Gas stations are abundant and, technically, so are electrical outlets. However, not all plug-in points are created equal, meaning EV pilots may have to plan their route a bit more carefully than their gas counterparts.
The good news? Advancements in battery technology have greatly increased the distance electric cars can travel on a single charge, meaning range anxiety is very nearly a thing of the past.
Canadians are buying more EVs than ever, with more battery-powered cars sold last year than the previous two years combined. This leaves us to answer a question: what’s better – electric or gas?
As with all big financial decisions, the answer starts with a bit of math. Earlier this year, Transport Canada announced a $5,000 maximum incentive for customers who buy or sign a 48-month lease on an all-electric car. EVs with a battery size equal to or above 15kWh qualify for the full incentive, cars with a smaller battery capacity (or shorter lease term) qualify for smaller inventive amounts.
For simplicity, let’s examine a single EV model that has a rough equivalent with a gasoline engine: the Volkswagen Golf and e-Golf. Both are 2019 models in Comfortline trim and pricing is accurate as of this writing. Financing is based on 60-month terms and leasing is based on a standard-kilometre 48 month agreements and include Ontario taxes.