The cost of owning an electric vehicle (EV) is generally less than owning a comparable traditional gas engine vehicle*, primarily due to significant savings in operating costs, which can allow an EV owner to break even on the initial purchase price in less than five years*.
While the up-front purchase price of an EV can sometimes be higher, the long-term savings often make them more affordable overall.
One of the largest areas of savings is reduced fuel costs. The average Canadian spends nearly $3,000 on gasoline annually.
In contrast, the cost to fuel the average battery electric vehicle (BEV) with electricity over the course of a year is only a few hundred dollars, resulting in potential annual savings of close to $3,000 on fuel***.
Additionally, EV owners benefit from less maintenance. EVs have fewer moving parts than gas vehicles, eliminating the need for oil changes, spark plugs, and extensive exhaust systems.
As a result, the average BEV owner can save approximately 40% to 50% in maintenance costs compared to a gas-powered vehicle, and they spend less time at the repair shop**.
These cost advantages mean that when looking at the combined purchase price and long-term operating costs, an EV can be the more affordable choice.
Furthermore, in Canada, where most electricity is generated by low-emitting sources, EV ownership can reduce your personal vehicle's greenhouse gas emissions by over 60%.