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Should you Sell your Gas Car to Buy an EV?

Should you Sell your Gas Car to Buy an EV?

Are you wondering if you should sell your gas car to buy an EV instead?

 

Our Cambridge auto loans team are going to review the pros and cons that are associated with both EVs and gas-powered cars; by the time you reach the end of this discussion, you will be able to make the right decision based on your specific needs and situation.

 

Can you afford to sell your gas car to buy an EV?

 

This is a touchy subject but one that we need to discuss. The price of an EV can run over $30k, and you will need decent credit to qualify for financing.

 

If you are not sure what your credit score is, check out apps like Credit Karma. Your credit score needs to be in the 650 or higher range to get a decent car loan; you also need room in your budget to cover the car payment.

 

If you have decent credit, you can then start reviewing the primary reasons why you should make the switch to an EV.

 

Benefits of owning an EV

 

One of the immediate benefits of owning an EV is the amount of money you are going to save on gas.

 

Gas prices now exceed two dollars per litre, and that number is only going to increase with time. The days of cheap oil and affordable gasoline are gone, and with the carbon taxes introduced by Ottawa, high gas prices are here to stay.

 

Inflation has made everything more expensive; Canadians are tightening up their belts and looking for savings wherever they can find them.

 

The few hundred dollars you spend on gas could easily go towards your new EV car loan or paying for some other expenses.

 

With an EV, you also benefit from not having to spend a large amount of time or money on maintenance.

 

The EV does require some maintenance, like servicing the braking system, changing tires, and cabin air filters, but that is pretty much it. Unlike a gas-powered car which has a large number of moving parts, the EV only has a few components that are moving.

 

Where to get the best deal on an EV

 

Since you want to sell your gas-powered car and use the proceeds towards the purchase of an EV, why not save yourself some time and go directly to a local car dealership.

 

The dealership will give you a competitive trade-in value for your gas-powered car; this trade-in value will be applied towards the purchase of the EV.

 

The dealership will also help you secure a competitive interest rate car loan, so you are saving money on financing, but you must act fast.

 

The Bank of Canada is increasing interest rates with the hopes of slowing inflation; these higher rates will make financing a car more expensive, so you must lock in your new EV car loan before interest rates go up.

 

By being proactive, you will save money and do your part for the environment, so reach out to the local dealership today.

 

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

 

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