Electric vehicles save drivers thousands of dollars over life of vehicle: Report

The Vancouver Sun has an article showing most Canadians won't buy another gas-powered car after learning that an electric car will save them tens of thousands of dollars over the life of the vehicle.

Buying an electric vehicle could save tens-of-thousands of dollars over the life of a vehicle, according to a new report from Clean Energy Canada, a climate and clean energy program at Simon Fraser University.


The report compares the total ownership costs of electric vehicles compared with their gas-powered equivalents, from purchasing, to refuelling, to maintenance.


In every case, electric vehicles come out cheaper than the gas alternative, according to the report.


“We looked at all the costs,” said Trevor Melanson, communications director with Clean Energy Canada, “and in every single comparison, the electric car came out cheaper.”


The report compares a number of Canada’s most popular car models, assuming each vehicle is owned for eight years and is driven 20,000 kilometres per year. The report assumes the cost of gas is $1.35 per litre, the average price for a litre of gas in Canada in 2021 and far below current fuel prices in B.C. Higher gas prices translate into greater savings for EV owners.


Assuming gas prices of $2 per litre, Chevrolet’s popular battery-powered Volt offers nearly $30,000 in savings over the eight-year life of the vehicle, when compared with the similar, gas-powered Toyota Corolla hatchback, according to the report.


While the bulk of savings from buying an EV come from lower fuel prices, reduced maintenance costs also make a significant contribution. Maintenance costs for a 2022 Chevrolet Bolt, for example, are nearly half that of a Toyota Corolla hatchback, a comparably priced gas vehicle.


According to a recent poll from KPMG, over 60 per cent of Canadians say it’s time to buy an EV and 51 per cent say they will never buy another gas-powered vehicle.


Read the full article at Driving.ca

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