Electric vehicles (EVs) have become very popular and consumers want to save money on an EV and help the environment. If you are seriously thinking about taking the plunge and buying one of these all-electric vehicles, you need to implement these money-saving tips.
EV’s are relatively new when compared to their gas-guzzling counterparts. While these vehicles have made great progress in both reliability and safety, they still have some kinks to work out before they are on par with conventional cars.
Limited range in cold weather
The batteries inside the EV’s, are designed to provide the best possible range in ideal weather. Canada has 4 seasons and Winter presents a unique set of challenges.
If you leave your vehicle parked outside overnight when the mercury drops below 30 degrees Celsius, you will see the range on your electric vehicle impacted by as much as 50%.
Keep in mind that the range is a forecast and not precise, some variables impact range like driving conditions so your actual range could be less than what you see on your screen.
Inability to do your own maintenance
Most EVs have their unique proprietary hardware and software. With conventional cars, you could work on them yourself but with EV’s you will need to bring them to an authorized shop for routine maintenance and repair work.
Since there is no real competition to perform this important work, at least yet. You will have to pay a premium to have your car serviced.
The big 3 carmakers are all introducing their all-electric vehicles to compete with Tesla. While you may consider getting a Tesla, with a big 3 carmaker, you will be able to take advantage of their dealership network to not only buy the car but have it serviced at the same time.
Financing the purchase of your EV
There is a finite number of lenders that will provide auto loans for EV’s. The government has offered tax rebates to save money on an EV. Your best hope of getting a competitive deal is by going to a dealership and applying for their in-house financing.
You will not find zero-percent interest loans but if you have a good credit score, you should be able to lockdown something competitive.
In this scenario, the only surefire way to save money on an EV is to ask your dealership for help. The lenders that specialize in financing the purchase of EVs are few and far between. Without the help of the dealership, you would never be able to find these lenders and save money.
Cost to retrofit your home
If you have good credit or need credit advice from the dealership, you still need to budget for the installation of the charging station in your home.
You could use a standard outlet but that would take hours to recharge your EV. By having the proper charging station installed, you will be able to recharge your car faster which gives you the flexibility to come and go as you please.
When you purchase an EV, you will help reduce your carbon footprint while still preserving your independence which is something all Canadians desire.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!