It's not hard to look at the current state of the automotive industry and realize that gasoline is probably on its way out. After more than a century of experiments and failed attempts, electric-powered vehicles are finally becoming truly viable - and with all the problems in the world caused by fossil fuel consumption, people are happy to embrace this new change!
That said, electric cars are still a developing technology, with major leaps in power, range, and features coming every year. So, many buyers are hesitant to embrace electric vehicles. Should this be the year you switch to an EV, or should you hold off in hopes of even better options in years to come?
So, let's take a look at the current state of electric cars in 2022-23 to see where things stand.
Why 2023 Could Be the Year You Choose an Electric Car
1. Saving money on fuel
Let's be honest: the environmental benefits from EVs are great, but most buyers are still concerned with their bottom line. Will switching to an EV be more cost-effective than continuing to run on gasoline?
The answer is a resounding yes! Even if you're only charging at home, paying for it via your electric bill, an EV typically only costs about 20% - as much to run as a gas vehicle. That adds up to huge cost savings, year after year. The exact amount will, of course, depend on how much you drive, as well as ever-fluctuating gas prices. But for example, if you drive 20,000km per year, you'd save nearly $1,300 on fuel alone versus an average gas price in the last couple of years.
Also, more and more businesses such as restaurants are adding free EV chargers as a convenience for customers, which can potentially cut your fuel bills even further.
2. Saving more money on maintenance
Another cost factor that isn't mentioned as often is maintenance. Electric cars have fewer moving parts, and an overall simpler drivetrain, compared to internal combustion engines. Plus, there's no combustion happening, which adds a lot of wear and tear to traditional engines.
So EVs require far less maintenance and repairs. They even require fewer fluids. Overall, estimates are that an EV can save you around $5,000 in maintenance costs compared to traditional vehicles.
That said, there is one important caveat: right now, replacement batteries are extremely expensive. They're typically anywhere from $5,000 to $15,000. However, most EV batteries are rated for ten years of use, so this will only be a factor if you intend to drive your EV for a very long time. (And ten years from now, batteries will likely be much less expensive.)
3. Range is no longer a problem, in most cases
Another big issue with EVs that has held people back is the matter of range. EVs from just a decade ago struggled to match the same equivalent energy capacity as a full gas tank, and people were genuinely concerned about being able to drive long/far enough to get their jobs done.
For most people, especially folks in cities, this isn't an issue and more. Nearly every EV on the market is rated for multiple hundreds of kilometers, typically between 200-400 depending on the vehicle. This may still pose a challenge for the busiest of drivers but is more than enough for typical use.
4. Improved EV charger access
Of course, the range of electric cars is less of an issue if charging stations are common, and that's definitely starting to be the case. For example, Petro-Canada recently completed its first coast-to-coast network, with a charging station every 250km or less between Halifax and Victoria. Other major fueling stations like Shell are following suit.
Plus, as mentioned above, EV charging stations are becoming a popular new add-on for businesses looking to increase traffic, especially those along major highways.
As things stand, if you're planning a long trip, you will need to do some planning and make use of online resources mapping out known charging stations. This may be a valid reason to hold off switching to electric if you do a lot of long-range driving. That said, the number of EV stations is increasing every month, with no signs of slowing.
5. Even more government rebates and incentives
At both the Federal and Provincial levels, governments across Canada are doing everything they can to encourage EV adoption. The Federal government recently introduced the iZEV program, which offers point-of-sale discounts on both fully electric vehicles as well as plug-in hybrids - potentially good for up to $5,000 in instant savings.
Quebec and BC have also been leading the way in provincial rebates, with up to $8,000 off Quebec purchases, and up to $3,000 off in BC - and that's on top of the Federal savings. This can do a lot to cut the costs of an EV. This is an issue because...
6. EVs are still expensive
Due mostly to the high costs of manufacturing batteries, electric cars still cost significantly more than their internal combustion counterparts. This is probably the biggest single factor still holding back EV adoption. That said, between government rebates and the huge savings you'll see in both fuel and maintenance, EVs absolutely can be cost-effective, if you can afford the up-front costs.
Costs are dropping every year, and charging stations are becoming more common as well. Is 2023 the year you should go electric? For many people, the answer is quickly becoming "yes!" However, this is not a purchase to rush into. If you're interested in EVs, we strongly advise you do plenty of research, think about your own driving patterns, and look into what resources, options, and rebates are available in your area.
1000 Islands Toyota Has the Electric Cars You Want
1000 Islands Toyota believes that electric vehicles are the future, and we proudly carry a full range of Toyota hybrids, plug-in hybrids, and electric cars as they come out. If you'd like to discuss the topic further or get real expert advice on whether an EV will fit your lifestyle in 2023, come on by and meet with us!
