EV Leasing: How Much Can You Save on Fuel?

The Fuel Savings Breakdown: EV vs Gas

Electric vehicle leasing has become one of the fastest-growing segments in the auto industry, and for good reason. Leasing an EV lets you enjoy the latest electric technology without the long-term commitment of ownership, and the fuel savings alone can be dramatic. The average American drives about 13,500 miles per year. In a gas-powered car that gets 30 miles per gallon with gas at $3.50 per gallon, that is roughly $1,575 in fuel costs annually. An equivalent EV using about 0.30 kWh per mile at the national average electricity rate of $0.16 per kWh costs just $648 per year to charge.

• Gas vehicle: 13,500 miles ÷ 30 MPG × $3.50/gal = ~$1,575/year in fuel
• Electric vehicle: 13,500 miles × 0.30 kWh/mi × $0.16/kWh = ~$648/year in electricity
• Annual savings: ~$927 per year
• 3-year lease savings: ~$2,781 in fuel costs alone

Maintenance Savings Add Up Too

The savings picture gets even better when you factor in reduced maintenance costs. Electric vehicles have fewer moving parts than gas-powered cars, which means no oil changes, no transmission fluid, no timing belt replacements, and significantly less brake wear thanks to regenerative braking. Over a three-year lease, the maintenance savings can add up to another $1,000 to $1,500 compared to a comparable gas vehicle. Combined with fuel savings, an EV lease can put $4,000 or more back in your pocket over the lease term.

Why Leasing Is Ideal for EVs

Leasing is particularly well-suited for EVs because battery technology is advancing rapidly. By leasing rather than buying, you avoid the risk of owning a vehicle whose battery range and technology may feel outdated in five to seven years. Every few years, you can upgrade to a newer model with better range, faster charging, and improved features. Many EV leases also qualify for federal tax incentives that manufacturers pass through as lower monthly payments, making the effective cost even more competitive with gas vehicles.

The $7,500 federal EV tax credit, for example, is often applied directly to the lease as a cap cost reduction by the manufacturer. This means you benefit from the full credit even if your personal tax liability would not allow you to claim it when buying. Some states offer additional EV incentives on top of the federal credit, further reducing the effective cost of an EV lease.

EV Mileage Tracking Still Matters

If you are considering an EV lease, it is still important to track your mileage carefully. EV leases come with the same mileage restrictions as gas vehicle leases, and overage fees apply just the same. LeaseMiles supports EV leases with a dedicated fuel savings calculator that shows you exactly how much you are saving on energy costs compared to a gas vehicle, in addition to tracking your mileage pace and projected overage.

The app calculates your real-time fuel savings based on your actual miles driven, local electricity rates, and the gas price you would have paid in a comparable vehicle. It is the complete tool for getting the most financial benefit from your electric vehicle lease — combining mileage tracking, cost analysis, and savings visualization in one place.