Virtually every member of the general public I meet at the car shows the VEVC attends expresses the desire to make their next car an EV. When questioned on how soon that might be, the answer is invariably related to the Electric Car Myth that they’re too expensive.
Even considering the purchase rebates and Scrap-it potential a new EV buyer has to lower the price, it’s still hard for many to get their heads around all the changes owning an EV offers.
Like any vehicle, there’s more to be considered than what’s listed on the dealership window sticker. Because that window sticker can’t tell you the cost of ownership.
Cost of ownership is what you have to pay to keep that new car fueled and roadworthy during the time you own it. You can calculate that annual cost for your current car by visiting the handy CAA calculator here.
Now fuel costs are going to vary from one person to another depending on how much you drive, whether most of your travel is in urban or rural settings and how fast you like to go when you hit a stretch of straightaway blacktop.
In Canada, the national average cost of the electricity EVs use is 12 cents/kWh while fuel costs run from $1.20 to $1.50 per liter for regular gas, 10 cents/liter more for a premium blend.
The rule of thumb for EV owners is 6 km/kWh. Therefore, to travel 10,000 km annually (considered the norm in Canada) an EV owner will spend about $200 to power his or her car.
By comparison, Canadians driving ICE cars will pay $1,600 to cover that same distance on a regular blend.
Hence, by purchasing an EV, you’ve already saved yourself $1,400. Multiply that by the five to ten years most people now drive the same vehicle and you’re looking at a saving of $7-14,000.
Now let’s consider servicing.
While ICE cars contain hundreds of moving parts susceptible to the normal wear and tear of driving, most EVs have fewer than a dozen. That alone cuts down on the need for service.
And with an EV, you’ll never need an oil change, spark plug replacement or emission test, among the many regular checks ICE drivers have to do to keep their car in top running order. What’s more, the regenerative braking of EVs mean that the chance of ever needing a brake job during the entire ownership of the car is more than remote.
Now, reduce that EV sticker price by 75-50% of whatever you’ve been shelled out in the last year to keep your current car going and multiply it again by the 5-10 years you plan to own the car.
That EV sticker price is looking smaller all the time, isn’t it?
And that’s without considering how much less in carbon taxes you’ll pay in the near future.
I’m telling you, these cars are where the smart money is going…