We've moved - Visit our new location!
Comox Valley Hyundai
Toll-free:
1 833 947-1259
Home > News > Article

EV Drivers Save Thousands of Dollars Over The Vehicle Lifespan!

2022-09-20

 p n g1120  port  backlog 16 e1648823614656

Author: Nathan Griffiths - www.driving.ca

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.

"The poll results show that rising fuel prices are a big catalyst in changing Canadian attitudes towards EVs," Peter Hatges, national automotive sector leader of KPMG in Canada, said in a statement.

Forty-eight per cent of those surveyed said they were "definitely buying an EV" because of gas prices, Hatges noted.

"The biggest challenge right now is not demand, it's supply," said Melanson. "The dream is that you can just go to a car dealership, see anything you like and just drive it home."

The federal government currently offers a $5,000 rebate for eligible electric vehicles, in addition to provincial rebates. B.C. currently offers a $3,000 rebate for new or leased EVs as part of the Clean B.C. go Electric program. The rebate only applies to vehicles priced under $55,000. Rebates are also available for EV charging stations.

This week the federal government announced a requirement that 60 per cent of passenger vehicle sold in Canada will have to be zero-emission vehicles by 2030. By 2035, all new vehicle sales are expected to be zero-emission.

"A majority of Canadians think they're going to get an EV now," Melanson said. "It's just a matter of when."

Source: https://driving.ca/auto-news/local-content/electric-vehicles-save-drivers-thousands-of-dollars-over-life-of-vehicle-report

Visit our website for many more details and pictures at www.ComoxValleyHyundai.com
We are a family-run, locally owned and operated dealership in the Comox Valley on Vancouver Island specializing in new and used vehicle sales, and servicing all areas of the Comox Valley including Courtenay, Comox, Campbell River, Parksville, Nanaimo, Victoria and all of Vancouver Island.  Call us toll-free at 1-833-947-1259 or locally at 250-334-2441.
Come visit Vancouver Island's Premier pre-owned vehicle location centrally located across from Costco at 555 Silverdale Crescent in Courtenay, BC. We have an exceptionally large and fully reconditioned inventory with a complete 155-point inspection on every vehicle! Plus, you'll find hundreds more online to choose from. We also service all makes and models with 6 service bays. Tour our welcoming facility, meet our staff and join us for a coffee!
Along with our fine line of New Hyundai cars and Used Hyundai vehicles, we market pre-owned import and domestic brands of quality Cars, Trucks, Vans, CUV's and SUV's. You name it and we will find it! Plus, we can help you get into the car or truck you need, no matter your current credit situation, without hassle or delay. Let us help you!
For more than 35 years, Comox Valley Hyundai has been a trusted and respected car dealer in the Comox Valley on Vancouver Island. We are dedicated to ensuring that you go far in a used car or truck, and it starts with an exclusive inventory of quality, reliable used cars and trucks, and a financing service that can provide you with guaranteed approval, help you restore your credit, and get you the best rate possible for your needs and situation.
Comox Valley Hyundai - MVSA Certified #40577
 

ajax loader2
Please confirm
In order to comply with the Canadian Anti-Spam Law, we are asking you to confirm that you wish to receive communications from us such as rebates, promotions, offers and future private sales.
Yes
No