How do you save for the down payment for an electric car?

How do you save for the down payment for an electric car?

Posted on July 11, 2022

With electric vehicles being the future, many people would love to hop on and follow the new trend. With rising gas prices, just as many people would also like to ditch the expense at the pump.

Despite the incentives, electric cars are still expensive, and a loan down payment is going to be equally expensive.

In this article, we will be discussing practical steps on how you can save up for the down payment of your electric car.

Tips on how you can save for the down payment

Create an account for savings: When saving up for a vehicle, it is essential to set an account aside to curb withdrawals and help achieve goals faster. It is also advised to open high-interest savings account for this cause.

Make a proper plan: With the knowledge of the model of car we desire,  its price and the amount its down payment would cost.

We need to make a plan of how the money would be raised. So many people go with the idea of selling their current vehicle. At the same time, some save a particular percentage of their earnings.

Plans are to be made based on current income and expenses incurred. Also, making a visible and realistic plan is important in achieving your goal.

Get creative with how you save: Next, you think of more ways to increase your earnings and cut down cist in every possible way.

Stay committed to your goal: After the goal has been set and the savings journey has begun, you need to stick to your plan as much as possible and save up religiously according to your laid down plan.

Reduction of Interest payments: Also, when saving up, we should try as much as possible to cut down interest payments on loans as much as possible. The smaller the loan, the smaller the interest paid. This will also help you focus on saving up on the down payment of your electric vehicle.

Best saving accounts in Canada

These accounts below are the best savings to help you achieve your goal of saving for the down payment of your electric car by comparing interest rates, fees and the convenience they provide.

Neo Money Account: This savings account offers 1.80% per annum with no minimum balance required

EQ's Bank Saving Plus Account: This account offers 1.50% per annum with no minimum balance required and a bonus offer of $150.

Achieva Financial TFSA Savings Account: This account offers 1.80% per annum with no minimum balance required.

Canadian Tire Tax-Free Interest Saving Account: This account offers 1.45% per annum with no minimum balance required.

Hubert Financial High-Interest Tax-Free Savings Account: This account offers 1.70% per annum with no minimum balance required.

Mostusbank High-Interest Savings Account: This account offers a 2.75% promotional rate per annum with no minimum balance required.

Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!