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Common mistakes to avoid when buying a new EV in 2022

Common mistakes to avoid when buying a new EV in 2022

If you have been waiting for the right time to buy an EV, 2022 is the year to make that happen. There are a few things you need to bear in mind when shopping for a new car; if you want to come out ahead so, be sure to follow these suggestions.

Car prices are tracking higher due to inflation

Inflation is taking a toll on the Canadian economy, and carmakers are facing a tremendous amount of pressure to keep their retail prices competitive.

Everything from raw materials to the cost of labour has gone up, and it is just a matter of time before car prices begin to rise.

The challenge with rising inflation is that it also affects the greater economy in Canada, so the money you are making buys less, making it more difficult for you to afford things like a new EV car payment. Before inflation begins to really weigh down the economy, you should move your car buying timeline up to as soon as possible.

The cost of financing a new car is rising

Inflation is not the only variable you need to contend with when trying to buy a new vehicle.

The Bank of Canada is facing the perilous challenge of taming inflation by raising interest rates.

When the Bank of Canada increases the key lending rate, all lenders throughout the country follow suit and increase their lending rates.

This means that even the most credit-worthy Canadians are going to be paying a higher interest rate if they wait too long to buy a car.

Gas prices aren’t getting any cheaper

Your current vehicle may be reliable, but it is probably not very fuel efficient. With gas prices constantly rising thanks to the carbon taxes being implemented by the Trudeau government, you are forced to spend more money for the same amount of fuel.

What makes this even more difficult is that these high fuel prices aren’t going away; we may see $3 per litre of gas by the end of 2023, and who knows what it will be in the future.

The only effective way to mitigate these rising costs is to purchase a more fuel-efficient hybrid or purchase an EV and release yourself from the clutches of gasoline completely.

How to get the best deal on a new EV in Canada

The single biggest mistake you can make when buying a new car is to try and do it alone.

You are making a serious financial decision and need to work with someone who can protect your interests. What you should do is contact a local car dealership in your area, one with a great reputation for taking care of its clients.

When you have identified those dealerships, you can let the dealership negotiate the most competitive terms with the local dealership.

By following this approach, you can’t go wrong and should be able to lock down the most competitive EV car loan in Canada, but you need to move fast.

If you need help or advice on anything to do with electric vehicles, contact Car Nation Canada today, we can help!

Categories: EV motoring