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The Electric Vehicle: An Economical Choice Above All

5 April 2023

According to a recent study conducted in 24 countries by Deloitte, drivers opting for an electric vehicle (EV) do so primarily because of the savings they can make on fuel. Therefore, environmental concerns take a back seat. Surprising? Not really, considering the volatility and increase in gas prices lately. What's more, in Québec, the savings on the purchase of an EV come in many forms.

Say goodbye to the gas pump

Driving electric usually means cutting energy costs by 75%. For example, driving 100 km in electric mode costs about $2 on average. Electricity prices are stable and predictable, unlike the volatility of the price of a barrel of oil. Not to mention that in Québec, we are fortunate to have access to hydroelectricity, a greener electricity at a lower cost.

Limited maintenance

Thanks to its simplified mechanics, the electric vehicle needs less frequent visits to the garage for regular maintenance. Its engine has about 50 parts, way less than the 200+ parts of an internal combustion engine. In addition, a 100% electric vehicle does not require oil changes. Thanks to regenerative braking, the discs and pads are also much less stressed. All in all, maintenance costs are cut in half with an EV.

Purchase incentives

Whether the vehicle is new or used, 100% electric or plug-in hybrid, there are financial incentives to reduce the cost of purchasing an EV. The smaller and more affordable the model, the more attractive the rebates. For example, the purchase cost of a new EV can be reduced by $12,000 ($3,500 for a used EV). The purchase of a charging station is also eligible for a rebate. And many municipalities in Québec also offer subsidies.

More discounts and rebates

The Québec government has also introduced a green license plate for EVs. In addition to allowing EV drivers to use several reserved lanes in major urban centres, this plate exempts them from paying tolls on certain bridges and ferries in Québec. In some cities, parking is free. Some insurance companies also offer great discounts on EV insurance policies.

In total, an EV driver can expect to save 10% to 20% compared to the purchase and use of a conventional car. Is the EV an environmental choice? Of course it is. But is it an economical choice? Without a doubt.

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