on 2018 average fuel and energy costs; 15k annual miles of driving. Actual costs will vary.

 **Insurance costs comparable across models. Actual costs vary considerably based on vehicle safety features, driving record, garaging and annual mileage.

Energy New England

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