Toronto, Ontario — Vincentric has released an updated Canadian Electric Vehicle (EV) Cost of Ownership Analysis, which indicates that 49 of the 50 EVs studied had lower total cost of ownership than their internal combustion engine (ICE) counterparts.
The analysis specifically investigated eight ownership costs, including depreciation, fees and taxes, financing, fuel, insurance, maintenance, opportunity cost and repairs.
The study also analyzed the environmental cost of ownership to compare the greenhouse gases created by driving an ICE vehicle versus those created when producing the electricity needed to power an EV.
When looking at highlights from the study, fuel and maintenance costs were the biggest strength for EVs. Notably, all 50 EVs analyzed had lower fuel costs than their ICE counterparts. 41 of 50 EVs also had lower maintenance costs.
For depreciation values, only 16 of the 50 EVs analyzed had lower costs than ICEs. For the remaining 34 EVs with higher depreciation values, their costs were an average of $6,445 higher than ICEs.
Results in the analysis further incorporated the $5,000 federal point-of-sale rebate for qualifying EVs in Canada. Here, 27 of 50 EVs analyzed qualified, with the rebate applied as a reduction to the vehicle’s market price. Including the federal rebate, all 27 qualifying EVs had a lower total cost of ownership than ICEs.
Without the federal rebate, 25 of the 27 qualifying EVs still had lower ownership costs.
Finally, when looking at environmental impact, all 50 EVs generated fewer greenhouse gas emissions than their ICE counterparts over five years, with an average reduction in emissions of approximately six metric tonnes for EVs.
Overall, even though electric vehicles had an average purchase price of approximately $8,000 more than a comparable ICE vehicle, they still had an average of over $18,000 in ownership cost savings.
To read the full report, click here.
The post Ownership Overviews: Electric vehicles more than $18,000 cheaper in ownership costs compared to ICE, says Vincentric Canadian EV Cost of Ownership Analysis appeared first on Collision Repair Magazine.
