Have you been thinking about buying a new hybrid or electric vehicle? Not sure whether they are worth the money? Switching cars, especially from fully gas-powered to electric, can be a little overwhelming given that the concept is still relatively new. If you’ve been considering making the switch, here are four potential benefits to better inform your purchasing decision.
1. Environmentally Friendly
As the fight against climate change continues, both governments and automakers are promoting electric vehicles more than ever to curb the world’s oil use. Environmentally-speaking, hybrid and electric vehicles are far superior to their gas-powered counterparts because they emit fewer greenhouse gases and air pollutants. While fully electric vehicles can boast near-zero emissions, hybrids also offer significant environmental benefit with 46% less greenhouse gas emissions than conventional cars.
For buyers ready to take the plunge with fully electric, it’s also important to consider that the amount of coal burned to charge these plug-in vehicles affects the quantity of planet-warming emissions produced. Therefore, doing your research on each vehicle model is vital when environmental impact is a top factor in your buying decision. So, if you are looking to lower your carbon footprint, then an EV or hybrid vehicle is a great start for a more eco-friendly lifestyle.
2. Financial Benefits
Tired of paying ridiculous amounts to fill your tank? As we all know, gas prices have been top-of-mind for everyone as inflation continues to raise the cost of both petrol and diesel with no end in sight. Because of this, many of us have refrained from using our vehicles for unnecessary trips in an attempt to reduce our gas consumption and to cut costs. During this time, hybrid and electric vehicles have become very attractive investments to combat inflated costs associated with gas-powered cars. In a study conducted by Carloans Canada, hybrid vehicles were found to deliver fuel savings of $508-$625 annually depending on the car manufacturer and make.
Despite more affordable hybrid and electric alternatives entering the market, as both demand and supply continue to skyrocket, there is still a significant initial investment associated with their purchase. Fuel savings will ultimately offset these costs, with the payoff period varying depending on vehicle model, price of gas, how much you drive, and how long you keep the car.
3. Tax Advantages and Fringe Benefits
In other good news, Canada currently offers two levels of federal tax rebates for those buying or leasing electric or hybrid vehicles. Battery-electric, hydrogen fuel cell, and longer-range plug-in hybrid vehicles are eligible for up to $5,000, whereas shorter range plug-in hybrid vehicles are eligible for up to $2,500. Electric SUVs, pickup trucks, and vans have also recently been made eligible for rebates as the federal government raises the maximum qualifying price. The Canadian government has also allocated funding to infrastructure for electric vehicles. The 2022 budget promises to extend the $5,000 purchase rebate on electric vehicles for another 3 years and add $900 million in incentives to build more charging stations.
4. Lower Maintenance Costs
Last but not least, an unavoidable topic of discussion when it comes to choosing a vehicle is “how much would maintenance costs be”? A surprising fact about hybrid and electric cars is that their maintenance costs are often lower than those of gas-powered vehicles. For oil changes, whereas a traditional car is recommended to receive service every 4,828 kilometers, a hybrid vehicle can last 8,046 kilometers before requiring maintenance. Fully electric vehicles have a different set of maintenance demands, but generally require even less frequent maintenance, with electric car-specific fluids requiring inspection only every 12,070 kilometers.
Electric and hybrid vehicles also do not require additional regular maintenance on the electric- or hybrid-specific components. Unless there is a severe malfunction with the overall vehicular system, you can be looking at lowered costs in this area as well. So, if you’re looking for an option with less regular and demanding maintenance needs, an EV or hybrid vehicle may be a great alternative for you.