How much does an electric car really cost?

With gasoline-powered vehicles, we’re in the habit of separating purchase price from operating cost. But to objectively compare the prices of these vehicles with those of plug-in hybrid vehicles or electric vehicles (EVs), we have to look at both purchase price AND operating cost. That way we avoid comparing apples to oranges.

Electric vehicles: So long, gas stations!

Filling up a gas vehicle costs a few dozen dollars a week, but charging an EV at work or at home costs just a few dollars. Keeping the tank of a 2018 Honda Civic full for a year costs between $1,920 and $2,560 (depending on the price of gas) for 20,000 km of driving. “ A Nissan Leaf can cover the same distance at an annual cost of just under $300,” says Martin Archambault, spokesperson for Association des Véhicules Électriques du Québec (AVÉQ). “ And statistics show that electric vehicle owners have figured this out, with nearly 90% of EV drivers plugging in at home at night to recharge,” he adds.

Less frequent maintenance

EV owners don’t just save money, they save time by avoiding regular stops at the gas station. They also spend less time at the repair shop, since EVs require less frequent and less complicated maintenance than conventional gas vehicles. “ Maintenance is also less expensive, and this is factored into the actual cost of the vehicle,” says Jesse Caron, automotive specialist for CAA-Quebec.

Fuel consumption and maintenance: How is electromobility more affordable?

“The best example is the brakes, which wear down much less because a regenerative braking system does most of the work,”  says Caron. “When you buy an electric car, the purchase price may seem high.  But you can save hundreds of dollars a year in maintenance costs with a fully electric vehicle.” Of course, the biggest savings with electromobility is fuel, as long as you drive a fair amount and keep the vehicle long enough to recoup the initial expense.

How long does it take to recoup the purchase price of a hybrid vehicle?

Institut du véhicule innovant de Saint-Jérôme publishes an annual purchasing guide that estimates the time needed to recoup the cost of purchasing a hybrid vehicle. The higher cost of purchasing certain plug-in hybrid vehicles can be recouped in less than a year (or 20,000 km), but electromobility generally saves money after five years, or even sooner in some cases. For the Leaf and Civic mentioned above, it takes only three years, according to AVEQ. In any case, seeing as Canadians keep their vehicles seven to eight years on average, you can reasonably expect to save money by switching from a combustion engine to an electric motor.

“Not to mention that future generations of EVs will have enough range to replace a primary vehicle, which will help pay off the purchase price even faster,” concludes Caron.

Resources

IVI Branchez-vous brochure

Natural Resources Canada electric vehicle comparison tool