Canadians who are thinking about making the transition from their gas-powered car to an EV have some important things they need to take into consideration before they sign on the proverbial dotted line.
Reasons to Buy an Electric Car
Contrary to what you may have heard, the retail prices for an EV in Canada are comparable to most mid-tier and upper-tier cars.
There is no economy option yet, but carmakers will begin producing entry-level EVs once they can meet the current demand.
Canadian carmakers are making significant investments to retool their car plants to allow the manufacturing of EVs.
This process does not happen overnight; while they are not reinventing the wheel, they are switching the powerplants for the vehicles, which is a logistical challenge of epic proportions.
Think about it; there are over 35 million vehicles on the road in Canada, that is roughly one vehicle per person and counting; this didn’t happen overnight, and the transition to EVs will not happen overnight.
You could rationalize that it makes sense to wait until pretty much everyone has an EV before you buy one.
This approach is valid, but you should weigh the costs and benefits; gas prices are rising, and we will never see low prices again. When you are paying $2.50-$3.00 per litre, and it costs $150 to fill up your vehicle, what will that do to your household budget? Especially with inflation wreaking havoc on the economy!
As the number of EVs increases, there will be less demand for gasoline and car parts, so you will need to pay more to access fuel and replacement components for your vehicle.
It may sound counterintuitive but fewer customers means manufacturers have to squeeze more revenue from each customer by charging higher prices.
Finding the right EV
The EV market has some smaller players and well-established brands out there. You may be tempted to try out the newest models from upstarts like Tesla.
While Elon Musk has a large following online, will his company be around 10,20,30,40 years from now?
There is no denying his vehicles have become a household name, but you should consider brands like Jeep and Ford, which offer EVs and have been in business since the 19th,20th, and 21st centuries, so they will be around for quite some time to come.
The well-established carmakers will be able to provide you with competitive financing terms that the new companies cannot.
Accessing affordable financing through well-established carmakers will make the buying decision a more conducive one.
While we could talk about the reasons to buy an electric car, it is like talking about riding a bicycle; the only way to know is to try it for yourself. Now that most covid restrictions are gone, you can schedule a test drive of EVs by going to your local dealership; there is no obligation to buy.
When you take the EV for a test drive, it will become clear to you which of these vehicles is the one for you. Once you drive an EV, you will never want to go back to gas-powered cars again.
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