First-time buyer view
What will it cost each month?
Pick the vehicle you are considering and see the monthly bill three ways: financed, leased, or paid in cash. A gas car is already selected beside it so you can see the gap; change that car only if you want a different baseline. Payment, energy, insurance and maintenance, with your province's sales tax and the federal EVAP rebate. For the total over many years, use the 10-year cost calculator.
How this is calculated
The figure is one vehicle's monthly cost: the payment, if any, plus energy, insurance and maintenance. The gas car is calculated the same way so the gap has a baseline.
Finance
Price plus sales tax, minus EVAP and any provincial rebate (applied after tax) and your down payment, paid off monthly at your rate over your term.
Lease
(Capitalised cost − residual) ÷ term, plus (capitalised cost + residual) × money factor, then tax on the payment. Money factor is the APR divided by 2,400. The residual and rate are estimates until you enter a quote.
Cash
No car payment. The monthly figure is energy, insurance and maintenance. Cash due now is the price plus sales tax, minus rebates.
Energy, insurance, maintenance
The EV uses its rated consumption at your province's home electricity rate, or a typical public price if you choose mostly public charging. The gas car uses the Ontario average pump price. Insurance starts from Surex's national averages and you can change either figure. Maintenance is the CAA-based estimate from the 10-year calculator.
Worked example with the defaults
Ford Mustang Mach-E Select, 15,000 km a year in Ontario, home charging, no down payment. Financed over 72 months at 6.66%, the payment is $844. Energy, insurance and maintenance bring it to $1,155 a month. On the same terms the Toyota RAV4 Hybrid LE AWD comes to $1,170, so this vehicle is $15 a month less.
Monthly cost questions
What does the monthly cost include?
Four things: the loan or lease payment (none if you pay cash), energy (electricity or fuel), insurance, and maintenance. Sales tax is included in the loan principal or on each lease payment. It does not include licensing, registration, dealer fees, or the value of the car at the end.
Is an EV cheaper per month than a gas car?
It depends on the price gap, your financing and where you charge. With the defaults (Ford Mustang Mach-E Select against Toyota RAV4 Hybrid LE AWD, 15,000 km a year, Ontario, home charging, a 72-month loan at 6.66%), the EV runs $15 a month less than the gas car all-in: its payment is $79 a month higher, and it spends $94 a month less on energy, insurance and maintenance combined. Change any input to see your own case.
Where do the loan rate and term come from?
The default rate is the Bank of Canada's average on new auto loans (6.66% in Jul 2026) and the default term is 72 months, a typical new-vehicle term. The rate is a market average, not an offer: your credit, the lender and the vehicle decide yours, so replace it with a real quote.
Why are the lease numbers marked as estimates?
Lease rates and residual values are set per vehicle and per lender, and are often subsidised, so there is no honest default. Until you enter your own quote the lease uses the loan average for its rate and an example residual interpolated from published depreciation figures (a 15-20% first-year loss and 60% over five years for EVs, 45% for vehicles overall). Treat the lease column as illustrative.
Does the federal EVAP rebate apply to leases?
Yes, for an eligible new EV leased for 12 months or more, up to $5,000 for a battery-electric vehicle. The dealer applies it after taxes and fees. This calculator treats it as a reduction to the lease's capitalised cost; your lessor may structure it differently.
Why is paying cash so much lower per month?
Because there is no car payment. The cash figure is running costs only, plus the cash you need on day one, after tax and rebates. It does not charge you for the interest you could have earned on that money, so compare it with the loan using the 10-year cost calculator rather than by monthly figure alone.