Comparison of ownership costs - Methodology

By comparing monthly, annual and total ownership costs, we can compare certain electric vehicles with their gasoline-powered equivalents, against a background of declining subsidies.

This exercise compares new (2025) electric vehicles with their new gasoline-powered equivalents.

We also compared recent used electric models, between 1 and 3 years old (2024 to 2022), against their gasoline-powered equivalents (new and used), in order to assess the benefits from choosing a used model, in order to make the transition to electric more affordable.

Comparing new vehicles

New vehicles were compared using the following methodology:

• The electric models were selected based on the availability of an equivalent gasoline-powered model of the same make.
• The electric versions selected are those that were the most readily available on the market at the time of the survey. *
• The gasoline-powered versions compared were equivalent in terms of equipment and range.

The calculations included:

1. Total monthly payments over a 60-month (5-year) financing term, with no down payment, with sales taxes and applicable subsidies in Quebec, at the interest rate offered by the manufacturer at the time of the survey.**
2. Any applicable subsidies (the article will be updated based on any further government announcements).
3. Costs relating to the purchase and installation of a residential charging station, rounded up to the nearest $1,000 (including taxes). These include:
   a. A smart 40A home charging station: $1,035 (median cost for the 5 most widely distributed models in Quebec from FLO, EV-Duty, Grizzl-E, EV One and Wallbox). Prices may vary.
   b. Usual minimum installation costs: $575 (taxes included). Prices may vary.
   c. The subsidy available under the Roulez vert program: $600.
4. The gasoline and electricity consumption ratings for the selected vehicles were taken from Natural Resources Canada’s 2025 Fuel Consumption Guide. The lowest rating was used, as this can also vary according to type of tire and engine power options.
5. The price of gasoline used was $1.62/l (2024 average price in Quebec, according to the Régie de l’énergie website).
6. Typical breakdown for recharging, as estimated by Hydro-Québec: 90% at home, 5% at public Level 2 ‘destination’ stations (240 V), and 5% fast recharging (100 kW).
7. A cost of 12.245¢/kWh for electricity (second-tier price, including taxes, rates effective April 1, 2025).
8. Estimated cost for Level 2 public charging calculated at 16¢/kWh (tax included), based on the most current rate of $1/hour and a standard charging capacity of 7.2 kW (Electric Circuit rates effective as of April 1, 2025). Charging costs may vary depending on the choice of charging point.
9. Estimated cost for fast charging (100 kW) calculated at 49¢/kWh (including taxes), at levels equal to or higher than 50 kW (Electric Circuit rates, in effect on April 1, 2025). Recharging costs may vary, depending on the choice of charging point and the power level that the vehicle is able to handle.
10. Average annual maintenance costs (brakes, annual inspection and oil changes)*** estimated at:
    a. $157 for 100% electric vehicles;
    b. $317 for plug-in hybrid vehicles;
    c. $397 for gasoline-powered vehicles

The new (2025) models used in the comparison were:

Other models will be added in the future.

Comparison of ownership costs for used late-model electric vehicles

This comparison between used late-model electric vehicles (2024 to 2022) and new gasoline-powered vehicles was based on the following methodology:

• The average price for a model year was determined by taking a census of used vehicles available on the market at the time of the survey.*
• The Bolt EV was compared to the best-selling hatchback in its category, which targets the same customer base.

The following factors were also included in calculating the cost of owning a used vehicle:

1. A bank financing rate of 8%, which was the lowest auto loan rate available at the time of the survey.**
2. A monthly payment calculation based on a 60-month (5-year) loan, with zero down payment, and sales taxes applicable in Quebec.

The following used models were included in the comparison:

Other models will be added in the future.

The calculations did not include

The following items were not included in the calculations, as they are too variable or may be anecdotal, depending on the vehicle owner or location:

• Insurance fees
• The cost of major repairs
• Depreciation
• The cost of tires (because prices vary widely, depending on brand and quality. Will be the subject of a separate publication)
• Tire life (impossible to estimate)
• Other benefits of EV ownership (tolls and ferries)

Certain items were excluded because they are similar, for both electric and gasoline-powered models:

• Licensing and plate fees
• Accessory replacements

We urge you to consider these factors in your own analysis when deciding which vehicle will save you the most money over time.

NOTES :

* Listing of vehicles available on the Auto Hebdo website within a 250 km radius of the Montreal region.

** Survey conducted on April 1 and 24, 2025.

*** Non-probability survey (voluntary sampling) conducted between March 19 and 27, 2025 with 119 respondents reached on Facebook.