3 Things to Think About Before Switching to Electric Vehicles

For a long time, fossil fuel-based vehicles have run on the roads virtually unmatched by alternative energy sources. But in the past 10 years, there has been a rising contender for the dominance of gasoline or diesel cars, and this time, it appears that it will even become its inevitable replacement.

Electric cars have been around for almost as long as gasoline powered cars, but the technology needed to make it commercially competitive just hadn’t been invented yet. Fossil fuels eventually rose in popularity and ultimately became the standard for automobile manufacturers throughout the world.

Tesla introduced the idea of a car company that sold only pure electric vehicles around 10 years ago and it challenged the conventions of how cars are built and sold. With the attitudes on electric vehicles gaining traction because of climate change, now is a great time to make the shift. Today, there are a growing number of people who are considering buying electric vehicles (EV) but are still unsure whether to make the jump. Here are a few things to consider:

Cost

A lot has changed in the automotive landscape this past decade and the price of EVs have come down significantly, although still more expensive than traditional gas-powered vehicles.

An example of this is the electric Chevrolet Bolt hatchback which sells for $44,800, which, for the same price, could get you a Cadillac SUV. Hyundai’s Kona Electric, a small, all-electric SUV that starts at $44,999, has an equivalent gas-powered version which costs only $21,199.

I think what people need to look at is the rising cost of fuel and maintenance and how it affects the total cost of ownership of a vehicle. An electric Kona would cost you $452 to recharge on average over the course of a year compared to a gas-powered version which would cost you $1,612 over the same period. There are also tax incentives for EV buyers in some areas which could be discounted from the total cost of the EV.

There are also more companies that are offering electric vehicle rentals. This allows business owners to take advantage of lower transport costs compared to combustion engines without having to purchase the vehicle at full price.

Distance

Even though gas powered vehicles can typically run farther than EVs, the average distance covered by people on a typical family or work outing easily falls within the capability of most EVs. Most Canadians drive a median distance to work of just 8.6 kilometres. Even with long commutes which averages around 57 km each way, as defined by StatsCan, an electric car can easily manage it.

More recent EVs are beginning to push the envelope of range to about 600 km on a single charge. Even if your trip is farther out, there is an increasing network of charging stations along major highways that can top it off in as quick as half an hour.

Location

Where you live could also potentially decide whether EV ownership is for you. The Canadian government has incentivised EV purchases with as much as $5,000 cash back when it is bought through a 48-month term or more. The federal government is also offering cash back for EVs which cost less than $45,000 (for vehicles with six seats or less) or $55,000 (for vehicles with seven seats or more).

Quebec or British Columbia residents can also avail of provincial incentives on top of the federal amount. Quebec offers up to $8,000 off eligible EVs, while B.C. offers up to $3,000.

There are a lot of factors to think about when making a potential EV purchase, but with the tax incentives, more electric vehicles choices and improving ranges, this simply makes EV ownership more viable than ever.

Contact us at 1-877-479-1388 or email Steve Gruber at sgruber@thomassolutions.ca for your car, truck or fleet rental and no-term leasing needs. We have locations in Hamilton, Selkirk & Niagara and service all of Ontario through our partner network. With a fleet of over 1000 vehicles and growing, Thomas Solutions has a wide array of work vehicles for lease or rent, and an expert team that provides fleet vehicle management services for large industrial firms.