I want to switch to electric and I'm not sure where to start. Can you help?

I'd like to buy an electric vehicle, but I don't know how to make my choice. Can you help?

---------------------------------------

Hello Martine,

First, you need to answer a few questions. First, are you doing it for environmental reasons or to save on gas? Maybe both? Secondly, what is your annual usage? Because if you only drive 10,000 km a year, it's going to be very difficult - even in the long term - to recoup the extra outlay on an EV, compared with a gasoline equivalent. For example, you'll pay around $12,000 more for a Chevrolet Equinox EV than for a gasoline model. Even if you drive 20,000 km a year, and consider an average liter of gas at $1.75, it will take you more than four years to recoup the extra $12,000 paid for the electric vehicle. And that's not counting the cost of recharging, which at home will be around $450 a year.

Naturally, the more you drive, the faster you'll recoup your outlay. Of course, sometimes the difference between gasoline and electric models is small, while for others it's significant. You have to make this analysis on your own, based on your automotive needs: space, luxury accessories, towing capacity, or just a small no-frills car? Based on these elements, you'll be able to target different possibilities. Electric vehicles are on the increase, and despite the drastic reduction in government credits, the offers are still very attractive.

And if you drive less than 24,000 km a year, I strongly recommend leasing. Because technology is evolving rapidly, and control over maintenance and the availability (as well as the cost) of replacement parts remain an issue. Regardless of the brand. So it's better to have a car that's constantly under warranty than one that can become a nightmare if you're no longer covered. Especially with some manufacturers, like VinFast, where the possibility of repair is risky.

Last question: are you able to install a Level 2 charging station at home, and have you budgeted for it? If you can't, forget the EV. Recharging only at public charging stations is complex to manage and, depending on use, can cost as much as a small gasoline-powered car. With a home charging station, you're guaranteed independence and recharging at a ridiculously low cost. However, you'll need to consider a purchase and installation cost of around $2,000.

Finally, you should know that maintenance on an electric vehicle under warranty is lower than on a gasoline-powered vehicle, but not by much. In addition to oil changes, maintenance includes tire rotation, alignment, cabin filter change and windshield wiper change. You'll also need to anticipate more frequent tire replacement due to the vehicle's weight.

Nevertheless, the advantages of an EV are numerous. Power, a quiet ride, increasingly serious range and no risk of fluctuating fuel prices. Expect insurance costs to be higher, however, with repair costs and delivery times causing headaches for insurers.