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Cost of owning an EV

So, you have sat down and calculated your budget to purchase a new electric vehicle. You know how much you can afford for a monthly payment and the maximum you are looking to spend total on your new vehicle. Excellent! But, what about the other expenses that come with car ownership?

There is a myth that the only real cost associated with owning an electric vehicle is the sticker price. Unfortunately, this isn’t true. Just like owning a traditional internal combustion engine vehicle, there are other costs to be aware of when you shop for your EV.

1. Maintenance

One of the prevailing myths around owning an EV is that it is a maintenance free vehicle. While I think everyone would love that to be true, the reality is that it is just false. An electric vehicle is still a vehicle with moving parts that need to be maintained.

What is true, is that there are less moving parts than their ICE counterparts. Without an engine there are less wearable parts that need to be occasionally repaired or replaced. This means there is less overall cost incurred.

Electric vehicle owners still need to keep an eye on the wearable items on their vehicle, like brakes, fluids and tires. CLICK HERE to check out our blog post which breaks down the maintenance your EV will need.

2. Charging

Instead of filling up your car with fuel once a week, an EV relies on electricity. The availability of public chargers is growing across the country, especially in more rural areas. Some of these charging stations are free to use, and other – the DC Fast Chargers and Tesla Superchargers – have a cost per use.

There is also the cost of charging at home to consider.

Will you be installing a charging system at your home? Systems vary in price based off speed, installation specs and type of charger but in Canada it's usually between $1000-3000 to install a charging station at your home. Keep in mind, most vehicles can charge with a regular 120V plug (same as all your outlets) they will just take longer, usually several hours, to fully charge.

Once you've determined your at-home charging method you'll need to consider the cost on your electricity bill. Of course, lucky for EV drivers, electricity costs are significantly lower across Canada than the average gasoline cost. It is estimated that the average annual cost of charging EVs using electricity at home is $300. Plenty of savings there when compared to fuel.

3. Tires

While tires are not a monthly cost, buying winter tires, or a new set of summer tires can be shocking when you get to the register. The average ICE vehicle needs to get new tires every three to six years or when your tread depth is low, between 3-5/32nds of an inch. An EV typically needs to do this more often.

What we are seeing in electric vehicles is that they are just a lot heavier. Those batteries are powerful and hold a lot of weight! Because of this, more is put on your tires, and they wear a lot faster.

The team at Lacombe Quick Lane is ready to welcome you and your EV vehicle. We provide easy, convenient, and affordable maintenance for all makes and models of electric vehicle. Our Electric Certified and Trained Technicians are backed by the expert care from our professional service advisors.

We understand the different maintenance requirements for different types of vehicles, and we believe there is a standard of excellence every driver deserves when trusting a shop to look over and service their vehicle.

When you bring your EV, Hybrid or ICE vehicle to Lacombe Quick Lane, you’ll drive away with peace of mind knowing everything is working and ready to get you where you need to be.

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