Replacing an electric car battery can range from $5,000 to $15,000, depending on the model and battery capacity.
How much do EVs actually cost?
From charging to maintenance to driving range, we know how important it is to make your money go further. So let’s get down to dollars and cents.
Incentives | Charging | Fuel Efficiency | Maintenance
Incentives | Charging | Fuel Efficiency | Maintenance
How it started vs. how it’s going
At the start of 2020, the average cost of a fully electric vehicle was $54,668, or 42% higher than the overall market average. Fast forward to 2024, and the average price for a new EV is $55,353, or 10% higher than the market average. So, while a new electric vehicle is still pricier than a new gas vehicle today, the gap is closing—and by 2025, the average price of new electric vehicles is projected to be in line with traditional internal combustion engine (ICE) vehicles.
Incentives
As of today, EV purchase prices are still higher than gas vehicles. However, incentives make the path to a new EV a little easier to manage, thanks to federal and provincial rebates or local incentives available to you, including rebates for installing home charging stations.
Government rebates are applied at the time of purchase. It’s not a payment you need to wait weeks to receive; the rebate amount is taken off the total.
Government rebates are applied at the time of purchase. It’s not a payment you need to wait weeks to receive; the rebate amount is taken off the total.
Driving home more savings
Installing a home charging station will cost anywhere between CA$1,500 and $3,000, including the charger unit, installation and other factors. That’s the same amount – if not less than – the typical Canadian spends on fuel in a year.
Plus, with less maintenance and fewer repairs needed, there are no unexpected costs to worry about. In fact, the average BEV owner saves about half in maintenance costs compared to a gas vehicle.
Want to know if an EV fits within your budget? Plug’n Drive’s “Find Your EV Match” online tool lets you compare gas and electric cars, helping you find the EV that suits your lifestyle.
Plus, with less maintenance and fewer repairs needed, there are no unexpected costs to worry about. In fact, the average BEV owner saves about half in maintenance costs compared to a gas vehicle.
Want to know if an EV fits within your budget? Plug’n Drive’s “Find Your EV Match” online tool lets you compare gas and electric cars, helping you find the EV that suits your lifestyle.
Fuel efficiency
This page is all about costs, so it only makes sense to cover fuel. Fuel efficiency is how effectively a vehicle uses fuel and, in return, makes that fuel last longer – saving you money. If you’re constantly wondering how far one tank of gas will take you, you’ll be pleasantly surprised when driving an EV. From HEV to PHEV to BEV, these electric vehicles are designed to take fuel efficiency to the max.
Not only does better fuel efficiency save you money—it’s also helping the environment. The less fuel a vehicle burns, the lower the greenhouse gases. So owning an EV is like getting two benefits for the price of one.
Not only does better fuel efficiency save you money—it’s also helping the environment. The less fuel a vehicle burns, the lower the greenhouse gases. So owning an EV is like getting two benefits for the price of one.
Gas Vehicles
While there are some vehicles that do deliver a bit of fuel efficiency, they don’t quite compare to hybrids or EVs. Using a gas vehicle will obviously cost you more in fuel.
HEV
Hybrids are electric and gas powered, so they provide significantly higher fuel efficiency than gas vehicles. The electric motor is used during low-speed and stop-and-go driving, which saves your gas for when you need a little extra power or for long stretches.
PHEV
Plug-in hybrids offer the same fuel efficiency as HEVs would, but with their plug-in charging capability, they can drive for an average of 60 km before having to use gas.
BEV
BEVs (or EVs) are fully electric vehicles, so there’s no fuel needed. These use regenerative braking that converts kinetic energy into electricity.
Maintenance
Gas Vehicles
Think about all of the times you’ve gone in for a tire rotation, oil change, repair or replacement on your gas vehicle. Both preventative maintenance and unexpected service visits really add up quickly. But with an HEV, PHEV or BEV, you’ll see that maintenance costs are few and far between.
HEV
Because these have regenerative braking systems, there’s less wear and tear on brakes. They could last as long as 200,000 km, which is over 3x longer than brakes from a gas-powered vehicle.
PHEV
A PHEV requires a bit more maintenance than an HEV, but that’s due to its bigger battery and the complexity of its dual powertrains. However, it can run on electric-only power for a longer period of time, saving you on fuel costs and reducing wear and tear on the gas engine. And that bigger battery also lasts longer than its traditional counterpart. Most EVs come with a 5- to 8-year battery warranty, and with a gas car, you’ll typically go through one or two batteries in that time frame.
BEV
The BEV is fully electric, so there are no spark plugs, oil changes or fluids to replenish. You’ll save on most maintenance items you’re used to paying for, with less wear on brakes. The only thing you might need to replace more often is tires. It depends on how you drive, but some EV drivers notice their tires wear more quickly, thanks to instant torque and vehicle weight.
How fuel efficiency is measured
Depending on which type of EV you choose, fuel efficiency is measured differently. In hybrids and PHEVs that also operate with gas, fuel efficiency is measured in L/100 km. For BEVs, it’s measured in kilowatt-hours per 100 km (kWh/100 km).
There are driving techniques you can use to improve your fuel efficiency. Driving within the speed limit and accelerating slowly are good strategies across the board. With EVs, specifically, you can improve charge efficiency with other tricks, like using seat warmers instead of cabin heat.
Check out our 10 smart driving tips to maximize fuel efficiency.
There are driving techniques you can use to improve your fuel efficiency. Driving within the speed limit and accelerating slowly are good strategies across the board. With EVs, specifically, you can improve charge efficiency with other tricks, like using seat warmers instead of cabin heat.
Check out our 10 smart driving tips to maximize fuel efficiency.
How does the environment affect fuel efficiency in hybrids?
Really cold or hot days will affect your overall charge or driving range. Turning on the A/C or the heat can also drop your energy a few percent. Even driving on rough terrain, accelerating and quick braking can all impact your overall fuel efficiency.
The long-term cost of ownership of an EV
Most EVs will allow the average buyer to break even in under five years, which is comparable to gas-powered vehicles. But unlike a gas vehicle, an EV reduces all of your ongoing costs – from ownership to gas to maintenance and repairs. Altogether, Clean Energy Canada reports that the average cost savings of an EV are about $15,000 over 8 years. Put another way, vehicles with internal combustion engines cost $1,875 more per year than EVs.
Over time, BEVs and PHEVs offer significant savings in maintenance and fuel, offsetting their higher initial purchase price compared to gas vehicles.
Over time, BEVs and PHEVs offer significant savings in maintenance and fuel, offsetting their higher initial purchase price compared to gas vehicles.
Yes, EVs generally maintain their efficiency over time. Unlike gas engines, electric motors don’t lose efficiency as they age, though battery capacity can slightly decrease after many years of use.