Abstract:This paper presents a unique approach to total cost of ownership (TCO) analysis for plug-in electric vehicles (PEVs) versus internal combustion engine vehicles. Unlike the TCO literature, which characterizes an average driver, this study estimates the actual costs incurred by early adopters of PEVs in California using multi-year survey responses. The findings reveal that the higher the vehicle segment, the lower the annual mileage required to achieve cost parity, raising concerns about affordability and equity. Overall, this research sheds new light on the cost competitiveness of PEVs and has important implications for policymakers and consumers alike.