Sky-high gas prices fuel rampant demand for electric vehicles

Click to play video: 'Maritimes feeling sticker shock as pump prices rise'
Maritimes feeling sticker shock as pump prices rise
Maritimers continue to feel sticker shock over rising price increases at the pump. As Robert Lothian reports, the mounting financial burden has some drivers making the switch to electric vehicles. – May 16, 2022

Tracy Miersch ditched her gas-powered car in January 2021, tired of all the additional costs.

The Miramichi, N.B., resident opted instead to purchase her first electric vehicle, telling Global News that with the constant travel due to her job, it seemed like a more convenient choice.

“The cost of gas and also the cost of maintenance, engine repairs, oil changes, the time and inconvenience that goes into that as well,” said Miersch.

After her first year of driving electric, Miersch has noticed a fair amount of cash saved due to the switch.

“I did a cost breakdown for last year because I had purchased it in January and had it for the entire year, and I ended up spending several thousand dollars less on overall costs of ownership,” Miersch said.

Story continues below advertisement

Like Miersch, many Maritimers are trying to rid themselves of the pump pains which have worsened in recent months.

At All EV Canada, demand for electric vehicles has phones ringing off the hook.

“I think we’re seeing a lot of people from Atlantic Canada that wanted to get an electric car beforehand, and now these new gas prices in the last, you know, few months have pushed them over the edge to do more than just consider it,” said Jérémie Bernardin, Business Development Manager at All EV Canada.

Unlike gas-powered vehicles, an EV depreciates much slower, said Bernardin, adding in many cases, they hold their value.

Savings accrued from lower maintenance costs and cheaper fuel also offset a larger price tag, he noted.

However, electric vehicles are not exempt from supply chain crises, and rampant demand means many drivers will likely have to wait months for their new ride.

“It wouldn’t be too far off the mark to say there is a couple year waitlist on certain models that are very popular. And on the pre-owned side, you can pick and choose a lot more in saying, ‘I’m looking for this model. This is what I want, and that’s the colour I want,” said Bernardin.

Story continues below advertisement

If you can get your hands on an electric vehicle, government initiatives will likely slash a portion of the cost.

In New Brunswick and Prince Edward Island, rebates could provide up to $5,000 for purchasing a new vehicle. Meanwhile, in Nova Scotia, residents can receive as much as $3,000 in rebates.

Additional support through the federal government could result in another $5,000 in rebates.

Sponsored content