Now, electricity costs vary province to province, the same was gasoline costs do. To help decide whether or not a hybrid is a more inexpensive route for you to take, consult with your local utility company to find out what you pay per kilowatt.
We touched on this earlier when we mentioned how an EV depreciates quicker than an average gasoline powered vehicle, and it’s definitely a big one; $10,000 big ones. In fact, that’s the median price of a hybrid battery, and they can definitely be even more.
While you may be saving on gas, you’ll be paying later on for it. That’s another reason why the jury is still out on whether or not a hybrid or EV is going to save you money in the long run.
Remember getting your license for the very first time? How free you felt, and independent? Well, that feeling may start to elude you after buying an EV. While EV’s are great on gas and good for the environment, those selling points come with a price. And the price is range restriction.
You can only drive as far as you have charge for. Furthermore, if you switch to gas after using up all the charge, you’ll need to find a gas station that supplies both charging ports and petrol. While they are much more common nowadays, there are still a limited number of them in more rural areas throughout the province. Making roadtrips a little less accessible and convenient, to say the least.
5.Exuberant Sticker Price
It’s true, you get incredible incentives from the provincial and federal governments to make the switch to a hybrid or EV, but does it offset enough of the price to make it worthwhile? That’s debatable.
Some of the incentives are in the upwards of thousands of dollars. While others are minimal, depending on the type of EV or hybrid you purchase. They are also only offered once, when you first make the switch from gas to electric.
So, while it will offset your up-front costs when buying an EV, it doesn’t reduce the price enough in general to warrant a change to electric for everyone. Again, you need to consider your own personal budget, use for the vehicle, and driving range required.
Does It Cost More to Insure a Hybrid or Electric Vehicle in BC?
Before considering if owning a hybrid is right or you, you need to consider all of the investment involved with it. This includes insuring it. While hybrid vehicles are insured like any other car or truck on the market today, insurance is typically based on a variety of factors.
When you insure a car, ICBC considers what kind of vehicle it is. They also consider where the vehicle is primarily located, and what it will be used for. Then, they consider the obvious; how much it costs to do repairs. With a hybrid vehicle, this is where you will see an increase in your insurance costs.
Hybrid vehicles run on batteries… expensive batteries. In fact, replacing a battery as mentioned earlier can cost $10,000+, depending on the type of hybrid you drive and the kind of battery it runs on. This could cause a higher monthly premium to insure your car, but also result in paying a much higher deductible when it comes time to replace or repair it.
How Does Owning a Hybrid Affect My Insurance in the Lower Mainland?
As mentioned before, a big part of what ICBC first looks at is the type of vehicle you’re insuring. While hybrid vehicles are a different type of vehicle, they don’t get treated any differently when it comes to the primary basis of insuring them. More important factors for ICBC is where the vehicle is located, where and how it is parked regularly (in a garage, on the street, etc), what type of driving history does the principle operator have, and what it will be used for (work, leisure, etc).
One thing that does greatly impact what you’ll pay per month for car insurance in BC with a hybrid vehicle is the overall cost of the vehicle and the cost to replace important components, or the vehicle itself. While the government does offer some really helpful incentives for buying a hybrid or EV, this doesn’t diminish the true value of the car, which is something ICBC considers before insuring it.
If you buy a hybrid for $35,000 after incentives, perhaps a trade-in vehicle, and a down payment, but the car’s sticker price was originally $60,000, that’s the price ICBC is going to consider when applying insurance to it. That’s because if the vehicle needs replacing, their cost will be that of the original sticker price, less any depreciation. Additionally, if the vehicle isn’t a write-off after being damaged or stolen, then they have to consider the cost to replace parts and the fix what remains. Hybrids typically cost much more than gasoline powered vehicles to do this.
So all in all, insuring a hybrid can be a bit more expensive, but that depends entirely on the make and model that you choose, where you keep it, how you use it, and whether it’s a premium hybrid or EV, or an economy model.
Can I Sell My Used Hybrid Today?
Yes, you can! Cash For Cars BC are the Lower Mainland’s most efficient used car buyers. We pride ourselves on making the process of selling your car quick, easy, and incredibly convenient. That’s why we handle all the paperwork, we come to you, and NOBODY Pays More!
How Much Cash Can I Get for My Car?
Every vehicle has its own unique history of maintenance, driving time, location of driving, any collisions, and even remaining financing. That’s why it’s so important that we get the preliminary details from you over the phone, but book an in-person appointment to see your car first-hand.
After we get the specifics about the vehicle you’re selling, we’ll arrange a day and time that works be st for you to come and appraise your vehicle in person. If we like what we see (and we usually do), we’ll make you an instant cash offer right on the spot. It’s that simple!
Contact Our Used Car Buying Team Today
Interested in seeing what your car, truck, SUV, van, or motorcycle is worth? Give us a quick call. All it takes is a simple call, text, or email to get the ball rolling.