As most people know, having a car is expensive. Even if you own a relatively cheap car, there are multiple costs associated with this asset: annual blue-book value taxes, car insurance, the cost of regular servicing, the cost of replacement parts, the rising price of gas, and we are not even going to mention the cost associated with an unfortunate accident or breakdown.
However, even in light of all this information, most people find themselves obligated to own a car. In North America, unless located within a major city, most people do not have access to public transportation that allows them to move freely about their day. A car is synonymous with freedom as far as suburban residents and commuters are concerned. Seeing as this is a climate that will not be changing any time soon, (and the pandemic having hurt most people in the financial department) it’s important to weigh the options that are available to you in managing the cost of your car.
A standard, gasoline-powered car requires a relatively frequent visit to an auto shop. Depending on the year, make and model of your vehicle, some cars may require more upkeep than others. If one owns a second-hand car, though initially cheaper upfront, one can find themselves drowning in servicing costs down the line due to deterioration. The potential services required include:
• Oil Changes,
• Alignments,
• Timing belts,
• Water pumps,
• Starter Motors,
• Alternators,
• Drive Belts,
• Spark Plugs,
• Power Steering Fluid Servicing,
• Induction Services,
• Air Filter Replacement,
• Oil Leak Prevention,
• and Engine Cooling System Servicing.
Though rarely needing servicing in all areas, a standard gas car does usually require servicing in one or two areas depending on the amount of usage one gets out of it. The costs quickly add up. This is on top of fixed monthly costs such as gas, and we all know gas has been appreciating like crazy. That is not to say that gas-powered vehicle service is not crucial to the success of small service auto repair shops, but it can definitely weigh heavy on your wallet. As we said, owning a car is expensive.
So what can you do to lower these costs? There are multiple things you could do, such as taking public transit (which we have established is not always possible) or buying a more efficient and longer-lasting car. (We’ve heard you can’t go wrong with a Toyota {not sponsored}). However, if you are in the market for buying a new car already, there is one thing you can do that will reduce the cost of maintain your vehicle significantly. And that is: buying a fully electric vehicle. If you are tired of seeing your mechanic, that is the easiest route to take.
Electric vehicles are becoming more and more affordable and accessible to the public every year. Setting aside their positive impact on the environment and their potential in reducing the impact of harmful emissions, electric vehicles can also prove to be less costly to own long-term- at least in the servicing department. With the elimination of the internal combustion engine (ICE), owning an EV (electric vehicle) eliminates the need for as much as 85% of the services offered by auto shops. There are still costs, of course, associated with annual servicing or sudden failures and warranty issues, however the EVs’ design allows for less frequent maintenance. In the near future, auto shops may start focusing on their EV owning customers by expanding their services relating to:
• Tires,
• Alignments,
• Software Upgrades and Calibrations,
• Cabin Air Filters,
• Brakes,
• and Suspension,
in order to accommodate increasing demands. For example, due to the increased weight of an EV, tires need to be changed and rotated more frequently, on top of being more resistant in the first place- once more people have EVs, this service will be in high demand.
The public reaction to Electric Vehicles has been positive. Strides are being made towards bringing this technology to everyday people and making EVs as affordable as possible. In Canada, the government is even offering incentives to encourage people towards buying them. The Government of Canada is offering as much as $5,000 as point-of-sale incentives for Canadians interested in buying or leasing an EV (caa.ca). In the province of Ontario, one can get up to $1,000 towards toward the purchase of a used, fully electric vehicle, as well as a Scrappage Incentive to recycle your gas car and double that amount (plugndrive.ca). Who knows how quickly electric vehicles will become the new normal?
Overall, even though it does require a larger investment at first, and EV can prove to be a lot cheaper to maintain than a gas-powered car. As the trend towards clean energy becomes more apparent within our society, it is worth considering making the switch to electric vehicles in order to ease your mind (as well as your wallet).
