Canadian car buyers who want to save money on the purchase of an EV have rebates they can get from both the federal and provincial governments.
These rebates can help you save money, but you need to take a “big picture” approach when buying an EV; the savings go beyond rebates.
We are going to debunk some myths about the electric car market in Canada, so you can make an informed decision.
EVs are not only for wealthy people
One of the most common misconceptions is that you need to spend $80k to purchase an EV; while there are some models that cost upwards of $100k, Ford and Jeep have models that are comparable to what you would pay for an equivalent gas-powered model.
So that is one myth that is debunked, just about every Canadian should be able to buy an EV.
EVs are expensive to maintain and prone to breakdown
It all comes down to which carmaker you decide to buy your EV from; if you deal with a well-established brand, then the risk of having the vehicle breakdown is actually lower than a gas-powered car.
There are only a few moving parts on an EV; fewer moving parts translate into fewer points of failure.
The modern internal combustion engine has hundreds of moving parts which increases the risk of something breaking down; with an EV, so long as the battery has power, you should be able to drive.
Myth: You need perfect credit to get a loan for an EV
This is by far the biggest piece of misinformation being spread online; the EV financing market is growing daily, with new lenders all vying for a piece of the billion-dollar market.
Right now, there are roughly 35 million vehicles on the road that are powered by gasoline.
Over the next decade, those 35 million vehicles will be replaced by new EVs, which need to be financed, so lenders are competing tooth and nail for customers, even if their credit is less than perfect.
If you are having credit challenges, it would be prudent to speak with a credit expert to find out what is causing your low credit score; it could be a simple mistake inside your credit report.
You do not need to pay for this expert credit advice; you can get it at your local car dealership; their knowledgeable staff will review your situation and show you how to rebuild your credit score.
The same dealership will also work on securing a car loan at the most competitive terms possible. With rising fuel prices, there has never been a more opportune time to make the switch from a gas-powered car to an EV.
Right now, you have your pick of the litter, but as more Canadians realize owning an EV makes sense for them, you will see a stampede of Canadians all trying to get an EV simultaneously, so you should strike now while the proverbial iron is hot.
This will be the best decision you made all year, so head over to the local dealership today.
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