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How car ownership is changing in 2022

How car ownership is changing in 2022

The way we own and drive cars has changed dramatically in the last couple of years.

With more people making the transition to EVs and working from home if you were thinking about buying a new car, now is the time to give it some serious thought.

Gas prices in Canada and around the world are getting out of hand

One of the primary reasons you should make the switch from your current vehicle to an EV is cost savings.

While everyone likes to do their part for the environment, being able to save money is an added benefit.

Instead of spending $100+ to fill up your car with gas, you could spend a few dollars on electricity and cover the same distance.

During the pandemic, whenever everyone was working from home, we didn’t have to commute daily. That meant we saved money.

But now that employers are asking employees to return to the office, at least in a limited fashion, the cost of commuting to work is becoming a major financial hurdle for the average Canadian.

Taking advantage of rebates to make the transition

Both the federal and provincial governments in Canada have implemented rebates to help offset the costs of purchasing the EV.

Thankfully EV prices are now pretty much the same as what you would pay for a gas-powered vehicle.

Where things get interesting is being able to install a level-2 charger in your home.

This charger will let you recharge your EV in the evening, so it is ready to drive in the morning.

Since you can charge it after midnight, you save money on electricity and don’t have to worry about where to stop and refuel.

Lenders are getting on the EV bandwagon

When the first wave of EVs hit the market, it was relatively new, and lenders were not keen on issuing loans to anyone but the most credit-worthy borrowers.

Now that EVs have become more mainstream, we are seeing a dramatic influx in the number of lenders that are underwriting these loans.

Since there is more competition with these EV loans, you will be able to secure a good deal even if your credit is less than awesome.

Finding the best deal on a new EV

One of the preliminary challenges that people faced was being able to test drive the EV and get financing at the same time.

You can now head over to your local dealership, test drive their EVs, select the one you like, and get financing lined up at the same time. Now, you can do everything in one day and drive home in a new EV.

EVs are a fact of life and will eventually replace the gas-powered car; the sooner you make the transition, the more money you will be able to save, but the challenge is taking the first step and contacting your local dealership.

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

Categories: EV motoring

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