(Kona pr) The EV economy can benefit your budget

classic Classic list List threaded Threaded
1 message Options
Reply | Threaded
Open this post in threaded view

(Kona pr) The EV economy can benefit your budget

Electric Vehicle Discussion List mailing list

Are electric vehicles the new economy cars?
Jun 7, 2019  Eric Novak

2018 Hyundai Kona (Photo: Eric Novak)

2019 Hyundai Kona EV

Switching to an EV is good for the environment and—surprise—it can benefit
your budget, too.

You may have noticed there are a lot more electric vehicles on the road
today than there were only a couple years ago. While EVs account for fewer
than 3% of all vehicles driven around the world, they no longer stick out
like they once did. Yet, many drivers are still hesitant to consider an EV
for their next set of wheels—and in many cases their reservations are rooted
in misconceptions rather than actual facts.

A common one is that electric vehicles may be better for the environment,
they’re just too pricey for most Canadians to consider. But the reality is
there’s plenty of evidence EVs are not only kind to the environment, but
kind to your pocketbook as well.

While EVs do, indeed, have a higher sticker price—as much as 40% higher, in
some cases, compared to equivalent gas-powered vehicles—there is an economic
offset that comes from the fact that operating an EVs tends to cost much
less on an ongoing basis. In fact, when you look at and compare the ongoing
costs of owning a gas vehicle versus an EV, the higher purchase price of
electric powered vehicles is mitigated or even nullified by the savings
incurred on everything else. (And, in the shorter term, available government
EV rebates help offset the higher purchase price.)

One of the largest ongoing expenses associated with driving is—wait for
it—fuel. Gas prices across Canada have been floating around historic highs
recently, with the average ranging from $1.38 per litre in Alberta at the
lower end to as much as $1.66 in B.C., according to GasBuddy.com. At these
prices, gassing up even a fuel-efficient small car can put a hefty dent in
your wallet over time. By comparison, charging up your EV can be
significantly less expensive, and the savings between the two can often be

Given that both gas prices as well as energy prices across the country can
vary, it’s hard to put an exact figure as to just how much you’d save by
charging up instead of gassing up, but the results of a B.C. Hydro survey
gives us a good idea of the potentially significant savings awaiting EV
drivers in that province. B.C. Hydro determined that charging up an EV would
cost the equivalent of $0.25 per litre, then, using this figure, determined
that a commuter who regularly drove between Vancouver and Surrey, a distance
of 80 km round-trip, in a Nissan Leaf EV would spend $409 a year. By
comparison, someone driving the same route in a gas-powered Honda Civic
would pay an estimated $2,200—or about $1,700 more a year. Driving a Toyota
RAV4 would set someone back $2,519, or $2,000 more, and a Ford F-150 owner
would spend $3,779 or $3,200 more.

Maintenance is another significant ongoing cost of automobile ownership, and
EVs have a notable advantage here as well. The overall design of an EV
powertrain is far simpler than that of an internal combustion engine. The
drivetrain in an gas-powered vehicle typically contains 2,000-plus moving
parts, whereas the drivetrain in an EV contains around 20. With fewer moving
parts, the lack of a multi-gear transmission and no mechanical lubricants
such as engine oil to change, the maintenance schedule of EVs is less
cumbersome and costly by comparison. Proof can be found in the recommended
maintenance schedules for a variety of EVs such as the Tesla Model 3, Nissan
Leaf, Chevy Bolt and Hyundai Ioniq. The schedules recommend service every
12,000  to 24,000 kilometres, compared to about every 5,000 kilometres for
most gas-powered vehicles. On top of the reduced frequency, most EV
maintenance checks involve simple inspections and basic fluid top-ups only.

Perhaps the biggest benefit is that, according to a report by vehicle
maintenance information firm CarMD, of the Top 10 most common automotive
repairs in 2016, only one would apply to EVs—but a missing fuel cap (or
charger cap), which came in at No. 4, is by far the cheapest repair item on
that list to fix at around $15. The most common repair was replacing oxygen
sensors that would set you back around $250, while the most expensive repair
on the list, coming in at No. 2, was catalytic converter replacement, which
costs $1,150 to complete.

Automakers who produce both gas-powered and EV variants of the same vehicle,
such as the Hyundai Kona or the Kia Soul, either haven’t done any
calculations yet as to how much one would save on maintenance with an EV or,
if they have, they aren’t willing to make the figures public. However, an
informal survey of EV owners on dedicated Facebook groups indicated that
they have almost universally enjoyed significant savings on maintenance with
their EV compared to their last gas-powered vehicle.

Another place where EV drivers can save money is insurance. While the costs
to repair EVs is still proportionally higher compared to gas-powered
vehicles, mostly due to the relatively few numbers of EVs on the road today,
many insurers are still willing to offer discounts for making a greener
choice. Providers such as TD Insurance, Aviva*, Desjardins, Intact* and
others indicate on their websites that they offer premium discounts ranging
from 5% to 20% for electric cars and hybrids.

Electric vehicles are fun to drive and offer all the features and benefits
that consumers want in their vehicles. Many automakers have also committed
to offering a greater selection of EV models for Canadians to choose from in
a variety of sizes and styles. When you factor in that EV owners can rack up
thousands in savings each year through a greatly reduced cost to operate,
it’s becoming increasingly clear that EVs can meet the needs of Canadian
drivers while being especially kind to both the planet and your wallet at
the same time.

MSRP* $27,599 $44,999
Annual Fuel Costs** $1,754 $452
Maintenance Schedule Every 5,000 km Every 24,000 km
Insurance*** Discounts available
H.O.V. Access**** Minimum 2 passengers Full access
Preferred Parking EV parking available
*MSRP does not include available EV pricing incentives, which include a
$5,000 Canadian federal incentive, as well as an additional $5,000 incentive
for purchasers in B.C. and $8,000 for purchasers in Quebec.

** Figures obtained from 2019 Fuel Consumption Guide, Natural Resources

*** Discounts vary among various insurance providers. For specific
information, contact your broker or agent.

**** EVs are allowed full access to HOV lanes in Ontario and B.C., provided
vehicles have proper license plates or stickers identifying them as an EV.
[© moneysense.ca]

For EVLN EV-newswire posts use:


Sent from: http://electric-vehicle-discussion-list.413529.n4.nabble.com/
UNSUBSCRIBE: http://www.evdl.org/help/index.html#usub
Please discuss EV drag racing at NEDRA (http://groups.yahoo.com/group/NEDRA)