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Long term benefits of owning an EV in Canada

Long term benefits of owning an EV in Canada

There has been a lot of press recently about the risks of owning an EV, while carmakers are experiencing some growing pains, this technology will only get better.

We are going to discuss some of the reasons why you should consider making the switch to an EV.

Retail prices for EVs have gone down dramatically

The first generation of EVs was expensive; there is no denying that, but like any new technology, the prices come down once manufacturers are able to reach an economy of scale.

Whether it was VCRs, DVDs, Smartphones, or in this case, EVs, as more of them are being made, the cost per unit is going to come down.

If you were to conduct an apples-to-apples comparison of an EV and similar gas-powered vehicle with the same addons, the retail price will almost be the same.

You would need to leverage rebates being offered by the government to realize this pricing parity, but anyone who was sitting on the sidelines due to pricing should give EVs a second look.

Range anxiety

A common obstacle that people brought up was the lack of charging stations available locally and throughout Canada.

The good news is that with each passing day, there are new charging stations that are coming online.

Along with the installation of level 2 charging from within the home, drivers can recharge their vehicle at home; this reduces the number of drivers that need to use the level 3 charging stations.

Along with an increase in the number of charging stations, the range of EVs has increased dramatically, and you can now get roughly the same amount of range from an EV as you could from a gas-powered car.

Lack of financing options

Since the EV market was relatively new, there was a limited number of lenders that would be willing to issue a loan.

As the number of EVs on the road increased, there was an aftermarket where people could buy used EVs.

Mainstream lenders started to take notice, and now you have a large number of lenders that will finance the purchase of an EV, even borrowers with average credit should be able to finance the transaction.

Selecting the EV that is right for you

There were not many EVs in the market a few years ago, but things have changed; you have a vast range of different EVs available in the market from manufacturers like Ford.

You can easily head over to your local car dealership, test drive an EV, get financing on the spot and drive home the same day.

With rising gas prices, you should reconsider owning an EV; the money you save on fuel alone will really make it worth your while, especially now that interest rates are going up; if you delay making a purchase, it could end up costing you in the long run.

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Categories: EV motoring

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