CAA_SCO_WIN21

CAA_SCO_Win21

Issue link: http://emag.totembrandstories.com/i/1421357

Contents of this Issue

Navigation

Page 21 of 59

20 | CAA MAGAZINE To learn more about electric vehicles, visit caa.ca/sustainability/ electric-vehicles. The True Cost Whether driving electric will save you money in the long run depends largely on you and your habits. In general, EVs are more expensive to purchase than an equivalent gas-powered vehicle but cost significantly less to run and maintain. The good news is that EV prices are coming down. It used to be that EVs with more range cost more money, but that isn't always the case now. In 2017, the electric Chevrolet Bolt cost $42,795 and had 380 kilometres of range, while the 2022 model costs $38,198 (before incentives) and has a range of 417 km. The price of the entry-level Nissan Leaf — currently starting at $44,298 — has stayed roughly the same once you adjust for inflation, but since 2012 its range has more than doubled to 240 km. Federal government incentives can take up to $5,000 off the price of an EV, while many provinces and territories offer additional incentives that help lower the cost. If a new EV isn't in your budget, there are thousands of used ones on the market, with prices starting under $10,000. Research shows that while the driving range does decrease as EV baeries age, the loss is relatively modest, and electric motors and baeries are generally proving to be reliable, despite some recent baery-related recalls. Ultimately, whether you hit a break-even point — when an EV becomes cheaper to own than a gas-powered car — depends on a long list of variables, including how much you drive, which vehicles you're comparing, the rebates available in your province, the price of gas and how long you intend to keep your vehicle. CAA has a handy online driving costs calculator (carcosts.caa.ca) that can help do the math for you. As you crunch the numbers, keep in mind that there are other hidden costs to consider. According to CAA's online calculator, over five years, even the relatively efficient Honda Civic hatchback will produce 10 times more climate-change- causing greenhouse gas ( GHG) emissions than the electric Chevrolet Bolt. Range Anxiety Aside from the higher upfront costs, the other big thing consumers say is holding them back from buying an EV is range anxiety, says Chris Harto, senior energy policy analyst at Consumer Reports, a non-profit consumer advocacy organization. However, he adds, driving ranges have improved greatly in recent years.

Articles in this issue

Links on this page

view archives of CAA_SCO_WIN21 - CAA_SCO_Win21