Vincentric released a detailed Canadian Electric Vehicle (EV) Cost of Ownership Analysis that studied 40 EVs from the most recent available model year versus comparable internal combustion engine (ICE) vehicles to provide insight into the cost effectiveness of EVs in Canada. 

 

The analysis investigated eight different ownership costs: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs. The study also analyzed the Payback Period of the EVs studied to determine if they would recoup their higher purchase price through cost of ownership savings, and if so, after how long. Vincentric also analyzed the Environmental Cost of Ownership to compare the greenhouse gases created by driving an ICE vehicle with the greenhouse gases created when producing the electricity needed to power an EV. 

 

Highlights from the 2023 Vincentric Canadian EV Cost of Ownership Analysis are shown below. 

 

Full Analysis - Download the full written analysis and view the detailed results. 

 

Press Release - Read the full press release announcing the 2023 Vincentric Canadian EV Cost of Ownership Analysis.

 

2023 US EV Cost of Ownership Analysis - See highlights and download the full study for the Vincentric US EV Cost of Ownership Analysis.