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Before you Buy an EV in Ontario: 4 Considerations to Make

Before you Buy an EV in Ontario: 4 Considerations to Make

If you want to buy an EV in Ontario, there are some things you should take into consideration. The automobile industry across North America and even Canada is going through a profound transition from gas-powered vehicles to electric-powered vehicles.

 

2022 Lincoln Star Concept

 

We have never seen this type of transition since the time we transitioned from horse-drawn carriages to mass-produced automobiles.

 

Budgeting for a new EV

 

Source: moneyunder30.com How much to spend on a car

 

The median price for an EV varies, but it is considerably higher when compared to a gas-powered vehicle with similar features and output.

 

Rebates being offered by the Government would offset these higher prices; while there are rebates at the federal level, the Ford Government in Ontario does not have any rebates for EV buyers at this time.

 

This lack of rebates coupled with high retail prices means you will need to dig deeper in your budget in order to do your part for the environment.

 

Over the lifespan of the vehicle, you will save money on fuel, but the initial upfront cost may be high for most people.

 

Financing the purchase of your EV

 

The carmaker you decide to buy from will impact the number of potential lenders that are willing to approve a car loan.

 

If you purchased a Jeep hybrid, you would have a long list of potential lenders because Jeep is a well-established brand, and there is a resale market for their vehicle.

 

2021 Jeep Wrangler 4xe Available at Unique Chrysler in Burlington

 

Since there is a limited number of lenders willing to finance the purchase of an EV (the number is growing), you will need to enlist the help of experts to get the most preferential terms.

 

Additional intangibles you need to take into consideration

 

There are some additional things you need to take into consideration before you actually buy an EV. Where in Canada do you live?

 

If you live in an area like the GTA, then owning an EV makes sense because there is charging infrastructure in place, so you should be able to drive the EV like your current vehicle.

 

EV Charging Stations at Limeridge Mall in Hamilton Ontario

 

Potential buyers living in more rural areas will not have access to chargers, and owning an EV at this time may not make sense, at least until the charging infrastructure is in place.

 

It took over 100 years for gas stations to be everywhere; it will take a little time for charging stations to catch up.

 

Where to find the most competitive terms when you Buy an EV in Ontario

 

Whether you are buying a gas-powered or all-electric vehicle, your best option is to go through a car dealership in your area.

 

Car Nation Canada Direct in Burlington Ontario

 

The dealership has the ability to get you the best car loan terms, even if your credit score is on the low side. In addition, the dealership has professionals who specialize in credit repair; these experts will show you how to build your credit score so you will qualify for the best financing in the future.

 

We have covered the key things you need to consider before purchasing an EV.

 

Now, you have to make a decision and do it soon. Interest rates are rising in Canada and will continue to rise well into 2023.

 

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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