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Things to Consider when Buying an Electric Car

Things to Consider when Buying an Electric Car

So, you want to do your bit for the environment and buy an electric car. Kudos to you for taking the initiative! While there are many benefits associated with owning an electric car, there are also some additional variables you need to take into consideration.

 

Our Glen Morris car loans team explains some of the considerations you need to make if you’re in thinking about buying an electric car.

 

Where in Canada do you live?

 

If you live in Vancouver, the GTA, or any other major city in Canada then you should be able to use your electric vehicle as intended.

 

Drivers who are located on the east coast or rural areas of Canada have to travel great distances to find charging stations. Over time, there will be more charging stations coming online, but it will take years before they are as common as gas stations.

 

Cold weather + batteries = no fun

 

If you asked 100 random strangers from around the world to describe Canada, some will say how lovely the people are but the vast majority will say it’s cold.

 

Canada has some gnarly winter weather, between January to early March, the mercury can drop to below 30 degrees Celsius for weeks on end.

 

Most Canadians (myself included) are pretty much immune to the cold, but your electric car will have serious challenges.

 

Extreme heat or cold will negatively impact the maximum range your electric car can drive.

 

While engineers are trying to develop ways to reduce the effects of the weather, you should avoid taking long trips during inclement weather unless necessary.

 

The range estimator inside your car is just that an “estimate”. You do not want to find yourself on a highway somewhere in rural Canada with the windchill in the negative double digits.

 

Upside to owning an all-electric car in Canada

 

You will save a considerable amount of money on fuel, as gas prices continue to rise, the cost to recharge your car will be pennies (they stopped making them years ago but we still love them) on the dollar when compared to gasoline.

 

These electric cars have little actual maintenance, you just rotate your tires and have the air filters changed at regular intervals. Aside from that, the actual maintenance is minimal.

 

The Government is offering significant tax rebates to help make buying an electric car more affordable.

 

While on the topic of affordability, financing the purchase of these vehicles is not the same as financing the conventional gas-powered car.  These vehicles are relatively new so lenders have a challenging time forecasting the resale value of the car if you choose to lease the vehicle.

 

What you can do is get help from a dealership that has experience financing the purchase of electric cars. Your credit will need to be good (680 range or higher to get financing for these cars).

 

Not only can the dealership help you get the financing, but they can also help you with the tax rebates being offered by Ottawa and other provinces.

 

Electric cars are the future and now that you understand all of the variables that are involved in owning one of these vehicles, you can start booking test drives.

 

We will use all our skill and experience to deliver the lowest possible Glen Morris auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

 

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