Well, in honesty I have a dirty cost analysis a few times. For me and a
modest hardware kit, a year of
decent juice, the cost breaks down to around $200 a year. I compared that to two cartons of analogs, a standard $4 a pack carton. Not sure you can even get $4 a pack too well anymore. But, I used a $4 pack as baseline. That runs around $2,000 - 4,000 a year, again this depends on a few differing factors.
Your preferences either in juice, analog flavor is a factor.
Your preferences for either high end, or modest hardware kit is a factor.
Some wild butterfly on the other side of the planet flapping its left wing on Tuesday is a factor.
All in all though I find I really do save money, a good bit up front over analogs. Besides that, you save long term is lowering possible health costs associated by continuing use of analogs. Vaping is harm reduction. I still use 1.8mg nicotine per 1 mL of juice. I am a nicotine dependent, feel my body needs an even level of nicotine, more so than just natural intake supplies. And yes, after a while you begin to realize that vaping provides just that, an
even flow of nicotine if you use nicotine.
Some vape the zero nicotine juices. I might
get there someday, or I might not. It really doesn't matter either way. I have reduced
second hand smoke concerns in full. Only I get the nicotine dose. So, if you don't want the nicotine? Gee, um, er ... don't use extra nicotine?

Any need to complain if I use nicotine? Nope, not any more. And the nicotine I use is pharmaceutical grade, really close to pure, synthesized of course. So it is
clean nicotine, especially so since most vape juices contain at maximum (seen thus far) around twenty chemicals, analogs contain around 40,000 or so, 4,000 off the top of which are known carcinogens an/or otherwise toxic even in minutely small doses. Most chemicals used for vaping juices are GRAS (Generally Recognized As Safe) for use, and many already are FDA approved as such.
My juice cost, hm, about $10 a month. But, I use only one flavor juice, at present that remains Hawk Sauce. I've tried a pipe tobacco flavor, a few menthol, a few analog (Red Cowboy) knock off flavors. I like the blueberry and menthol blend of Hawk Sauce. Also I think Mt. Baker zaps that flavor with some kind of voodoo what is good juju. At any given that runs around $120 yearly if did straight math. I might buy bulk, drop $30 to get an 8oz (236mL) bottle and squeeze out about 8 months. In that case, my juice cost would run around $60 a year.
Hardware cost runs around $50 up front per year. Though that may change, as I'm looking at an option regarding a pass through type of eGo model battery. I have seen such a battery for around $10- 20. Then, a 650mAh eGo type for out and around at about $12 - 15. Highest battery cost then would be around $35 up front. Maybe $15 every year there after, maybe an extra $20 every few years to replace pass through from wear.
Kanger AeroTank rocks flavor for me, runs $10 - 20. Coil head cost is a bit more for me, around $2 a head or about $7 for a five pack. I clean a coil head, get a month out of one. So, I may get 5 months out of a five pack. Figure around $30 yearly for those coils.
SmokTech Aro tank comes in next at around $8. Coils for it run around $1 - $1.50 each, maybe $5 for a five pack. Same diff as the AeroTank coils, clean and squeeze a month a coil. Figure $20 - 25 a year for those.
So, roughly $60 - 70 a year for hardware costs added to about $60 - 120 a year juice ---- around $200 a year.
N.B. For some odd reason, I seem to love
breaking down these figures. *chuckles*
"Hey man, vaping cheaper than smoking?"
"Well, yep it is. D'uh. I'm a po' boy. Ya think I be doing it if it was 'spensive?"