Electric cars, the future of driving?
The gravitation towards electric cars is growing in Canada. Although electric cars offer a number of benefits, there is still some hesitation towards making the switch. This post will walk you through electric cars, why buy one, and what the future looks like for EVs.
This is what an electric car (EV) is:
How exactly is an electric car different than its counterpart gasoline powered car? They have an electric motor instead of an internal engine. These vehicles use a battery pack to power the electric motor and they need to use charging stations to regain power. The difference between hybrid vehicles and EV’s is their type of fuel. Hybrids on the other hand have a combustible engine that runs on gasoline and an electric motor with an attached rechargeable battery pack.
So, why buy an electric car?
The advantages of an electric car include:
- They produce less pollution than gasoline counterparts
- Charging by electricity is cheaper than gasoline
- There are lower maintenance and repair needs
- They are quiet cars
- Savings from the government and tax credits
Be prepared for a few changes if you get an EV:
- Electric cars can travel less distance
- Recharging can take a while
- Charging stations are not always easy to come by
So, how much money can you save by buying an electric car in Canada?
The Canadian Federal government has taken a step towards making EV’s a part of Canada’s vehicle. The $5,000 rebate for buying EVs may motivate more drivers to make the switch. The intention here is to promote electric car sales and as a result help decrease Canada’s greenhouse gas emissions. This initiative could also encourage manufacturers to bring more electric vehicles to the Canadian Market. Insurance also plays a component in saving, and we have 5 tips you can use.
You have some options for choosing an electric car
PHEVs (Plug-in Hybrid Electric Vehicles)
- Ford C-MAX Energi
- Ford Fusion Energi
- McLaren P1
- Porsche 918
- Porsche Cayenne S E-Hybrid
- Porsche Panamera S E-Hybrid
- BMW X5e Drive
- Toyota Prius Plug-In
- BMW i8
- Volvo XC90 Plug-In
- 2016 Audi A3 Sportsback E-Tron
- Hyundai Sonata Hybrid Plug-In
- Mitsubishi Outlander PHEV Electric SUV
Extended-range electric vehicles
- BMW i3
- Chevrolet Volt
- Chevrolet Bolt EV
Mazda is also on the radar to produce electric car vehicles by 2020.
Where are electric cars working in the world right now?
China – In case you didn’t know, China has become the biggest electric car market in the world holding just about 60% of the market. With a mandate that new cars must be electric and striving to replace all current ones. “China’s dominance of the cobalt and rare-earth industries has allowed it to become a leader in electric vehicle manufacturing.”
Norway– Almost 60% of new cars sold in Norway during March 2019 were electric. Norwegians find themselves on long waiting lists as dealerships struggle to provide enough imported vehicles. One great initiative by the Norwegian government is that they’ve invested heavily in financial incentives and charging infrastructure.
Sweden – Sweden has an ambitious plan to cut emissions from transport by bringing in millions of electric cars as a replacement. Top Sellers in Sweden include Tesla Model 3, Kia Niro, Renault Zoe, Nissan Leaf, MBW i3, Tesla Model S.
Disrupting the Market
When will electric cars take over? 2020, 2030, in your lifetime?
What would make it possible? If more people buy these vehicles, the prices are bound to drop with an added increase in pressure on suppliers. The introduction of new charging stations in major cities will follow as EVs become more prevalent on the roads. People should have easily accessible charging stations and not take long detours to find one. A pursuit to increase the number of EVs on the road will ultimately contribute towards reducing global warming and reducing the greenhouse gas effect from the automotive industry.
There is hope. We’re already starting to see a trend, a belief in batteries. Electric-powered aircrafts for instance. How can we use our clean energy to electrify other sectors? Replacing fossil fuels in other sectors with clean electricity.
Some Hesitation: Why we can’t possibly switch everyone to electric cars
Some say it will be too costly to remake the electric grids of the roads. New York City is one example where there are a number of other factors contributing to the barriers for electric cars to run the streets. The construction of new renewable-energy capacity is one that creates a challenge. "There is a raw material cost of going green." according to NY Post.
The cost of insurance, the question we all have
Electric cars may be a bit more of an investment upfront, but they end up being more affordable to run than gas-powered cars. Fuel cost are lower, and on average it may cost $300 to $400 per year to charge an electric vehicle, while plug-in hybrids could cost $700 per year more or less. You see the big difference in cost in comparing to a regular gasoline car where you'll be spending anywhere from $1,000 to $2,500 to gas up.
Visit our auto insurance page to learn more about our services. Is insurance for electric cars more or less expensive? Learn more about online auto insurance.