What Buyers Need To Know About Electric and Hybrid Vehicles in 2024

As we gear up for 2024, more Canadians than ever are considering a switch to electric and hybrid vehicles. This is nudged by surging fuel prices and more awareness of environmental conservation.

The government has also pledged significant funds towards making these vehicles more accessible and affordable to consumers.

With this in mind, here’s an updated snapshot for the 2024 buyer that weighs these factors comprehensively — whether you prefer a new EV or a used car.

Understanding the Basics Across Borders

As you familiarize yourself with the options available in the market, you’ll encounter three main categories:

• Electric Vehicles (EVs): These fully electric vehicles, including Tesla’s renowned Model Y and newcomers such as Rivian, are powered solely by electric motor and battery pack technology. They require regular charging via stations or home outlets.
• Hybrid Vehicles (HyVs): Models like the Toyota Prius fall into this category. These vehicles operate with a dual system that includes a traditional gasoline engine and an electric motor. The battery recovers energy through specific driving procedures.
• Plug-In Hybrid Electric Vehicles (PHEVs): They provide the flexibility to operate on battery power initially and switch to gasoline as needed. Examples of this category include Ford Escape PHEV and Honda Clarity Plug-In Hybrid.

Enhanced Support in the Great North

Canadians considering the jump to EVs can look forward to extended support announced by the government, including financial incentives and developing charging infrastructure.

Canada’s iZEV Program, for example, provides purchase and lease incentives for zero-emission vehicles (ZEVs) — stackable with provincial/territorial offers.

There are two levels of incentives:

• up to $5,000 for battery electric, hydrogen fuel cell, and longer-range plug-in hybrid vehicles
• up to $2,500 for shorter-range plug-in hybrid electric vehicles

Eligible individuals can receive one incentive per year, while businesses and approved carsharing companies can get 10 and 50 incentives respectively.

Weighing Costs Against Long-term Benefits

Though the upfront cost might seem intimidating in 2024, especially for electric cars, Canadian studies suggest the total cost of ownership may tip favourably in comparison to gasoline vehicles.

As per recent studies, even with provinces having varying electricity costs, the operational expenses of EVs are considerably less than their gas-powered counterparts. Besides, maintenance costs over the vehicle’s lifespan are also estimated to be about half. This can also favour the vehicle’s resale value.

In addition, substantial rebates and tax credits are available from federal and provincial programs, making EVs and PHEVs more affordable.

Final Points for the Canadian Buyer

Before making your purchase:

• Consider your typical daily drive range and if a full battery will cover it. While improving, the distribution of public charging stations is still uneven across regions, which may be a challenge without home charging capabilities.
• Keep in mind the potential higher resale value and savings on operational costs over time.
• Explore federal and provincial rebates and incentives for purchase and home-charging installations.
• Don’t let “range anxiety” deter you; look instead for models with battery thermal management to counter Canadian winters effectively.
• Despite long-term savings, the initial purchase price of electric cars can be substantially higher than that of gas-engine vehicles. However, as more Canadians adopt EVs, demand for used models may grow, affecting availability and price. Plan accordingly.
• Lastly, for condos and rental situations, research the availability of charging facilities or negotiate with your housing management for installation.

Drive Into the Future With South 20 Dodge

As the roads of Humboldt pave the way to a greener future, the decision to go electric or hybrid is becoming even more relevant. At South 20 Dodge, we are committed to ensuring your ride into the eco-conscious era is smooth, informed, and exciting.