With fuel prices rising, and 21 PHEV (Plug-In Hybrid Electric Vehicles) models currently being made, and sold in Canada many drivers have started considering making the switch to a greener vehicle- even if they aren’t ready to go fully electric for range and affordability concerns.
While Plug-In Hybrids are typically priced much more competitively than Battery Electric Vehicles (BEVs) they still come with a higher MSRP than traditional internal combustion engines (ICEs). So does the fuel savings really pay for itself?
We took a look at the most popular PHEV on the market in Canada today:
The Mitsubishi Outlander PHEV and compared it to its Gasoline counterpart the Mitsubishi Outlander to check out the difference.
The 2022 Mitsubishi Outlander SE S-AWC CVT starts at an MSRP (Manufacturer’s Suggested Retail Price) of $34,648.00 and gets a combined fuel economy of 8.9 L/100km (city 9.7 L/100km, highway 8.9 L/100km)
The 2022 Mitsubishi Outlander PHEV SE S-AWC starts at an MSRP (Manufacturer’s Suggested Retail Price) of $44,198.00 and gets a fuel economy equivalent of 3.18L /100km
With the average Vancouver Island driver travelling 25000km per year in their vehicle- assuming the price of gas stays around $1.99 per liter- you’ll spend $1582.04 on fuel in a year driving the PHEV (with overnight home charging) compared to $4427.73 driving the Gasoline Outlander. That’s a difference of $2845.00 each year.
What that means for cash buyers is that it will take 4 years of driving to make up the difference in MSRP in fuel savings- provided you don’t take advantage of federal iZEV incentives or provincial rebates – which could cut this time in half.
For finance buyers this could save you money in the first year, while the 2022 Mitsubishi Outlander PHEV SE S-AWC starts at $315.38 biweekly for 84 months at 2.99% and the 2022 Mitsubishi Outlander SE S-AWC CVT at $263.25 biweekly for 84 months at 4.5%- in a year (including fuel) you’ll spend $11,272.23 driving the ICE Outlander compared to $9781.92 in the PHEV.
Assuming you keep your vehicle for the duration of your financing the PHEV will have saved you almost $20,000 dollars in fuel (spending $11,074.30 with the PHEV and $30,994.12 on the Gasoline only)
No matter what type of vehicle you’re shopping for, VIDrives has options that will work for your lifestyle, needs and budget- with a team to help you every step of the way to make the process easy. Get Pre-Approved today and get driving tomorrow.