Cost of the electric car: is it really affordable?

Recently, the Quebec government announced that the sale of new gasoline-powered vehicles would be banned by 2035. Many people believe that electric cars are out of reach because they cost more than gasoline-powered cars. But is this really the case? Is buying an EV worth it (and the cost)?

In this article, BEQ Technology takes a look at the question with you.

How much does a new electric car cost?

It is true that an electric car is more expensive than a gasoline model. There is even a big difference in price, which can sometimes slow down the motivation to go electric.

For example, let’s take the case of the Kona 2022, one of the best-selling electric cars in Quebec. Its electric version costs 46,435 compared to $26,638 for the equivalent gasoline version. That’s a difference of $19,797, which may seem like a lot at first! However, for the electric version, you are eligible for a government subsidy of $5,000 at the federal level and $7,000 at the provincial level. There is therefore a difference of $9360 when you purchase the vehicle.

The cost of using the car: a factor to consider!

To establish the difference in cost between an electric and a gasoline model, we must also consider the cost of using the car. If we take the Kona as an example, the electric version costs $8,451 per year for 30,000 km compared to $10,204. Thus, for 30,000 km driven per year, you save $1,753 per year by choosing the electric version.

Electricity is much more affordable than gasoline. This could save you a lot of money in the end, especially if you do a lot of mileage, like a salesperson on the road for example.

If you too want to calculate the price difference between different models, here are two interesting tools to use:

• Roulons Électrique
• CAA

Lower maintenance costs for electric cars

And that’s not all! You’ll also save on maintenance because you won’t have to go for an oil change at a cost of $60 every 10,000 km. So you save at least another $180.

The Kona Electric will cost you $16,513 less than its gasoline version over a 5 year period and this only increases every year… in proportion to the price of gasoline! In 5 years, the electric Kona will be less expensive to run than the gas model and you will have paid back the difference in price at the time of purchase. Even in the years to come, the electric Kona will be more economical! Not to mention that you will greatly reduce your impact on the environment.

It is interesting to know that since the electric car has fewer parts, there is less risk of breakage and therefore less risk of expensive garage visits. In fact, an electric motor has about 20 parts, while a gasoline or diesel engine has between 1000 and 2000 parts. The Quebec government estimates the maintenance costs of an electric car to be 1/4 of what it costs for a gasoline car.

The maintenance of an electric car is less frequent and less complicated than that of a traditional car. The brakes of an electric car are also less solicited thanks to the regenerative braking system. This means that an electric car could save you hundreds of dollars in maintenance costs. You won’t have to change filters, fluids, spark plugs, belts, alternator, starter, and the electric car’s battery lasts as long or longer than the car itself.

As you can see, buying an electric vehicle could be an economically advantageous choice in addition to offering you many other interesting advantages!

Have a nice drive!