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Does an electric vehicle make financial sense in Canada?

Does an electric vehicle make financial sense in Canada?

Considering the increasing fuel price in Canada with the maintenance cost of gas-fuelled vehicles and the initial cost of acquisition of electric vehicles, EVs are making more and more sense.

Many people ask, does the acquisition of an EV make financial sense in Canada? After a lot of factors have been considered, it is obvious that it makes financial sense to get an EV.

Why does it make financial sense to get an EV in Canada?

Canadian government incentives: In a bid to reduce the use of internal combustion engines, the government has included in their budget billions for incentives for EVs.

With this, Canadians can get their next electric car at a subsidized rate compared to the cost in any other country. The government incentive is in two forms depending on the hybrid range.

A longer-range attracts incentives of $5000 while the shorter one attracts $2500.

Provincial EV rebates: The federal government incentives sometimes are not alone in convincing a buyer to consider getting an EV when it comes to its purchase cost.

But provincial rebates given to citizens by provinces like Quebec and British Columbia in Canada make the reduction significant. These rebates can lower the cost by as much as $13,000.

Charging cost to gas cost: Comparing the cost of gas to the cost of electric charging in Canada, it is clear that getting an EV makes more financial sense in the country.

It is also absolutely not free to charge up an electric car. However, an EV would cost 1/5 or less than an internal combustion engine (ICE) car.

Maintenance cost of EVs: Many drivers spend a lot of funds on the maintenance of ICE vehicles. Because of this reason, it is financially wise to switch to an EV.

An EV's maintenance cost is low, and the biggest expense is the battery replacement, which might not occur in 10 years.

EV charging infrastructure in Canada: The charging infrastructure is an aspect that cannot be overemphasized in a country that wants to evolve into an EV-using country.

The charging infrastructure in Canada is changing rapidly, and all levels of government love to see it expand.

Many charging stations across Canada offer their services at a subsidized rate due to the government's policies.

The target of carbon emissions: The major contributing factor to an EV making financial sense in Canada is the government's intervention.

The Canadian government and its provinces plan on reducing carbon emissions by 30% before the year 2030, which makes them give incentives and other ways of cost reduction.

As it stands, more opportunities for electric car owners are in-store and set to increase in the coming years. Therefore, it would make sense financially if an electric car is gotten in Canada and also partake in the benefits being rolled out by the government in years to come.

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Categories: EV motoring