Which EV Should You Buy in Canada? Walk Away Happy
Which EV Should You Buy in Canada? Walk Away Happy
Posted on October 14, 2022
If you are shopping for an EV, we have put together a list of important steps you need to follow, so you can get a good deal. But which EV should you buy?
The EV market is growing rapidly, so you should be able to secure some amazing deals, just be sure to stick with us, and you will come out ahead.
The evolution of the EV market in Canada
The EV market in Canada has grown by leaps and bounds.
Number of EV models available over the years https://morningconsult.com/2021/12/22/electric-vehicles-consumers-2022/
The sheer number of new EVs hitting the road is increasing monthly; if you look around, you will notice there are more EVs showing up at parking lots all of Canada.
One of the primary reasons that most Canadians were reluctant to switch over to EVs was the fear that it was just a “fad” and it would stand the test of time.
This is no longer the case, we have major car makers like Jeep producing the Jeep Wrangler 4-XE, and Ford has also introduced the electric Mustang; needless to say, EVs are here to stay.
Hybrid Jeep Wrangler in canada
Range Anxiety Is a Thing of the Past
The first generation of EVs in Canada suffered from reduced range; this constant need to recharge the vehicle frequently meant that only buyers in urban areas like the GTA, Vancouver, and Montreal would have access to charging stations, and the rest of the country was trying to play catch up.
With the latest developments in EV battery technology, the majority of EVs that are being mass-produced can easily provide up to 500KM on a single charge.
This range should meet the needs of most Canadians, even if you are working a hybrid schedule where you are only in the office a few days per week.
How to Finance the Purchase of Your New EV
Something that you need to consider is how you plan on financing the purchase of the EV.
Fortunately, the number of lenders who offer EV financing has increased dramatically in the last few years; this coincides with major carmakers like Ford coming into the mix.
To secure a competitive interest rate EV loan, your credit score should be above 650 and ideally over 720. If you aren’t sure whether you meet that level, you can sign up for free access with Credit Karma.
How credit score is calculated. Source: Canada Drives
Even if your credit score is low, the money you are saving on gas and maintenance is worth the extra interest payments you will incur.
The Best Place to Secure an Amazing Deal on a New EV
You should never try to purchase an EV on your own; there are many variables at play. The best and most viable option is to go through a local car dealership in your area.
The dealership will be able to arrange financing, even if you have poor credit.
An added benefit of going through a local car dealership is being able to test drive the EV before you drive it home. We cannot understate just how beneficial it is to connect with the vehicle on a visceral level before you make the decision to buy.
Not sure which EV you should buy in Canada? If you need help or advice on anything to do with electric vehicles, contact Car Nation Canada today, we can help!