CdnFox Posted March 12 Report Share Posted March 12 https://vancouversun.com/news/local-news/can-driving-electric-vehicle-save-money-ubc-researchers-crunched-numbers Here's how much — and how long — you'd have to drive to make an electric vehicle worth the money, according to UBC researchers The farther you drive and the longer you own your car are key to determining if an electric vehicle will save you money compared with a gas vehicle, according to a new study by researchers at the University of B.C. British Columbians must drive an average of 64 kilometres a day for seven years to make the costs associated with an EV break even with the costs associated with the same model gas car, said Bassam Javed, a sessional instructor and PhD candidate at UBC. While the “break-even” point between EVs and gas cars is 64 km a day in B.C., the numbers vary widely between provinces. In Nunavut, where electricity rates are higher, you would have to drive 181 km each day for an EV to be the cheaper choice. In Ontario, it’s 88 km. Given that B.C. drivers travel an average of about 34 kilometres a day, according to Statistics Canada, the study found an EV costs about $8,000 more than the same gas car over the average seven-year lifespan of the vehicle. 1 Quote Link to comment Share on other sites More sharing options...
CdnFox Posted March 12 Author Report Share Posted March 12 One of the big arguments for owning an EV is "You save so much on gas" . But as this research shows - that's just not the case. Most people will lose money driving an ev over the life of the vehicle. The tech just isn't quite where we need it to be yet. Getting there but not yet. Quote Link to comment Share on other sites More sharing options...
impartialobserver Posted March 12 Report Share Posted March 12 I do not have an EV but being that I drive roughly 85 miles (136 KM) round trip to work every day, it would be an economical choice. I am trying to not buy a new car until 2027 or so. Just trying to save cash for moving to a more rural location. Quote Link to comment Share on other sites More sharing options...
CdnFox Posted March 12 Author Report Share Posted March 12 5 minutes ago, impartialobserver said: I do not have an EV but being that I drive roughly 85 miles (136 KM) round trip to work every day, it would be an economical choice. I am trying to not buy a new car until 2027 or so. Just trying to save cash for moving to a more rural location. That would depend on electrical rates in your area (guarantee they're probably higher than bc). So it sounds like you might be right on the edge of breaking even or maybe being a tiny bit ahead. If i recall correctly (and i might not) in your area it's about 17 cents us a kw hour? BC for example is about 9.5 cents canadian per kwh up to a certain amount of use and then it goes up to 14 cents canadian. So the average for most people is about 12 cents or about 9 cents us. But - might be worth it for you - like i said it sounds like you're right on the edge Quote Link to comment Share on other sites More sharing options...
Moonbox Posted March 12 Report Share Posted March 12 It's probably much worse than the study publishes. I only briefly glossed through the study summary, but I didn't see any mention anywhere about financing and opportunity costs for the initial capital outlay. Whatever extra money you spent on the car up-front could be earning you something in investments, or paying off your mortgage etc, and if you borrowed the amount then you're paying interest on it. This sort of cost comparison should probably include a further 15-35% premium on the EV to account for the yield you'd earn or the interest you'd pay over 7 years for the price difference. Quote "A man is no more entitled to an opinion for which he cannot account than he does for a pint of beer for which he cannot pay" - Anonymous Link to comment Share on other sites More sharing options...
Nefarious Banana Posted March 12 Report Share Posted March 12 24 minutes ago, Moonbox said: This sort of cost comparison should probably include a further 15-35% premium on the EV to account for the yield you'd earn or the interest you'd pay over 7 years for the price difference. Also the value of a 7 year old EV . . . . who would want one? They are a thrrow-away item. A seven year old diesel truck is worth something. Quote Link to comment Share on other sites More sharing options...
Moonbox Posted March 12 Report Share Posted March 12 10 minutes ago, Nefarious Banana said: Also the value of a 7 year old EV . . . . who would want one? They are a thrrow-away item. A seven year old diesel truck is worth something. I don't really know what a 7 year old EV is worth. The 4 year residual is supposedly similar to an ICEV...🤷♂️ Quote "A man is no more entitled to an opinion for which he cannot account than he does for a pint of beer for which he cannot pay" - Anonymous Link to comment Share on other sites More sharing options...
Legato Posted March 12 Report Share Posted March 12 39 minutes ago, Moonbox said: It's probably much worse than the study publishes. I only briefly glossed through the study summary, but I didn't see any mention anywhere about financing and opportunity costs for the initial capital outlay. Whatever extra money you spent on the car up-front could be earning you something in investments, or paying off your mortgage etc, and if you borrowed the amount then you're paying interest on it. This sort of cost comparison should probably include a further 15-35% premium on the EV to account for the yield you'd earn or the interest you'd pay over 7 years for the price difference. Add to that the possibility of higher insurance costs for an EV. An Oct. 28, 2023 Financial Times article stated that British auto insurers increased their rates considerably over the year, with one carrier suspending insurance coverage for EVs altogether to enable it to re-evaluate the cost of repairs. Furthermore, recent media reports from British Columbia described how the main provincial auto insurer wrote off an entire EV because the cost to replace the battery would be the same as buying a new car of the same brand and make. Similarly, U.K. media have reported that some insurers have opted to write off EVs instead of repairing damaged battery packs after the vehicles had been involved in minor collisions. The report added that over time, more auto insurers will be faced with the same challenge, which will likely be reflected in higher auto insurance rates as more EVs hit the road. https://globalnews.ca/news/10296504/ev-insurance-rates-canada/ Quote Link to comment Share on other sites More sharing options...
Aristides Posted March 13 Report Share Posted March 13 64 km a day is over 23,000 km a year. I don't do half of that. Quote Link to comment Share on other sites More sharing options...
herbie Posted March 13 Report Share Posted March 13 I didn't "need" $1500 automatic tranny, a $1500 roof for the Jeep or the rock rails.... but within 2 months I wished I had shelled out the $2100 for remote locks, starting & power windows. When you buy a car, you don't buy for the least. You gt what you want. So most EV buyers aren't really paying "extra", they're buying what they want. Hell, I could've got the Jepp $1200 cheaper on the Mainland, but it would've cost more plus 2 days driving to go there and back. Quote Link to comment Share on other sites More sharing options...
Moonbox Posted March 13 Report Share Posted March 13 57 minutes ago, herbie said: When you buy a car, you don't buy for the least. You gt what you want. So most EV buyers aren't really paying "extra", they're buying what they want. Hell, I could've got the Jepp $1200 cheaper on the Mainland, but it would've cost more plus 2 days driving to go there and back. Some of them do. Some of them don't. Not having to pay for gas is one of the primary selling points. This isn't a debate about which vehicle is the best "investment". Anything beyond a basic Corolla or something is probably bad. Quote "A man is no more entitled to an opinion for which he cannot account than he does for a pint of beer for which he cannot pay" - Anonymous Link to comment Share on other sites More sharing options...
herbie Posted March 13 Report Share Posted March 13 If you bought the car because that was what you wanted, you're saving on Day One. If you bought a Tesla or a Rivian, you didn't pay 'extra' at all because they don't even make a gas model. The vast majority of people don't buy the minimum they can, they're like my Dad who was pretty damn frugal. But he walked right by the old Chevy Biscaynes in the lot and bought the BelAir model, with a few extras tossed in. When all the kids were gone and through college, he went straight past the Chev dealer and got a Buick. So unless you're using out the entire cost over lifetime the calculations apply. If you're calculating the cost of use you save big time. CRA uses 57¢/km for mileage deduction, so if you can claim that when fuel cost is only 2.2¢/km, that's saving. Your maintenance will be less for an EV too. If I was still claiming vehicle expenses for self employed income, I'd already own one. Quote Link to comment Share on other sites More sharing options...
CdnFox Posted March 13 Author Report Share Posted March 13 17 minutes ago, herbie said: If you bought the car because that was what you wanted, you're saving on Day One. No - you are spending extra money on day one, you just did so because that's what you wanted to do. Yeash. Only a leftie would think that by spending more money you're saving money Quote Link to comment Share on other sites More sharing options...
I am Groot Posted March 13 Report Share Posted March 13 On 3/12/2024 at 3:19 PM, Moonbox said: It's probably much worse than the study publishes. I only briefly glossed through the study summary, but I didn't see any mention anywhere about financing and opportunity costs for the initial capital outlay. Whatever extra money you spent on the car up-front could be earning you something in investments, or paying off your mortgage etc, and if you borrowed the amount then you're paying interest on it. This sort of cost comparison should probably include a further 15-35% premium on the EV to account for the yield you'd earn or the interest you'd pay over 7 years for the price difference. Not to mention the extra cost you spend searching for a charger and then charging up your car if it can't be done every night at home. Quote Link to comment Share on other sites More sharing options...
Nefarious Banana Posted March 14 Report Share Posted March 14 (edited) Provincial and local government push to halt the use of natural gas heat, wood heat, tax heating fuel . . . . Big push for heat pumps, electric vehicles, etc. Build more dams . . . Site D, E, F, etc. Too bad for salmon, and flooded farm/ranch land. Be totally dependent on BC Hydro and other government suppliers . . . Seems to be a pattern here . . . Edited March 14 by Nefarious Banana Quote Link to comment Share on other sites More sharing options...
herbie Posted March 14 Report Share Posted March 14 If you don't have charging at home and forget every morning where the closest charger is, you should turn in your licence now and check into a care home. And it's just plain awful to depend on a govt hydro instead of Big Oil, isn't it? Giving up the freedumb of choice as to who rips you off for an actual vote on who calls the rules. Gawd, make up any petty argument to trash the concept and try to ruin it for others just because you don't want one yourself. schadenfreude Quote Link to comment Share on other sites More sharing options...
Nefarious Banana Posted March 14 Report Share Posted March 14 24 minutes ago, herbie said: If you don't have charging at home and forget every morning where the closest charger is, you should turn in your licence now and check into a care home. And it's just plain awful to depend on a govt hydro instead of Big Oil, isn't it? Giving up the freedumb of choice as to who rips you off for an actual vote on who calls the rules. Gawd, make up any petty argument to trash the concept and try to ruin it for others just because you don't want one yourself. schadenfreude Mommy government . . . loves her little boy herbie. herbie loves mommy government. Quote Link to comment Share on other sites More sharing options...
herbie Posted March 14 Report Share Posted March 14 (edited) Banana loves being dipped in chocolate over and over (is that chocolate?) Edited March 14 by herbie Quote Link to comment Share on other sites More sharing options...
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