Repair Costs for Electric Cars: How do they Compare?

Repair Costs for Electric Cars: How do they Compare?

Posted on June 3, 2022

A growing number of Canadians are thinking about buying an EV. Still, they are facing some legitimate questions, like are the repair costs for electric cars compared to gas-powered ones.

Our Kitchener car loans team are going to give you the straight facts on repair costs for electric cars so you can make an informed decision.

Murphy’s Law 101

Muphy’s law essentially means that if something can go wrong, it will.

With a gas-powered car, even though it is well-engineered, there are numerous moving parts that cause friction and require lubrication; all of these moving parts create multiple points of failure.

These vehicles also require ongoing, comprehensive maintenance to reduce the risk of mechanical breakdown, but in reality, the risk is always present.

With an EV, there are only a few moving components; fewer moving parts translate into a lower risk of failure.

Even if your EV were to break down, the cost to repair it would be modest if you purchased the vehicle from a well-established company like Ford.

Ford has trained technicians on EV repair best practices, so they can get you in and out quite fast.

While EVs may sound like brand new technology, it is essentially the same vehicles you are driving but with a more efficient, greener power supply.

Suppose you were to go with some obscure carmaker. In that case, the repair bill costs may be astronomical if you can even find a qualified technician to work on their vehicles.

Picking the right EV

The path to success when dealing with vehicles is selecting the EV that is going to meet both your current and ongoing needs.

In Canada, your average car loan is around 60 months, so you need a car that will grow with your needs. Fortunately, there are all-electric SUVs that should help ferry you and your family everywhere.

Financing the purchase of the EV

Something we need to discuss is how you plan on financing the purchase of your EV. You could trade in your gas-powered car, which should fetch a premium, given how hot the used car market is in Kitchener.

Those funds can lower the retail price of the EV, but you will still need to get a loan.

EV lenders can be found online, but you are not going to get the best terms from these websites. If you are serious about saving money and getting a great deal, you should head over to your local car dealership.

The dealership is able to provide you with the support that you cannot access on your own, starting with access to the best lenders across Canada; even if your credit score is low, the dealership is going to get you approved.

This same dealership has an inventory of EVs you could take for a test drive. Canadians who test-drive EVs tend to fall in love with them right away. These vehicles have incredible torque, so you feel like you are driving a muscle car!

When you go through the local dealership, you don’t have to worry about anything; the dealership will take care of everything, so you can just focus on enjoying the car-buying experience.

We’d love to help you buy an EV in Ontario! Simply fill in the form below and we’ll get back to you ASAP! 

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