Our Canadian EV cost calculator looks at annual savings AND total cost of ownership
Sure, electric vehicles may cost more than gas-powered models, but if you’re looking for the best mid- to long-term option for your budget, you may find the numbers for EVs impressive. Our Canada EV calculator let’s you explore both the annual savings from driving electric, as well as the total cost of ownership over the longer term.
Notes, Assumptions & Sources
Last updated: July 2024
Our Canada EV cost calculator is intended to be used for estimation purposes. It collects a number of dynamic variables that can change over time. Actual results may vary due to changes in electricity prices, gas prices, rebates, and other factors. While we have estimated the rebate amount associated with your province, it’s important to check the allowable rebate for any specific make and model in your province. Leasing vs. purchasing a vehicle may also affect your allowable rebate.
Sources:
- Vehicle electricity usage and mileage rates: 2024 Canada Fuel Consumption Guide
- Electricity prices: EnergyHub
- Gas prices: GasBuddy
Financial Calculators for Canadians
We’re always developing new calculators to help Canadians manage their financial future. Here are some available today:
Comparing the Cost of Electric Vehicles Compared to Gas Vehicles
The decisions you make on your vehicle purchases can have a huge impact on your financial future. The decision in the past was easier: buy foreign or domestic, high-end or low-end, etc. Today there are a range of vehicles that make the price/value equation a bit tougher to calculate. One of the top considerations is whether to buy a fully electric vehicle, a plug-in hybrid, or a gas-powered vehicle. Our recent survey of over 600 Canadians suggests that the majority are still most likely to buy a gas vehicle.
First, consider the impact of a vehicle, likely the biggest depreciating asset you’ll buy in your lifetime, on your longer-term financial plans. Whether working with a financial planner or simply doing some table napkin budgeting, most people occasionally take a look at their annual expenses in comparison to their income. But a sudden problem with your engine or transmission can significantly impact your take-home dollars or worse, your ability to pay monthly bills.
A vehicle should be considered a long-term purchase, and that means it’s important to look at the lifetime cost of ownership. Our EV vs. Gas Cost Calculator takes into account financing costs, energy and fuel usage, and estimated repairs and maintenance to estimate how much you’ll spend over the lifetime of vehicle ownership. As other experts have noted, the cost savings that arise from owning some electric vehicles can be significant. While the lower price tag of gas-powered vehicles might appeal to your immediate budget, it can more significantly eat away at your savings over time.
For additional reading to help you choose the best vehicle for you, read our EV Myths and Misconceptions, or Buying vs. Leasing a Vehicle in Canada. To explore your financing costs, use our Car Loan Calculator.
