The electrified vehicle (EV) landscape seems to grow by the day, with nearly every automaker offering at least one in their lineup. It’s interesting to watch, but if you’re in the market for an EV, there’s a lot to think about. Not only is there a diverse mix of hybrids, plug- in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), the higher EV prices add to questions about what makes sense financially. First, the basics. Hybrids are best for those who want to dip their toes into electrification; their electric mo- tors help with the gas engine’s acceleration and fuel economy. Battery electrics offer zero emissions with no stops for gasoline, but they also suffer from com- paratively limited range and a reliance on slow char- ging speeds, which deters many people from taking the fully electric plunge. And then there are PHEVs; these vehicles feature a shorter electric range than BEVs, but the onboard gas engine means they can be driven longer distances and fueled at conventional gas stations, alleviating so- called ‘range anxiety’. And while they may still be more expensive to purchase than their purely gas-powered brethren, doing some math reveals that they make sense for many drivers. Yes, the MSRP is higher, but when you look at the life- time costs that come with a PHEV, you may find they make sense for your driving needs. Let’s take a look at the Mitsubishi Outlander PHEV, the best-selling PHEV SUV in Canada. The Outlander PHEV starts at $48,198 for the base ES S-AWC version, going up to $58,198 for the top-line GT Premium S-AWC or $59,698 for the GT NOIR spe - cial edition. While that base price is a little more than $14,000 higher than the Outlander gas version, the Outlander PHEV qualifies for $5,000 in Federal iZEV funds, anywhere in Canada. And there’s more, de- pending in which province you live: Quebec and New Brunswick add up to $5,000 more; Nova Scotia adds up to $3,000, Prince Edward Island up to $2,500, British Columbia throws in up to $2,000 and Newfoundland and Labrador top up $1,500. These all add up to a big reduction in spending before you even drive off the dealer lot. And then there are the fuel savings. First off, con- sider that Statistics Canada has found the median one-way commute to the workplace for Canadians is under nine kilometres. Even if you factor in drop- ping the kids off at school, getting groceries or go- ing to yoga, the average daily drive would be far less than the Outlander PHEV’s 61 km of all-electric range, meaning you could drive almost exclusively on elec- trons – it’s like owning a battery electric vehicle (BEV), without the higher BEV sales price. When it comes to fuel savings, the average price of electricity in Canada is 19.2¢ per kWh; that means it would cost $3.84 to fill the 20-kWh battery from
32
Powered by FlippingBook