Key things to consider when buying an EV in Canada

Key things to consider when buying an EV in Canada

Posted on August 29, 2022

If you want to buy an electric vehicle, 2022 is the year to do it. We could go on and on about which EVs are the best, but that would be like telling you which shoe is best for your foot. The only way to know which one is best is to take it for a test drive.

We'll talk about some of the most important things to think about when shopping for an EV in Canada.

Have you paid your bills on time?

The first thing we need to talk about is your credit score. An EV can easily cost more than $35,000, so if your credit isn't great, this is a good chance to fix it.

By working on your credit now, it will be easier to pay for things in the future.

Sign up for free credit monitoring services like Koho, which lets you check your credit report and score for free.

The credit score that these apps give you is not an exact reflection of your credit score because each lender and credit reporting company has its own scoring model.

If you have a low credit score, it's probably because you have too much debt. Paying down your debt is the best way to solve this problem and save money at the same time.

If you don't already have a budget, now would be a good time to make one. A budget will tell you how much money you have on hand to pay off your current and future debts.

Is your house set up to accept a level 2 charger?

If your house is older and only has a 100-amp electrical panel, you may want to upgrade. Don't worry, though.

The government and some car companies are giving rebates that will help you cover some of the costs of making this change.

You can't install this yourself because it involves electricity, which could cause a fire or even kill you if not done by a licensed electrician.

If you have a level 2 charger installed in your home, you can easily refuel your car at the end of the day by plugging it in.

How to get the best price on a new EV

No matter where you live in Canada, you need to work with a dealership in your area to get the best deal on an EV with financing terms that won't break the bank.

The dealership will be able to help you get financing that you couldn't find anywhere else, no matter how hard you looked.

When dealing with lenders, the dealership has a lot of negotiating power. Even if you have bad credit, the dealership can get you approved.

Now that you know how to get a great deal on an EV, you should call a local dealership and set up some test drives. Honestly, you have nothing to lose and will be blown away by the experience of driving an EV.

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