The cost of an EV is more than the sticker price, is it still worth it when factoring in charging and
The senior network architect was a longtime Audi driver, but with his latest lease coming up, Blay became interested in the Teslas filling the roads.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
“My business partner bought a Tesla Model Y, which is I’d say an equivalent of a gas car to possibly a Mercedes SUV,” Kam says. “That will cost you about $60,000 all-in at a base model, and a Tesla Y will be about $80,000 all-in.” “The goal isn’t to fill up, it’s to just get to the next destination or home to charge your car and get home.”
For Blay, this cost was also cut from a $5,000 rebate from the Ontario government. The rebate is no longer available, but there are still other incentives Canadians can look into when considering an electric vehicle, Kam says.Article contentIt’s not all good news though. Both Blay and Kam warned that there are some hidden costs to consider before buying an EV. And this could come into play as soon as you drive your car home.
For Blay, he found a level two 240-volt charger was enough to charge his Tesla overnight. The installation was about $100, and then he had to make sure his electrical panel could support it.and maintenance to consider, with insurance companies still wary about EVs. In British Columbia, where Kam lives, there is about a $600 annual difference in deductible between a Tesla Model Y and a comparable Mercedes SUV, according to Kam.
Yet Kam also added that maintenance in electric cars on the whole is far lower, because there are fewer parts. This is what Blay found as well with his own vehicle, only having to refill washer fluid and change his tires.Canadians should certainly consider EVs as the world shifts away from gas models. And right now looks like a great time. While depreciation is likely to be faster for these cars, Kam says right now we’re not seeing that thanks to supply-chain disruptions.
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