Pro tips to follow when buying an EV in Canada

Pro tips to follow when buying an EV in Canada

Posted on August 5, 2022

EVs are the future; it is not a matter of if but when will everyone in Canada transition over to a fully electric vehicle.

Since EVs are relatively new to the Canadian car-buying scene, we are going to cover some of the best practices you should follow to protect yourself from making the wrong choice.

New versus used EVs

If you are buying a used EV, there are a few things you must look at before making a firm decision on whether to proceed.

The first thing is determining what the fair market value (FMV) of the used EV you are thinking about buying.

The used EV market is new, and determining the value of an EV can be tricky. With gasoline-powered cars, most people look at Kelly Blue Book for a ballpark figure.

With EVs, you want to look at the odometer and also the overall condition of the battery.

EV batteries are expensive and do degrade over time; the level of degradation is influenced by how the vehicle was maintained.

If the car was parked in the heat for prolonged periods of time, the battery would degrade faster than if the vehicle was parked in a garage.

You need to take these variables into consideration, or you could find yourself overpaying for a used EV.

As a general rule, if you are buying a used EV, don’t buy from private sellers; the risk of being ripped off is just too high.

The best place to buy a used EV is through a licensed dealership; the dealership can help you line up financing to purchase the used EV and can provide maintenance support on a going-forward basis.

The case of buying a new EV

If your budget has the room, you should consider buying a brand new EV. When it comes to automobiles, there is no substitute for buying new ones.

With major carmakers like Ford introducing a full line of EVs, you should be able to find a vehicle that meets your driving needs and budget.

Where to secure the best financing terms for a new EV in Canada

You may come across websites advertising EV loans online, and they make a compelling case of why you should apply through them.

While these websites provide a convenient medium to submit an application, they will not be able to secure the most competitive terms for you, especially if you are facing credit challenges.

When it comes to securing the most competitive car loan terms, your best option is to work with a local car dealership.

The local dealership already knows all of the lenders that finance EVs, so you won’t waste time reaching out to lenders who aren’t in this growing niche.

The dealership also has a fleet of EVs that you can take out on the road for a test drive today.

So why not contact your local dealership right now and start going for test drives? This is the only way you can identify the vehicle that is best suited for you.

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