The True Three-Year Cost of a Used EV vs a Used Gas Car in Canada

The math used to be simple: gas cars cost less upfront, electric cars cost more upfront, and a buyer broke even on fuel savings somewhere around year five or seven. That math no longer holds. With a wave of off-lease EVs from the 2021-2022 model years hitting the Canadian used market through 2025 and 2026, sticker prices have compressed, and the three-year ownership math has shifted in ways most buyers haven’t yet caught up to.

This breakdown compares two realistic scenarios a Canadian buyer might face in summer 2026: a 2022 mid-size electric sedan with 60,000 km, and a 2022 mid-size gas sedan with 60,000 km. Both are common comparison points. Both list at similar money. The three-year cost of each tells a meaningfully different story.

The Sticker Price Comparison

In summer 2026, off-lease 2022 EVs in the Canadian used market are landing in the $28,000–$36,000 range depending on model, trim, and battery health. Comparable 2022 gas sedans are landing $24,000–$32,000. The gap has closed dramatically from where it stood in 2023, when used EVs commanded a $6,000–$10,000 premium over equivalent gas vehicles.

Vehicle	Sticker price (mid-range)	Notes
Used mid-size electric sedan, 2022, 60k km	$31,000	Off-lease inventory growing
Used mid-size gas sedan, 2022, 60k km	$27,500	Stable supply
Initial price gap	+$3,500 for EV	Down from $7,000–$10,000 in 2023

Used inventory listings on platforms like Purr have reflected this compression — the same vehicle profile that drew an aggressive premium two years ago now lists within $3,000–$5,000 of its gas equivalent. The remaining gap is where the three-year math starts.

Financing Costs at 2026 Rates

Used car loan rates in Canada in summer 2026 are running between 7.2% and 9.8% for 60-month terms on prime credit. The difference in interest paid on the initial $3,500 gap over 36 months is real but small.

Loan parameter	EV	Gas	Difference
Loan principal	$31,000	$27,500	+$3,500
Rate (assumed 8.5%)	8.5%	8.5%	—
Term	60 months	60 months	—
Total interest paid over 36 months	$4,995	$4,432	+$563

The EV starts the three-year window roughly $4,063 deeper into the buyer’s wallet before electricity, gas, or maintenance enter the picture.

Fuel and Electricity Costs

This is where the EV starts pulling back ahead, hard. Canadian gas prices in summer 2026 are running between $1.55/L (Alberta) and $1.85/L (BC). The mid-size gas sedan in this comparison averages 8.5 L/100 km combined, driven 18,000 km per year — a normal Canadian driving pattern.

Electricity costs vary far more by province than gas does, which means the EV math is geographically specific in a way the gas math isn’t:

Province	Per kWh (off-peak)	EV cost / 100 km	Gas cost / 100 km (at $1.70/L)
Quebec	$0.075	$1.43	$14.45
BC	$0.095	$1.81	$14.45
Ontario (off-peak)	$0.103	$1.96	$14.45
Alberta	$0.165	$3.14	$14.45
Atlantic	$0.155	$2.95	$14.45

Over three years and 54,000 km driven, the EV uses roughly 10,260 kWh. The math by province:

• Quebec EV: $772 | Gas equivalent: $7,803 | EV saves $7,031
• Ontario EV (off-peak): $1,058 | Gas equivalent: $7,803 | EV saves $6,745
• Alberta EV: $1,696 | Gas equivalent: $7,803 | EV saves $6,107

The fuel-versus-electricity gap alone is enough to close the original $3,500–$4,000 sticker premium in every province. The question is what happens to that surplus across the rest of the cost lines.

Maintenance Costs Over Three Years

EV maintenance over three years is genuinely lower than gas, but not zero, and the categories shift in ways most first-time EV buyers underestimate.

What an EV doesn’t pay for. Oil changes run $75–$150 every 8,000 km on a gas car, totalling $400–$1,000 over three years. Spark plugs, transmission service, exhaust components, timing belts — all absent on an EV. Brake pads typically last 2–3x longer thanks to regenerative braking absorbing most of the stopping force, so a three-year ownership window often means no brake service at all.

What an EV still pays for, and sometimes more. Tires are the surprise line. EV-specific tires wear 20–30% faster than equivalent gas-vehicle tires due to higher curb weight and instant torque off the line. A set of four tires for a mid-size EV runs $1,200–$1,800 installed in Canada versus $900–$1,400 for a gas equivalent. Cabin air filters, wiper blades, and the 12V auxiliary battery (yes, EVs still have one, and it dies on the same schedule as a gas car’s) all add up the same way.

Category	EV	Gas
Routine service	$350	$1,100
Tires (one set replacement)	$1,400	$1,000
Brake service	$0 (not yet due)	$450
3-year maintenance total	$1,750	$2,550

The EV saves roughly $800 over three years on maintenance. Less than the marketing suggests, but real.

Insurance — Where the EV Loses Ground

Insurance is the line item most buyers ignore until they get the quote, and it’s the one where the EV gives back some of its fuel-cost win. EVs in Canada cost 12–18% more to insure than equivalent gas vehicles. Three reasons: higher replacement cost on a per-kg basis because batteries are expensive, more sophisticated electronics that drive up collision repair invoices, and a smaller pool of certified EV repair shops creating localized labour pressure.

Vehicle	Annual premium (typical Ontario, clean record)	3-year cost
EV	$1,950	$5,850
Gas	$1,680	$5,040
Difference	+$270 / year	+$810

Quebec drivers see a smaller gap thanks to the public component of the provincial insurance system; Alberta drivers tend to see a wider one. Across Canada, the EV insurance premium narrows roughly $200–$400 per year as more EVs hit the road and underwriting catches up — but the gap won’t close completely within a three-year ownership window starting in 2026.

Depreciation — The Real Surprise

This is the line where the math turns counterintuitive. In 2022–2023, used EVs in Canada were depreciating notably faster than gas vehicles, partly because new EV prices were falling (which dragged used prices down with them), partly because consumer uncertainty about battery longevity created discount pressure. That trend has stabilized through 2025 and into 2026.

Canadian Black Book and other valuation tools now show three-year depreciation for off-lease 2022 EVs running at 28–34%, compared to 22–28% for equivalent gas vehicles. The EV depreciates faster, but not catastrophically.

Vehicle	Purchase price	Estimated value after 3 yrs	Depreciation $
EV ($31,000, 32% loss)	$31,000	$21,080	$9,920
Gas ($27,500, 25% loss)	$27,500	$20,625	$6,875
Depreciation gap	—	—	+$3,045 for EV

Tools like Purr’s free appraisal now account for EV-specific factors in their valuations — battery state of health, charging history where available, and the model-by-model depreciation curves that have started to stabilize as the used EV market matures.

The Three-Year Total

Putting all five cost lines together for an Ontario buyer driving 18,000 km/year:

Cost category	EV	Gas	EV advantage
Sticker premium + interest	+$4,063	$0	—
Electricity / gas (3 yrs)	$1,058	$7,803	+$6,745
Maintenance	$1,750	$2,550	+$800
Insurance	$5,850	$5,040	-$810
Depreciation	$9,920	$6,875	-$3,045
Net 3-year cost difference			+$2,627 favouring EV

The EV comes out roughly $2,600 ahead over three years for an Ontario driver doing 18,000 km/year. For a Quebec driver with cheaper electricity, the advantage grows to $3,000–$3,500. For an Alberta driver with expensive electricity, it shrinks to under $1,000.

The price gap closed. The fuel savings remain. The depreciation hit is real. The math now favours the EV — but only just.

Where the Numbers Stop Being Universal

A few buyer-specific factors flip the math meaningfully:

• Low annual mileage (under 12,000 km/year) shrinks the EV advantage because fuel savings scale directly with kilometres driven. At 8,000 km/year, the EV barely breaks even over three years.
• No home charging swings the math hard the other way. Public DC fast charging in Canada runs $0.40–$0.65/kWh, three to six times the home rate, which can erase the fuel savings entirely and turn the EV into a more expensive option.
• Apartment or condo dwellers without dedicated parking often can’t realistically run an EV at all in 2026 — building-level Level 2 infrastructure is still uneven across Canadian cities.
• Drivers who tow regularly lose 30–40% of EV range with even a small trailer attached, and a gas truck still makes more sense for many rural Canadians and tradespeople.
• Cold-winter heavy commuters lose 25–35% of range below –10°C, which can push everyday charging into more expensive time-of-use windows.

What This Means for a Canadian Buyer Today

The honest read on summer 2026 used vehicle math: a used EV is now financially competitive with a gas equivalent for the average Canadian driver, but the advantage is small and entirely conditional on driving pattern, home charging access, and province of residence. Five years ago, buying a used EV was primarily a values decision with a soft financial penalty. Today, it’s a defensible financial decision for a specific subset of buyers — and a worse financial decision for another specific subset.

For buyers weighing the two, Purr lists both used EVs and gas vehicles across Canada year-round, with battery-health context on EV listings where it’s available. A free appraisal of either vehicle type takes the guesswork out of the depreciation line — and depreciation is the single biggest variable in the entire three-year comparison above.