Summary:
A recent Canadian study by Vincentric analyzed the ownership costs of 50 electric vehicles (EVs) over five years, comparing them to gasoline-powered equivalents. The results revealed that although EVs typically have a higher purchase price, 49 of the 50 EVs analyzed were less expensive to own in the long run. The study found significant savings in fuel costs, with EVs spending an average of $19,000 less on fuel over five years compared to gasoline vehicles. Additionally, 82% of the EVs in the study had lower maintenance costs, further contributing to their overall savings.
However, the study also highlighted that depreciation remained a challenge for EVs, with only 32% of the EVs having lower depreciation costs than their gasoline counterparts. Despite this, the overall cost of ownership for EVs was still lower, averaging $18,000 less than for gasoline-powered vehicles. The study assumed all vehicles would be driven 25,000 km annually over five years, factoring in fuel, maintenance, insurance, taxes, financing, and other ownership costs.
Among the EVs analyzed, the Mazda MX-30 had the lowest cost of ownership at $49,363 over five years. Premium vehicles such as the Porsche Taycan showed the largest savings, with the Taycan saving $55,509 compared to the BMW M850i. The Audi e-tron, however, was the only EV in the study that had higher ownership costs than its gasoline counterpart, coming in $24,292 more expensive than the Audi RS7.
Overall, the study shows that, despite their higher initial price, EVs are a more economical choice over time due to lower fuel and maintenance costs. This offers strong evidence for Canadian consumers considering EVs as a viable alternative to gasoline vehicles.
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