The sticker price of a car is not the cost of owning it. The cheapest car to buy is rarely the cheapest car to own. When you calculate total cost of ownership — purchase price, fuel, insurance, maintenance, and depreciation over 5 years — electric vehicles now dominate the bottom of the list. Here's which EVs cost the least to own in 2026 and exactly how the math works.
How We Calculate Total Cost of Ownership
Total cost of ownership (TCO) includes five components, each calculated over a 5-year ownership period with 12,000 miles driven per year:
Purchase price (net) — MSRP minus applicable federal and state tax credits or incentives. This is what you actually pay out of pocket.
Electricity cost — Based on the national average residential electricity rate of $0.16/kWh and each vehicle's EPA-rated efficiency (kWh per 100 miles). Most EVs cost $0.04–$0.06 per mile to fuel, compared to $0.12–$0.16 per mile for gas cars.
Insurance — Based on average annual insurance premiums for each specific model from national insurance comparison data. EV insurance typically runs 10–20% higher than comparable gas cars, though this gap is narrowing.
Maintenance — EVs have dramatically lower maintenance costs: no oil changes, no transmission service, fewer brake replacements (regenerative braking extends brake pad life to 100,000+ miles), and no exhaust system. Average EV maintenance runs $600–$900 per year versus $1,200–$1,800 for gas cars.
Depreciation — The difference between purchase price and estimated resale value after 5 years. EV depreciation has stabilized significantly as the used EV market has matured.
1. Chevy Equinox EV — Cheapest New EV to Own
MSRP: $33,900
Net price after federal tax credit: $26,400
5-year TCO: ~$37,730
Monthly cost of ownership: ~$629/mo ($409/mo excluding purchase)
The Chevy Equinox EV is the total cost of ownership champion for new EVs in 2026. At $33,900 MSRP, it already undercuts most comparable gas crossovers. Apply the $7,500 federal tax credit and you're at $26,400 for a brand-new crossover SUV with 319 miles of range.
The operating costs are where the Equinox EV pulls further ahead. Electricity costs approximately $3,460 over 5 years (at 12,000 miles/year). Maintenance runs approximately $3,750 over 5 years. Insurance averages approximately $7,120 over 5 years. Combined with moderate depreciation, the net 5-year total comes to approximately $24,530 in operating costs beyond the purchase price.
Best for: New car buyers who want the lowest possible total cost of ownership with full warranty coverage and the latest technology.
2. Used Chevy Bolt EUV — Cheapest Overall EV to Own
Average used price (2022–2023): $17,000
5-year TCO: ~$21,040
Annual cost of ownership: ~$4,200/yr
The used Chevy Bolt EUV is the single cheapest vehicle to own in America — gas or electric. At around $17,000 for a 2022–2023 model with under 30,000 miles, you get 247 miles of range, a spacious interior, and GM's 8-year/100,000-mile battery warranty that transfers to subsequent owners.
The Bolt EUV's operating costs are rock-bottom. Its 28 kWh/100mi efficiency translates to approximately $3,360 in electricity over 5 years. Maintenance is minimal — tire rotations, cabin air filters, and brake fluid are essentially the full maintenance schedule. Depreciation on a $17,000 used EV is modest since much of the original depreciation has already occurred.
Best for: Budget-conscious buyers who want the absolute lowest cost of vehicle ownership and are comfortable buying used.
3. Used Tesla Model 3 — Best Value Premium EV
Average used price (2021–2022 Long Range): $25,000
5-year TCO: ~$23,290
Annual cost of ownership: ~$4,660/yr
A used Tesla Model 3 offers premium EV ownership at a remarkably low total cost. The Supercharger network eliminates public charging anxiety, over-the-air updates keep the car feeling current, and Tesla's efficiency (25 kWh/100mi) means electricity costs are among the lowest of any EV.
Insurance on Teslas runs higher than average — approximately $8,400 over 5 years — which is the main cost penalty. But fuel savings and near-zero maintenance offset this significantly. The Model 3 also holds its resale value well, reducing the depreciation component of TCO.
Best for: Buyers who want the Tesla experience and Supercharger access at a used-car price point.
4. Used Nissan Leaf Plus — Ultra-Budget EV Ownership
Average used price (2022–2023 S Plus): $14,500
5-year TCO: ~$20,280
Annual cost of ownership: ~$4,056/yr
The Nissan Leaf Plus is the cheapest EV you can buy outright — 2022–2023 models with the 62 kWh battery (212 miles range) are available for around $14,500. At that entry price, even with the Leaf's slightly higher energy consumption and the CHAdeMO fast charging limitation, the total cost of ownership is exceptionally low.
The main trade-off is that the Leaf uses the CHAdeMO fast charging standard, which has fewer stations than CCS or NACS. For buyers who primarily charge at home and drive locally, this isn't a significant issue. For road trippers, it's a limitation worth considering.
Best for: Buyers who want the absolute lowest purchase price and primarily drive locally with home charging.
EV vs Gas: 5-Year Cost Comparison
To put these numbers in context, here's how the cheapest new EV compares to one of the most popular affordable gas cars over 5 years:
Chevy Equinox EV vs Honda Civic
Chevy Equinox EV 5-year total: ~$37,730 (net purchase $26,400 + electricity $3,460 + maintenance $3,750 + insurance $7,120 – resale value $3,000)
Honda Civic 5-year total: ~$41,720 (purchase $26,800 + gas $8,640 + maintenance $7,200 + insurance $6,080 – resale value $7,000)
EV savings: ~$3,990 over 5 years, or approximately $66 per month. The Equinox EV costs less to own than a Honda Civic despite being a larger vehicle class (crossover SUV vs compact sedan). The savings come primarily from lower fuel costs ($5,180 less) and lower maintenance ($3,450 less), partially offset by higher insurance ($1,040 more) and lower resale value ($4,000 less).
Tips for Minimizing EV Ownership Costs
Charge at home on off-peak rates. Many utilities offer time-of-use rates that drop electricity to $0.08–$0.10/kWh overnight. Charging during off-peak hours can cut your fuel costs nearly in half compared to the national average.
Shop insurance aggressively. EV insurance rates vary dramatically between providers. Get quotes from at least 5 insurers. Some companies (like Tesla Insurance where available) specialize in EV coverage and offer significantly lower rates.
Buy used after the first 2–3 years. EVs depreciate fastest in years 1–3. Buying a 2–3 year old EV with remaining battery warranty captures most of the depreciation savings while still getting a relatively new vehicle.
Maximize tax credits. The federal $7,500 tax credit applies to many new EVs and up to $4,000 for qualifying used EVs. State credits vary — Florida doesn't currently offer a state EV credit, but other states offer $1,000–$5,000 in additional incentives.
The Bottom Line
In 2026, the cheapest car to own is an EV. Whether you buy new (Chevy Equinox EV at ~$37,730 over 5 years) or used (Chevy Bolt EUV at ~$21,040 over 5 years), electric vehicles cost less to own than comparable gas cars when you account for all expenses. The higher sticker prices that kept EVs expensive in earlier years have come down, while the operating cost advantages — cheap fuel, minimal maintenance — remain as strong as ever.
Browse current pricing on all 50+ EV models on our EV Deals page, explore brand lineups on our Cars hub, or read more about EV maintenance costs vs gas cars and the best used EVs under $25,000.