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To EV or not EV
An electric vehicle will save you a lot of money over 10 years but, the upfront cost is not affordable for everyone.
The average climate concerned consumer in the market for a new vehicle in today’s age of environmental concerns is a little overwhelmed by the many options available in the EV market. Many are not prepared for the sticker price of an EV when compared to a gasoline-powered vehicle. Yes, they would like to have lower running costs and lower repair bills and, be more environmentally friendly but these lowered costs occur over a 10 year or more period. They do nothing to alleviate initial sticker shock.
In Canada, the average price of a gasoline vehicle is $35,000 compared to the average price of an EV at $55,000. That price difference is a big chunk of change and is unaffordable to many Canadians who generally speaking buy their vehicle either through financing or leasing.
Monthly Payments
The latest data from the Power Information Network (PIN) reports the average current monthly payment on a new vehicle in Canada is $570 a month for a loan and $490 for a lease. That $570 a month loan payment represents 18 percent of the average Canadian’s take-home pay and is after-tax dollars.
Baby boomers account for the largest portion of new vehicle purchases but this will change in the future. This…
