Pros & Cons of Buying an Electric Car in 2023
Pros & Cons of Buying an Electric Car in 2023
Posted on February 9, 2023
If you are in the market for a new vehicle, you should consider making the switch over to an EV (electric vehicle).
Initially, these electric cars had some major obstacles to overcome but the latest generation of EVs that are on the road in Canada is worth serious consideration. Let's quickly go over the pros and cons of electric cars to help you decide on your next car purchase.
Pros of Electric Cars
Improved Range: The latest generation of EVs on the road can easily cover 500+ kilometers of driving in-between charges. If you are living in urban parts of Canada like Toronto, Montreal, Vancouver, Calgary, etc... there is sufficient charging infrastructure available for you to recharge your vehicle while on the road.
If you are living in rural parts of Canada, where charging stations are few and far between, then you need to install a level-2 charger in your home.
This charger will ensure your vehicle is kept fully charged so you can go for long road trips without having to worry about becoming stranded.
No Gas Costs: While gas prices have recently come down to somewhat manageable levels, we are just another geopolitical catastrophe away from being gouged again at the pumps. Instead of tempting fate, you can lock in your “fuel prices” by switching to electricity which has more reliable and predictable pricing.
Environmental Impact: This may or not be important to you, but either way, EVs cause no air pollution unlike regular cars and are much better for the environment. Studies have found that EV’s contribute almost 60% less to carbon emissions than traditional cars of the same size.
It’s important to remember that this number is highly dependent on where you live, after all the power in the battery isn’t magic, it comes from the electric grid and if the power in your area is generated via a fossil fuel plant then that 60% could become a lot less, however likely still better than a traditional car.
Low Maintenance Costs: your maintenance costs and risks are greatly reduced. With a gasoline-powered vehicle, numerous moving parts could fail and lead to a costly repair bill. EVs only have a few moving parts, it is far simpler to maintain, you just need to change your tires and service the HVAC system at routine intervals.
Great Financing Options: The number of finance companies that are offering financing for EVs has grown considerably, most banks and lenders initially shied away from offering financing for EVs because it was not an established market. Now you can access financing, provided your credit score is in the high 600s and you have a stable income.
No Cold Morning Starts in Winter: Machinery as a general rule does not like being too cold, and as you know in Canada it gets far too cold over winter. When a machine is cold it gets slower, less efficient, the actual parts of the machine get heavier and they require more energy to move. We already know this happens in regular cars, that’s why they can be argumentative to start in the morning, but what about EV’s?
Well, electrics don’t start in the same way as a regular combustion engine does. There is no ignition to spark, you hit a button and the battery starts, same as your phone really. This is one aspect where electric cars may actually have an advantage, they can start from cold no problem.
Cons of Electric Cars
High Cost: One of the challenges you will face with the purchase of an EV is the higher sticker price compared to gasoline-powered cars. While there are some rebates being offered by the federal and provincial governments throughout Canada, they will not fully offset the initial upfront cost.
Reduced Range in Winter: Unfortunately, The car is still a machine and so the rules of cold still apply. The axles of the wheels and the car itself becomes heavier as the molecules clam up in the cold. This means that you need more power to move the car, which means a reduction in efficiency.
This happens in regular cars too of course, around a 20-25% drop in fuel efficiency for a regular gas powered car. For an electric that number drops to around a 40-50% reduction in efficiency but that’s a significantly bigger problem for an electric (at least right now) because electric cars need to be charged between uses.
This means the range you can drive in winter is significantly reduced, which if you live quite far from where you work could end up being a significant problem if you can’t charge at the office.
That's all we got for our list of pros and cons of electric cars; as you can see there are many less cons than there used to be. Thanks for reading!
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