How to Save Money when buying an EV in London Ontario

How to Save Money when buying an EV in London Ontario

Posted on June 1, 2022

Canadians who want to save money when buying an EV in London Ontario are in the right place. Our car loans team are going to show you what steps need to take in order to get the best value for your money.

Selecting the right make and model of electric vehicle

Something that you need to think about when purchasing an EV is its resale value of it when it comes time to change to a new vehicle.

There are new EV carmakers entering the Canadian market, these manufacturers are untested, and we have no way of knowing whether the company will be around to service their vehicles in the future.

This lack of consistency will impact the resale value of your EV, so it would be wise to only buy from makers like Ford or Dodge, companies that have been around for as long as cars have been on the road.

Taking advantage of government rebates

The Government of Canada has rebates in place to help make the transition from gas-powered to an all-electric more affordable.

While you could apply for these rebates on your own, it would be easier to get the dealership you purchased the EV from help you with this paperwork.

In addition, the dealership helps Canadians just like you every day take advantage of the rebate program, so they have a streamlined process.

How to calculate your savings

When trying to determine how much money you will save, you cannot only look at the asking price of the vehicle; that is just a number.

The average Canadian drives at least pre-pandemic 20,000km a year. If you look at the average cost of gasoline, which is rising by the day, and the maintenance costs of a gas-powered car compared to what it costs to cover the same distance with an EV, the savings are staggering.

You could easily save thousands of dollars per year just in fuel costs, and that does not take maintenance into consideration.

Gas-powered cars must be routinely maintained, or they will suffer a catastrophic breakdown. With an EV, it is possible to have a breakdown, but those risks are remote at best.

Saving Money with EV Car Loans

You must go through a local car dealership to get the best financing and save money on your EV purchase.

The local dealership will know all of the lenders in London that provide EV car loans and can shop around to find you the most competitive terms.

If you have credit challenges, the dealership has experts who can show you what steps must be taken to boost your credit score. By having a high credit score, you will qualify for the best financing terms, which helps you save money.

The first step in this process is to actually test drive the EVs at your local car dealership and pick the one that you like the most. Once you have identified the car you like, everything else will go smoothly, and you will be happy knowing you are helping the environment and saving money in the process, a true win-win scenario.

We’d love to help you save money when buying an EV in London, Ontario. 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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