Fight Climate Change
Electric vehicles (EV) are growing in popularity, thanks in part to people wanting to combat climate change. The science is clear: driving an electric car is one of the best ways to help reduce greenhouse gas (GHG) emissions and improve air quality. In Canada cars, SUVs, small vans and pickups, produce almost 50% of the emissions from transportation. One electric car alone over a year can save about 1.5 million grams of CO2, the main GHG generated by human activities. Emissions are normally released through a car’s tailpipe, which fully electric cars don’t have.
So who’s the hitting the road in green vehicles? TrueCar found that Gen Xers are buying more EV (39.8%) than Millennials (34.9%). The biggest consumer of green vehicles – electric, hybrid, plug-in hybrid and fuel cell – are Boomers. Ironically, those who’ve lived in a pre-Internet world are investing more in EV than the electronic generation.
Buy Now, Save Later
Making the switch to an electric car can mean paying more upfront. Compared to their gas-powered counterparts, electric cars generally have a higher price point. Sticker prices range from $28,000 to $55,000. But there’s another upside to going electric: to make this big-ticket more affordable, the provincial and federal government offer a combo of rebates up to $8,000 on vehicles that eligible under the BC Go Electric Program.
Although they may cost more to buy, they’re cheaper to run and maintain than their gas-engine equivalents, which over time can offset the money you spend initially. Gas and maintenance costs over the life of gas-powered vehicle can be more than the cost of purchasing the car.
Say Goodbye to Gas
You can save on fuel or forego trips to the gas station entirely. Consumer Reports found that EV owners spend 60% less to power their vehicles. It costs around $300 to $400 a year to charge an electric car and $700 for a hybrid. By comparison, to fill up a gas car’s tank, you’ll spend anywhere from $1,000 to $2,500 each year.
EV don’t just rely on getting plugged in to power up. To save energy, they also use a system called regenerative braking to capture energy whenever the brake is used that can be used right away or stored. You recharge the battery as you drive.
Enjoy Less Wear & Tear
Research shows EV owners spend half as much to maintain their vehicles. Electric vehicles require less maintenance and need fewer repairs because they’re not as mechanically complex, have fewer parts that can break and don’t need oil changes. Regenerative breaking can extend the life of brakes, up to 300,000 km. Consumer Reports found on average, it’s possible to save about $4,600 (USD) over the car’s lifetime.
According to Finder.ca, an electric car’s battery lasts around 320,000 km – 16 to 21 years if you put between 15,000 and 20,000 km on your car each year – before it needs to be replaced. A gas-run car usually lasts for 10 to 15 years.
Save on Insurance
Some insurance companies offer savings or discounts for drivers choosing eco-friendly rides that qualify. Insurance providers regard EV as safer because they have less chance of breaking down.
We’re offering our eco-car loan to help you go green. When you’re ready to apply, we’re here to help.