Of those Canadians who plan to buy a new car within the next five years, 68 per cent say they are likely to buy an electric vehicle, either pure or hybrid, according to a recent survey. As many as 70 per cent of people say they will buy a new vehicle within the next ten years and of those, 62 per cent will buy in the next five years. On average, Canadians drive their vehicles for almost nine years before turning them in for new ones.
The survey suggests that men are more likely to buy and EV than are women. Of those between the ages of 19 and 44, 79 per cent say they are very likely or likely to buy an EV within the next five years. Of those aged 45 and older, only 58 per cent will opt for an EV.
How much they are willing to pay varies with 42 per cent ready to spend between $30,000 and $49,999. Another 31 per cent want to spend less than $30,000.
Buyers motivated by environmental concerns
A large majority (83 per cent) think the auto makers should be obliged to invest in national charging infrastructure and even more want charging stations installed at every gas station and at shopping malls and grocery stores. Sixty-one per cent say the pandemic has made them realize they need a vehicle and they would rather not take public transportation.
Those who are inclined to buy an EV are motivated by environmental concerns, lower operating costs, tax incentives and the expected reduced insurance premiums. Since May 2019, the Canadian government has offered rebates of up to $5,000 on the purchase of EVs. Some provincial governments offer cash incentives as well.
Of those Canadians who plan to buy a car within five years, but not an EV, 67 per cent are concerned about their reliability in cold weather. (iStock)
Concerns include high cost, limited range
Of those who plan to buy a vehicle but not an EV, the reasons they give are the high cost, limited driving range, a lack of charging infrastructure, dubious battery lifespan, limited model options and recharging time. Over two thirds are concerned about how reliable EVs are in cold weather and over half are concerned about the increasing demand for electricity driving up the cost of operating an electric vehicle.
The online survey was conducted between January 8 and 13, 2021 by KPMG, an audit, tax and advisory firm. It involved 2,000 Canadians.
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