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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.

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Vehicles to Compare*

Choose an efficiency level from the dropdown menus, or use the slider to enter a specific value. 

Consult the Fuel Consumption Guide for values of specific makes and models.

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Projected charging & fuel costs over time

Select a time range below to estimate costs for each vehicle over multiple years.

Part 2: Cost of Ownership

Want the full picture? Use the fields below to input the purchase cost and annual maintenance expenses. We'll do the rest.
Selected Value: 5000

Battery Electric is a fully electric vehicle that does not consume gas. A plug-in hybrid is capable of using gas or battery power.

While these values are indicative of the types of rebates offered today, it's important to verify the federal and provincial rebates for any specific vehicle you plan to buy. 

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Operating Costs

Electric vehicles don't require oil changes, oil filters, spark plugs, timing belts or engine coolant. They also use regenerative braking which reduces wear on your brake pads and rotors. Use this section to estimate the maintenance cost of each vehicle.

Total Cost of Ownership

Here's where the rubber meets the road. Your year-one values are totaled below. Choose a longer timeframe using the dropdown to see how the costs change over time.
Selected Value: 1
We'll send the results to your email for easy reference.

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.

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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

Pie Chart: "For your next vehicle, which are you most likely to choose? - 49% A gas-powered vehicle - 39% A hybrid gas/electric vehicle - 12% A fully electric vehicleThe 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.

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