Buying an EV can save you money the longer and farther you drive it: UBC study
CTV
A study from researchers at the University of British Columbia is making an economic case for purchasing an electric vehicle.
A study from researchers at the University of British Columbia is making an economic case for purchasing an electric vehicle.
The research found that while electric vehicles may have higher up-front costs, they can offer long-term financial benefits.
Bassam Javed, one of the researchers, said the UBC team set out to look at how expensive electric vehicles were across the country for various households.
Javed said that over a seven-year period in B.C., it would cost about $8,000 more to own an electric vehicle compared to a gas vehicle.
“They’re more expensive up front, but they’re cheaper to run, so it kind of becomes a question of where does the math actually add up,” he said. “The more you drive an electric vehicle, the more electric mileage you have so to speak, the more savings you actually accrue over time.”
Javed said that British Columbians would have to drive about 64 kilometres per day over seven years in order for the gasoline and the electric car to be equal in value.
While savings differed depending on the province or territory, Javed said the team was surprised with the savings a consumer could gain even when switching to a small EV.
