How do electric cars depreciate compared to gas in Canada?

How do electric cars depreciate compared to gas in Canada?

Posted on June 3, 2022

If you are wondering how electric cars depreciate compare to gas in Canada, you are in the right place. Our Ayr car loans team are going to give you the straight goods so you can make a better-informed buying decision when purchasing your next car.

To save you time, we are going to present the pros and cons of how gas-powered and electric cars depreciate, so you can quickly run through everything and come out the other side with a clearer understanding.

Reasons to buy a gas-powered car

• The initial price is relatively lower than an all-electric. Gas-powered cars have been massed produced for the better part of a century, so you benefit from the economy of scale these cars provide. If you are buying a fully gas-powered car, you will incur higher operating costs in the form of fuel and maintenance costs, especially when compared to an EV
• If you are living in an area of Canada, where there is limited charging infrastructure that makes owning an EV impractical at least for the time being.

Reasons to own an EV

• Fewer carbon emissions for the environment. There will be people who say, why reduce emissions when other countries continue to release massive amounts of carbon into the atmosphere? We all have a part to play in Canada; if we want to preserve our natural beauty, then those who can do something must; little things like using a greener form of transportation like an EV is the way to go. The alternative of not having a car at all in Canada is simply not an option; we all need a reliable form of transportation.
• Tremendous savings on fuel, the various carbon taxes coupled with a spike in oil prices has pushed gas prices over two dollars per liter. The days of cheap gas are long gone; with each fill up, you will pay more; when comparing the costs of fuel, electricity rates are low, so you will save a considerable amount of money by taking the leap.
• Rebates help reduce the upfront cost of the EV; the EV does not have as many moving parts, so the amount of maintenance required to keep the vehicle roadworthy is considerably less when compared to a gas-powered car. By leveraging the rebates, you should be able to get behind the wheel of an EV sooner rather than later.

Getting the best deal on a new car

Whether you decide to buy a gas-powered or EV vehicle, you naturally want the best deal possible, especially if you are having credit challenges.

The local dealership is going to do its level best to get you approved for a car loan at the most competitive terms based on your financial profile.

You can also enjoy taking the various gas-powered and EVs for a test drive until you have found the car you like the most.

By sticking with a local dealership, no matter which type of vehicle you choose, you can’t go wrong.

You should contact the local dealerships soon, though, interest rates are rising, and you don’t want to pay more than what you need to.

We’d love to help you find a new (to you) car. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Burlington dealership. 

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