Everyone says EVs are cheaper to run. But how much cheaper, exactly? And does the math still hold up when you factor in insurance, depreciation, and everything else that goes into owning a car?
We've done the math — using real 2026 numbers for Florida drivers — so you don't have to.
The Comparison: Tesla Model 3 vs Toyota Camry
We're going to compare two cars that occupy the same general market space: a Tesla Model 3 RWD (one of the most popular EVs in Florida) against a Toyota Camry LE (the best-selling mid-size sedan in America). Both are reliable, comfortable, and sensibly priced.
We'll run the numbers over 5 years / 60,000 miles — a realistic ownership window for most drivers.
1. Purchase Price
| Tesla Model 3 RWD | Toyota Camry LE | |
|---|---|---|
| MSRP | $38,990 | $28,400 |
| Federal Tax Credit | -$7,500 | $0 |
| Effective Price | $31,490 | $28,400 |
The gap after the credit is just $3,090. That's a much smaller difference than most people expect.
2. Fuel Costs
This is where EVs start pulling away.
Florida's average electricity rate is around $0.13 per kWh. The Tesla Model 3 uses about 25 kWh per 100 miles, meaning it costs roughly $3.25 per 100 miles to run on home electricity.
The Toyota Camry averages about 32 MPG combined. With Florida gas averaging around $3.20 per gallon in 2026, that's $10.00 per 100 miles.
Over 60,000 miles:
| Tesla Model 3 | Toyota Camry | |
|---|---|---|
| Cost per 100 miles | $3.25 | $10.00 |
| 5-year fuel cost | $1,950 | $6,000 |
| Savings | $4,050 | — |
If you charge at home most of the time — which most Florida EV owners do — this gap is real and consistent.
3. Maintenance
EVs have no oil changes, no transmission fluid, no spark plugs, no timing belts, and far less brake wear (thanks to regenerative braking). The primary maintenance items are tire rotations, cabin air filters, and windshield washer fluid.
Industry data consistently shows EV owners spend roughly 40–50% less on maintenance than equivalent gas car owners.
| Tesla Model 3 | Toyota Camry | |
|---|---|---|
| Annual maintenance estimate | ~$350 | ~$700 |
| 5-year maintenance cost | $1,750 | $3,500 |
| Savings | $1,750 | — |
Toyota's legendary reliability does narrow this gap compared to less reliable gas cars, but EVs still win on maintenance costs.
4. Insurance
This is the one category where EVs can cost more. EVs are more expensive to repair after accidents (specialized parts, battery inspections), which pushes premiums higher.
| Tesla Model 3 | Toyota Camry | |
|---|---|---|
| Average annual premium (FL) | ~$2,400 | ~$1,800 |
| 5-year insurance cost | $12,000 | $9,000 |
| Extra cost for EV | +$3,000 | — |
Florida insurance rates are among the highest in the nation regardless of vehicle type, but the EV premium is real and worth budgeting for. Shopping around — especially with insurers who specialize in EVs — can help close this gap.
5. Depreciation
This one is often overlooked. Depreciation is the single biggest cost of car ownership for most people.
Tesla Model 3s have historically held their value better than average, though the used EV market has softened somewhat in 2025-2026. The Camry is a depreciation champion among gas cars.
| Tesla Model 3 | Toyota Camry | |
|---|---|---|
| Estimated 5-year resale value | ~$18,000 | ~$14,500 |
| Value lost from effective price | ~$13,490 | ~$13,900 |
Roughly comparable — and actually a slight edge to the Tesla.
The 5-Year Total Cost of Ownership
| Cost Category | Tesla Model 3 | Toyota Camry |
|---|---|---|
| Effective purchase price | $31,490 | $28,400 |
| Fuel (5 years) | $1,950 | $6,000 |
| Maintenance (5 years) | $1,750 | $3,500 |
| Insurance (5 years) | $12,000 | $9,000 |
| Depreciation | $13,490 | $13,900 |
| TOTAL | $60,680 | $60,800 |
Over five years, the Tesla Model 3 and Toyota Camry cost almost exactly the same to own and operate — despite the Tesla being a more premium, tech-forward vehicle. Factor in that you'll never queue at a gas station again, and the EV starts looking very attractive.
What About Charging at Public Stations?
If you rely heavily on DC fast chargers rather than home charging, the fuel cost savings shrink. Public fast charging typically costs $0.30–$0.50 per kWh at networks like Electrify America — roughly 3–4x home charging rates.
For most Florida drivers who charge overnight at home, this isn't a concern. But if you live in an apartment without dedicated charging, it's worth factoring in before you decide.
Use our EV Tools to calculate your personal fuel savings based on your exact commute and charging situation.
The Bigger Picture
The “EVs are too expensive” narrative is becoming less and less true. For Florida drivers with a home charger, the combination of low fuel costs, reduced maintenance, and strong resale value makes EVs genuinely competitive — often cheaper — over the life of the car.
The insurance premium is the one genuine headwind. But as more insurers build EV-specific products and repair costs normalize, that gap is likely to narrow over time.
Browse our EV Deals page to see current pricing and incentives on the models we mentioned — updated regularly with the latest offers available to Florida buyers.