Yes, it is definitely worth buying an electric car

Yes, &cced it;s definitely worth buying an electric car

UPGRADE DAY

In July, it cost me $35 to fill up. In May and June: $14. However, I drive more than 20,000 km per year. But I drive electric.

After exceeding $2 per liter in May and June, gas prices in early August in Montreal and Quebec were hovering around $1.95. 

No one can predict prices at the pump, but with the current geopolitical and post-pandemic situation, a sharp drop would be surprising for the next few months. Electric cars are therefore likely to seduce consumers for a long time to come. 

“If someone tells you that you have to wait months to buy an electric model, barring exceptions, it's the same for gasoline models,” comments Jesse Caron, automotive expert at CAA Quebec. I therefore recommend keeping and maintaining your current car, but ordering an electric car now…”

Cheaper

I asked Mr. Caron to make some comparisons between an electric Hyundai Kona and a gasoline-powered one (intermediate model). With a use of 20,000 km per year and financing over five years. Even if the electric Kona retails for $10,752 more than the thermal model (even after subsidies), and even if the interest rate is 4.49% for the electric and 3.99% for the thermal, you save from the first month! 

Thus, taking financing into account, the monthly payment for the electric model is $208 more than the thermal model. But the cost of gasoline, at $2 a litre, is $2952 per year (or $246 per month), while the electric model's power cost is $282 per year, or 23.50 $ per month. You therefore save $222.50 each month, which is more than the difference in monthly payment between the electric and thermal models.

Daniel Breton, CEO of Electric Mobility Canada, did the same exercise between a Honda HR- V gasoline crossover and an electric Chevrolet Bolt, for an annual use of 15,000 km (the Canadian average is 17,000 km). 

Despite the price difference of $1211 in favor of the Honda HR-V (after taxes and subsidies), Mr. Breton explained to me that the monthly payments for the HR-V totaled $896.94 per month including gasoline, compared to $655.25 for the Bolt, for a monthly savings of $241.69 in favor of the Bolt.

“People want to save on gas, but are willing to put $10,000 additional equipment on their car, equipment that is often standard on electric models. Are you asking me if electric cars are more economical than petrol models? The answer is yes,” comments Daniel Breton. benefit from a subsidy of $600.

  • Some consumers pay more than the advertised price to have their car immediately: they expose themselves to higher monthly payments and longer amortization.
  • The high prices of gasoline-powered used cars make them unattractive from a maintenance cost standpoint, as those of an electric car are much lower.