The question
Kevin is 47 and runs a kitchen and bath remodeling business in the Nashville metro. He's driven Silverado trucks for two decades — currently a 2019 Silverado 1500 LT with 138,000 miles that's starting to feel every one of them. His truck hauls cabinet boxes, drywall, tile, and plumbing supplies between his shop in Franklin and jobsites across Williamson and Davidson counties. He tows a 3,500-pound utility trailer maybe twice a month for material runs.
Chevy's Silverado EV has been available at retail since 2024. Kevin's dealer has one on the lot right now — an LT trim with the aggressive dealer discount Chevrolet has been running through 2026 to move inventory. Kevin's tempted. The instant torque, the exportable power on jobsites, the fewer moving parts to break down. But he needs to make the math work, and Tennessee gives him no policy support to lean on. No state EV credit. Federal $7,500 credit expired September 2025 and isn't coming back under the current administration.
Nashville regular gasoline at Kevin's usual station: $3.71/gallon (verified from AAA on 2026-08-17). Nashville Electric Service delivers residential electricity at approximately $0.115/kWh flat — no time-of-use option for typical residential customers. Kevin has a 240V outlet in his garage from a previous welder setup, so home charging installation would be minimal.
Does the Silverado EV LT beat the gas Silverado LT at Nashville prices for a working contractor?
The vehicles
GASOLINE
2025 Chevrolet Silverado 1500 LT 4x4
$55,000
ELECTRIC
2025 Chevrolet Silverado EV LT
$74,000
The 5-year math
| SILVERADO LT (GAS) | SILVERADO EV LT | |
|---|---|---|
| MSRP | $55,000 | $74,000 |
| Depreciation (5-yr loss) | $24,288 | $44,851 |
| Fuel or electricity (5-yr) | $16,695 gasoline ✓ | $4,554 electricity † |
| Insurance (5-yr) | $7,750 | $10,000 |
| Maintenance (5-yr) | $3,500 | $2,000 |
| State incentive | — | $0 (TN has no EV credit) |
| Federal incentive | — | $0 (expired 09/30/2025) |
| 5-year true cost to own | $52,233 | $61,405 |
| Difference | Gas Silverado wins by $9,172 — depreciation gap decisive | |
Assumptions: Nashville regular gasoline at $3.71/gal (AAA verified 2026-08-17). Nashville Electric Service residential rate at $0.115/kWh (flat rate, verification pending)†. Depreciation from Drive Economics's market-observed retention models by nameplate and powertrain type; Silverado EV depreciation reflects newer product with less-established resale market and 2024-2025 pricing volatility. Insurance from density-and-MSRP model for a Franklin ZIP (37067). Maintenance from make-and-category baselines with EV multiplier applied. Federal EV credit is zero (expired September 30, 2025). Tennessee has no state EV incentive. Charger installation excluded (Kevin has an existing 240V outlet). MSRP shown at reasonable delivered price; the Silverado EV LT often trades below MSRP in 2026 due to dealer inventory pressure. See methodology. † Marked assumptions pending 2026-Q3 verification; corrections will be published with editorial notice if numbers shift meaningfully. Fuel prices fluctuate significantly — verify current Nashville-area prices before major decisions.
The verdict
The gas Silverado wins by $9,172 over 5 years — a substantial and decisive advantage. This is a harder value case for the electric truck than most EV cost comparisons produce. Understanding why matters, because the decomposition tells a specific story about 2026 EV truck economics.
The Silverado EV's operating savings are genuinely large. Kevin saves $12,141 in fuel over 5 years — the largest fuel savings figure in our case study library. Nashville's $3.71/gal gas plus a 20-MPG truck plus 18,000 miles a year plus five years of ownership compounds to real money. He saves another $1,500 in maintenance (no oil changes, regenerative braking on brake pads, fewer fluid services). Total operating savings: $13,641 over 5 years, or about $228 per month.
The capital cost gap is bigger. The Silverado EV LT's $74,000 MSRP is $19,000 higher than the gas LT's $55,000. Depreciation on a higher-MSRP vehicle produces a larger dollar loss even at similar percentage rates — but the Silverado EV's retention has been meaningfully weaker than the gas Silverado's. GM cut Silverado EV production in early 2025 due to slower-than-expected sales, and dealer inventory pressure has kept used prices soft. Modeling 17% per year depreciation for the Silverado EV versus 11% per year for the gas Silverado — both defensible from 2024-2025 market observations — produces a $20,563 depreciation gap over 5 years. Add $2,250 in insurance premium (EVs typically insure 20-30% higher, and the Silverado EV's higher value amplifies this), and the total capital penalty reaches $22,813. That's $9,172 more than the operating savings.
How this compares to the Ford story. Our Dallas F-150 Lightning case at 22,000 miles a year showed a gas advantage of $8,776 despite Reliant's Truly Free Nights EV rate providing essentially zero-cost overnight electricity. The Nashville Silverado outcome is worse for the EV by about $400 despite lower mileage and a more expensive electricity rate. The reason is the MSRP gap: Ford's Lightning has come down in price relative to gas F-150 (roughly $8K gap for XLT trim), while GM's Silverado EV maintains a wider premium ($19K gap for LT trim). At 2026 pricing, Ford's electric truck is a meaningfully more competitive value proposition than GM's.
The verdict is close enough that Kevin could rationally choose either truck based on non-financial preferences. Silverado EV's Pro Power Onboard (up to 10.2 kW exportable) genuinely replaces a portable jobsite generator ($1,500-$3,000 asset). Instant torque changes how the truck feels to drive. Grid backup value during storms is real for a self-employed contractor whose shop tools depend on power. But on pure 5-year cost of ownership, in Nashville, in 2026, without incentives, the gas Silverado is the cheaper choice by a substantial margin.
What could change this
- Dealer discounts are common on Silverado EV in 2026. Chevrolet has been running significant incentives to move slow-selling Silverado EV inventory. A $5,000 dealer discount narrows the gas advantage to $4,172. A $7,500 discount narrows it to $1,672. A $10,000 discount — which some Silverado EV LT deliveries have reportedly seen through 2026 — flips the outcome, with the electric truck winning by $828. If Kevin negotiates hard, or waits for end-of-quarter incentives, the math can move meaningfully. This applies to purchase price, not MSRP, so verify actual out-the-door pricing before deciding.
- Federal $7,500 credit reinstatement would tighten the outcome substantially. If the federal EV credit returns through legislation or executive action, the gas advantage shrinks to $1,672. Combined with a modest dealer discount, the outcome flips to EV favor. The current political environment makes this uncertain in either direction; worth watching but not something to bank on.
- Silverado EV retention improving to Tesla-tier (13% per year) tightens the outcome. If GM stabilizes Silverado EV pricing and demand normalizes, retention could improve. Modeling at 13%/yr instead of 17%/yr, the gas advantage shrinks to $1,438. This is a possible 2027-2028 scenario if GM stops production cuts and pricing stabilizes.
- Higher mileage tightens the outcome, but the flip point is extreme. At 22,000 miles per year, gas wins by $6,474. At 25,000 mi/yr, gas wins by $4,451. At 30,000 mi/yr, gas wins by $1,078. The Silverado EV needs approximately 34,000 miles per year for pure economics to favor it — that's ride-share or fleet mileage territory, not typical contractor use. Even heavy commercial contractors rarely hit these numbers.
- Gas price sensitivity is real but doesn't flip easily at current levels. At $4.00/gal, gas still wins by $7,867. At $4.50/gal, gas still wins by $5,617. At $5.00/gal, gas still wins by $3,367. The Silverado EV needs gasoline at approximately $5.75/gal to break even at 18,000 miles a year. Given Tennessee's current $3.71/gal, that would require a substantial and sustained price spike beyond even 2022 peaks.
- NES introducing an EV time-of-use rate would help modestly. Currently TVA-served utilities including Nashville Electric Service offer only flat residential rates. If NES rolled out an EV overnight rate at approximately $0.06/kWh (typical utility EV rate), Silverado EV electricity drops from $4,554 to $2,376 over 5 years, narrowing the gas advantage to $6,994. Not a flip, but a meaningful improvement worth advocating for at the local utility level.
- DC fast charging on the road hurts EV economics substantially. Public DC fast chargers in Tennessee run $0.35-$0.50/kWh. If Kevin charged 30% of his kilowatt-hours publicly (regular long-distance material runs, jobsites without home access), the mixed rate raises 5-year electricity to $8,178, widening the gas advantage to $12,796. Silverado EV economics depend on consistent overnight home charging.
- Silverado EV towing changes both practicality and cost. Under load with Kevin's 3,500-pound trailer, Silverado EV range drops from 390 miles to roughly 200-220 miles. Gas Silverado towing efficiency drops from 20 MPG to about 14 MPG. For occasional material runs staying within the Nashville metro, this is manageable. For longer runs (Chattanooga, Knoxville, or bulk supplier trips to Louisville), the range hit becomes trip-planning-relevant for the EV.
- Premium gasoline usage narrows but doesn't flip the gas advantage. Chevrolet recommends 87-octane regular for the 2.7L Turbo I4, but a subset of Silverado owners choose premium ($0.80/gal more in the Nashville market, roughly $4.51/gal). If Kevin consistently uses premium, his 5-year gas cost rises from $16,695 to $20,295, narrowing the gas advantage from $9,172 to $5,572. Still a decisive gas win — the Silverado EV's MSRP gap is large enough that premium gas alone doesn't flip the outcome. But worth accounting for if your gas-grade habit differs from the mainline assumption.
- Combined realistic 2027 scenario: federal credit reinstated + retention improved + modest dealer discount = EV wins by $11,062. If federal credit returns AND Silverado EV retention stabilizes at 13% per year AND Kevin negotiates a $5,000 dealer discount, the outcome flips decisively to the Silverado EV. None of these is guaranteed, but each is plausible on a 2-year time horizon. Kevin could rationally choose to wait 12-18 months and see how these variables move before committing.
- Pro Power Onboard has real dollar value not captured in TCO math. The Silverado EV LT includes 10.2 kW exportable power output. For a contractor, this replaces a portable jobsite generator (typical $2,000 asset) and can run tools directly from the truck for extended periods. During grid outages, it can power the essentials of a home for 3+ days on a full battery. Not TCO math, but real value for the right buyer.
Run this comparison for your specific situation
Kevin's numbers are one Franklin contractor at 18,000 miles per year on cash purchase. Your ZIP, your mileage, your financing, your utility rate, your actual dealer negotiations — all shift the math. Use the calculator with your specific inputs.