Cost and incentives

On average, charging an electric car is cheaper than refueling a gas-powered car. The average cost of charging an electric vehicle in Canada is around $277.19 CAD per year. Plugging into a fast DC charger at a highway charging station is more expensive than charging at home or at work, but most EV drivers will only do so 6% of the time.

Electric cars have far fewer moving parts than conventional cars. The service intervals are therefore further apart, and the amount of maintenance that needs to be done is relatively limited. EVs such as Polestar 2 even allow remote diagnostics through their onboard internet connection, meaning that potential technical issues can be detected before becoming a costly repair.

As electric powertrains are less complicated and more efficient, wear and tear become less of a consideration. Electric motors and battery packs are built to last, and regenerative braking ensures that brake pads and discs endure well. Essentially, tires, wiper blades, and washer fluid are the parts that require the most attention.

The lower running costs of an EV make them a compelling lease option. The monthly rate is usually lower because there's less risk of high maintenance and changing fuel costs. Another plus is that performance EVs like Polestar 2 tend to be more resistant to depreciation (source: Driving Electric).