Despite higher price tags, electric vehicles are cheaper to own over time, according to a new report.
“Clean Energy Canada calculated the total ownership costs of equivalent electric and gas vehicles, from purchasing, to refuelling, to maintenance,” Clean Energy Canada’s clean transport program manager Joanna Kyriazis told CTVNews.ca. “In every comparison we made, the electric car comes out cheaper than the gas alternative.”from Simon Fraser University’s Clean Energy Canada program calculates total ownership costs of several electric and gas vehicles over eight years, driving 20,000 km a year.
The report uses the Hyundai Kona as just one case study. Canada’s second-best selling electric vehicle in 2021 after the more expensive, the Kona is also available with a gas-powered engine, which is $20,000 cheaper. But over eight years, the report found the electric version cost $15,000 less to own.
“Yet despite the lower sticker price of the conventional car, the Kona’s EV model is a lot cheaper when all is said and done, with a $56,000 lifetime cost compared to $71,100 for the gas version,” the report said. A new report from Clean Energy Canada found that despite higher price tags, it's cheaper to own an electric vehicle over time.
A new report from Clean Energy Canada found that despite higher price tags, it’s cheaper to own an electric vehicle over time. , the estimated cost of owning the conventional Kona rose to $79,700 over eight years, which is nearly $24,000 more than the electric model.“Without exception, the electric version of every car we analyzed was cheaper, usually significantly so,” the report said.