Fact or Fiction: What you need to know about EVs in Canada

Fact or Fiction: What you need to know about EVs in Canada

Posted on June 6, 2022

Rebates are available from both the federal and provincial governments in Canada to prospective buyers of electric vehicles who are interested in lowering the overall cost of their purchase.

When purchasing an electric vehicle, incentives like these can help you save money, but you need to look at the "whole picture" because the benefits go beyond the rebates alone.

We are going to bust some myths regarding the market for electric cars in Canada so that you can make a decision that is based on accurate information.

Myth: electric vehicles are not just for folks with a loads of money or trust funds.

The idea that you have to spend $60,000 or more to buy an electric vehicle is one of the most widespread misconceptions.

While it is true that there are models that cost more than $125,000, Jeep and Ford produce models that are affordably priced similarly to what you would pay for an equivalent gasoline-powered model.

Now that we've busted that misconception, it should be possible for almost any citizen of Canada to purchase an electric vehicle.

Myth: Electric vehicles have high repair costs and a high rate of mechanical failure

It all depends on which automaker you choose to get your electric vehicle from; if you go with a well-known brand, then the possibility of experiencing a mechanical failure with the vehicle is actually smaller than it would be with a gasoline-powered vehicle.

On an EV, there are not many movable parts; hence, there are fewer potential failure spots because there are fewer moving parts.

With a modern internal combustion engine, there are hundreds of moving components, which raises the possibility of something breaking down, but, with an electric vehicle (EV), you should be able to drive as long as the battery has juice and the wiring system is functioning properly.

Myth: If you want a loan for an electric vehicle, you need to have impeccable credit

This is by far the most misleading piece of information that is being circulated on the internet; the market for electric vehicle finance is expanding every day, and new lenders are all competing for a piece of the multi-billion-dollar industry.

Approximately 35 million automobiles that are fuelled by gasoline are currently operating on the nation's roadways.

Well over 35 million vehicles will be replaced over the course of the next decade by new electric vehicles (EVs), which will need to be financed.

Because of this, lenders pull out all the stops trying to attract customers, even if the consumers' credit is less than flawless.

If you are having problems with your credit, it is in your best interest to consult with a credit specialist to find out what is causing your poor credit score; it is possible that it is due to a simple mistake contained within your credit report.

You do not need to pay for this professional credit advice; you can obtain it from your local vehicle dealership; their trained staff will analyze your circumstances and show you how to restore your credit score. You can get this advice for free.

The same dealership will also assist customers in arranging auto financing at the most affordable rates and terms that are available.

As the price of gasoline continues to rise, now is a better time than ever to make the conversion from a gasoline-powered vehicle to an electric vehicle (EV).

You have your pick of the litter right now, but as more people in Canada come to the conclusion that owning an electric vehicle (EV) makes sense for them, you will see a stampede of Canadians all trying to get an EV at the same time, which is why you should act quickly while the proverbial iron is still hot.

Visit the local dealership as soon as possible because this will turn out to be the best choice you've made all year.

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