Energy prices are surging around the world as the Iran war spills over into its second month and Canadians are feeling the pain at the pump.
The blow to their wallets is causing an increasing number of Canadians to look at electric vehicles as an alternative, some experts say.
Gas prices rose on Wednesday, with the average price at the pumps in Canada around $1.77 per litre, according to CAA, rising 47 cents compared to the same time a month ago.
According to rate comparison website Rates.ca, the number of Canadians searching for a quote on car insurance for an EV was 40 per cent higher last month compared to March of last year.
“We’re starting to see interest come back,” says Daniel Ivans, Rates.ca insurance expert.
“Fuel prices and rebates are helping bring EVs back into the conversation and lower-cost models are making them feel more attainable,” Ivans said.
Get daily National news
According to pre-owned car platform Clutch, searches on their platform for electric vehicles have grown by more than half (54 per cent) since the start of the war.
“We’re seeing the relationship to rising gas prices and interest in EVs clearly in the data,” said Clutch CEO Dan Park.
“The interest is real and accelerating. On Clutch.ca, EV search activity is growing at five times the rate of overall vehicle shopping,” he added.
The pressure from the oil market is driving Canadians to “actively explore” EVs as an option, Park said.
“People are researching and comparing options more,” he said.
The interest is being driven by a “convergence of factors,” including rising fuel prices, the federal government’s EV rebate program, and a “and broader awareness that the economics of EV ownership are shifting,” he added.
Affordability remains top of mind for prospective EV buyers. In a Leger survey conducted for Rates.ca, more than half of respondents (56 per cent) said they would consider buying a Chinese EV because of cost concerns.
According to the survey, 59 per cent of those interested in or who are unsure of purchasing an EV cited the purchase price as their primary concern.
“Affordability remains a major barrier preventing that interest from fully translating into purchases,” Park said.
Canadians should also consider comparing car insurance rates when buying an EV, Ivans said.
“Premiums can vary widely depending on the vehicle’s value, repair costs, theft risk and location, so anyone buying their first EV should compare quotes early and review coverage carefully,” he said.
I doubt the oil shock will drive many Canadians to EV’s. They’re still far too expensive!
Not moving to an EV. Thanks but no thanks. Anyone that has done the research knows they are just pushing the pollution somewhere else. People should also be informed of how unreliable and problematic the new EVs are. Do the research, learn about the Dodge Charger, Hyundai EVs etc, and all the non-operational cars and buyers that were ignored and have to litigate to do a buyback. No thank you.
Higher prices for Gas, Diesel, and oil is exactly what Mr. NET ZERO Carney and the Liberal Party of Canada wants.
Bahaha……yeah, nice try global. Hybrids maybe, but full EVs? No infrastructure, cost up front, and let’s face it, if you look at the amount of fossil fuels needed to create, maintain, and dispose of EVs they are no where near what they claim.
You are posting propaganda too quickly…SLOW DOWN
Global propaganda network…see you when the revolution starts
Our electricity is generated from Natural gas.
The cost of gasoline going up might finally make the cost of driving a battery powered car similar to gasoline car. However the increased cost, problems with parking in covered garages, lack of home charging and reduced range in the winter makes them unpalatable for most.
causing an increasing number of Canadians to look at electric vehicles as an alternative, some experts say. 100% ABSOLUTE LIES, LIES, LIES
STOP THE BU LL S H IT
Just no we dont want Ev. I stick with my gas car
We NEVER got our oil from Iran!!??!! So why are the prices so flipping high??
Carney said he was going to release another 150Million barrels to bring the oil prices down on April 1st…. April 1st being the joke on us??? cause the prices are higher than there were yesterday!!