Operating Costs
Energy
Operating an electric vehicle costs on average 7 times less than its gasoline equivalent.
Because they are supplied with energy from your facilities, the energy expenses related to the fleet are easier to manage. It is possible to install dedicated meters that allow you to accurately track vehicle consumption.
Maintenance
Depending on the type of vehicle, savings on maintenance costs can range from 30% to 65% with an electric vehicle. Thanks to the regenerative braking, the mechanical brakes are much less stressed. There is no oil, no filters, and no exhaust on these vehicles. An electric vehicle also has no driving belt, no spark plugs, no alternator, no starter, and many other components that could require regular maintenance.
As for the battery, replacement costs for this crucial component vary greatly, but its lifespan is equivalent to the transmission of a gasoline vehicle. It is estimated in hundreds of thousands of kilometers and is guaranteed between 8 and 10 years by most manufacturers.
Monthly payments
Depending on the model, the monthly payments associated with the purchase or lease of a plug-in vehicle, after the application of government subsidies, can be similar or sometimes higher than those of its gasoline equivalent.
Total costs
Considering the operating and maintenance costs, it is easy to obtain annual savings of about 20% for an electric vehicle compared to its gasoline equivalent.
To assess the costs, let's use the example of a 2023 Chevrolet Bolt EV compared to a 2023 Toyota Corolla Hatchback, both of which travel 25,000km per year. We have included subsidies, the cost of purchasing a 240V charging station, insurance and maintenance costs, as well as financing at 6% for 60 months. We can see that, despite the higher initial cost of the electric car, it becomes more cost-effective than its gasoline counterpart within one year of use*.
* When the extra cost of purchasing the electric vehicle is absorbed by the savings from its use.
Source: Innovative Vehicle Institute (IVI)