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Why young Canadian parents should consider buying an EV in 2022

Why young Canadian parents should consider buying an EV in 2022

Do you want to buy an electric vehicle? In the past few months, there has been a lot of talk in the news about the benefits of driving an all-electric car.

Even though electric cars are becoming more popular and maybe the cars of the future, there are some things you should think about before making a decision.

Where do you live in Canada?

This is an important question because the answer will affect what you decide to buy. Suppose you live in Ontario near the GTA.

In that case, it makes sense to own an electric vehicle (EV) because there are easy-to-reach charging stations.

However, rural Canadians will have to wait a while before they can buy an electric vehicle (EV). There aren't many charging stations in rural Canada, so owning an EV would be very inconvenient.

EVs are more expensive than cars with internal combustion engines

The average price of a new car with an internal combustion engine is $40,000, which is a lot.

However, the average price of an electric vehicle (EV) is closer to $50,000, which is 25% more. Some EVs cost closer to $40,000, but they might not have all the features you want.

Since the price relatively speaking on these cars is high, you will need to be able to get a bigger car loan to buy one.

Getting money to buy an EV can be hard

There aren't many lenders who will help you pay for an electric vehicle (EV). Because there aren't many lenders, there isn't much competition.

This means that you'll pay a slightly higher interest rate than you would if you were buying a vehicle with an engine that runs on gas.

Because there aren't many lenders, your credit score will be a big part of whether or not you can get a car loan. For these loans, you need to have a credit score of at least 650.

You could still get a car loan if your credit score is under 650, but it would be smart to work on your credit to raise it. Making sure your accounts are paid on time is the easiest way to improve your credit score.

With this simple rule of thumb, you can keep your credit score in the good range.

Best places to get financing for an EV

The Canadian government needs to give rebates to help get the EV market going. While we wait for the government to catch up, your local car dealership is the best place to get a loan for an electric vehicle (EV).

There are websites that offer car loans, but they can't get you the best deal. The dealership can help you choose the best vehicle for your needs and get the best deal possible.

Whether you want to buy an EV, a hybrid, or a regular car, your local dealership is the best place to go.

You need to call the dealership right away because you care about customer service and can get you the best deal.

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

Categories: EV motoring