Forty-nine out of the 50 electric vehicles analyzed by Vincentric in its 2024 Canadian EV Cost of Ownership Analysis were found to have lower ownership costs than their all-gasoline alternative.
The company’s 2023 study found that 95 per cent of the EVs reviewed had lower ownership costs, revealing an increase in cost-effectiveness between last year and this year. The study looked at eight cost factors around a vehicle’s cost of ownership: depreciation, fees and taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs.
“It can be difficult for consumers to see the cost-saving potential of EVs when they typically cost so much more to purchase,” said David Wurster, President of Vincentric, in a statement. “Despite that, our latest study found that 98 per cent of EVs in Canada cost less to own than their gas-powered alternatives, even more than last year’s 95-percent.”
The report found that all 50 EVs in the study had lower fuel (energy) costs than their gasoline alternatives, along with more than $19,000 on average in fuel cost savings. In terms of maintenance, 41 of 50 EVs (82 per cent) had lower costs. On the downside, EVs continue to have much a higher depreciation cost, due largely to the higher purchase price of most of the EVs Vincentric analyzed.
“This year’s study found that only 16 of 50 EVs (32 per cent) had lower depreciation costs than their ICE counterpart,” said Vincentric in its update. “For the remaining 34 EVs with higher depreciation, their costs were over $6,000 higher on average.”
The company’s analysis assumed that all vehicles were driven 25,000 kilometres per year over the next five years. Federal EV point-of-sales rebate qualifications were included in the results, which were also based on vehicle pricing set on September 24.
