How much does an electric car really cost?

Updated on February 27, 2026

3 mins reading time

Close-up of a charging station gun connected to a white vehicle, with a woman in the blurred background.

The real cost of an electric vehicle (EV) or plug-in hybrid vehicle depends on several factors: purchase price, government incentives and tax credits, how you use it, and your long-term savings. Although the upfront cost is generally higher, daily operating costs are often much lower. Here’s what you need to know to assess whether an EV is right for you.

Total cost of an electric vehicle: What to consider

People often separate the purchase price from ownership costs, but to truly compare an electric car with a gas-powered vehicle, you need to look at the total cost of ownership. That includes the purchase cost, EV insurance, usage, and electric car maintenance.

Good to know: The EV insurance premiums can sometimes be higher than those for gas vehicles. Find out why in this episode of the Sans détour podcast (in French only).

Charging an electric vehicle: Everyday savings

Say goodbye to gas stations! Charging your EV battery at home, at work, or at a public charging station usually costs just a few dollars. In fact, nearly 90% of EV owners charge their vehicles at home—mostly overnight using electrical power.

Here’s a real-world example:

2025 Honda Civic (gasoline): Around $2100/year for 20,000km

2025 Nissan Leaf (electric): Less than $680/year for the same distance

Don’t forget: You’ll need to buy and install a home EV charging station. The CAA-Quebec Boutique offers a wide range of high-quality residential charging stations, and members can earn CAA Dollars as a rebate.

Night view of a dashboard and a road through a windshield.

Plug-in hybrid electric vehicles also offer notable savings, especially if most of your daily trips are in electric mode. With a driving range typically between 40 and 80km, they’re ideal for regular commuting without using gas.

Need advice? Our can assist with choosing and installing the right charger for your home.

EV maintenance: Fewer garage visits, more savings

Along with saving on fuel, you’ll also reduce costs on electric car maintenance:

Fewer moving parts to replace (belts, pistons, etc.)

No repairs needed for exhaust systems (muffler, catalytic converter, etc.)

Less wear on brake pads and brake systems, thanks to regenerative braking

No oil changes or oil filters to replace

The result? You could save hundreds of dollars each year compared to a gas-powered vehicle.

When does an electric vehicle become cost-effective?

On average, an electric vehicle becomes cost-effective after about five years. But depending on your driving habits and the initial purchase price, you could break even in under a year or within 20,000km.

According to Running Electric, EV owners save on average $2000 to $3000 per year on fuel and maintenance—quickly offsetting the higher upfront cost.

Tip: The more you drive and the longer you keep your EV, the faster it pays for itself.

A smart choice for you and the planet

Driving an electric vehicle means contributing to a greener future by:

Reducing your carbon footprint, greenhouse gas emissions, and environmental impact

Cutting down on noise pollution with a quieter motor

Saving significantly in the long run on fuel and maintenance

Electromobility is an energy-efficient, sustainable, and cost-effective solution. The variety of EV models is growing, and the EV charging network—both Level 2 chargers and fast-charging stations—continues to expand. More and more drivers are switching to electric.

Use our EV comparison tool to find the best electric vehicle for your needs!

Thanks to the Quebec Electric Vehicle Association (Association des véhicules électriques du Québec [AVÉQ]) for contributing to this article.