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Where to find a good deal on a used EV

Where to find a good deal on a used EV

The EV market in Canada is growing rapidly; what started off as a very small niche for car enthusiasts has now reached Main Street.

Canadians who want to make the switch to an EV and save money on gas but don’t want to buy a brand new EV should consider purchasing a used one.

Like buying any used vehicle, there are some important steps you should take so you come out ahead.

Taking stock of your financial situation

With the Bank of Canada recently increasing the prime rate by 100 basis points, you will need to be proactive if you want to secure affordable financing.

The only way to do that is by making yourself appear to be the ideal candidate for prospective lenders.

Lenders look at two important factors when trying to make a determination on whether to approve a loan and at what amount.

The first thing they look at is your credit score; there is a minimum credit score requirement of 600; if your score falls below that level, you are classified as a subprime borrower, and the subprime market in Canada is pretty tight right now.

If your credit score is over 700, you gain access to the most competitive interest rates, which helps you save money over the term of your loan.

The next and equally important variable that lenders will want to review is your income. Your credit score may be perfect, but if your income is not enough, then you will not be able to get approved for a new car loan.

If you are self-employed and applying for a car loan, lenders will ask for your income tax assessment and bank statements for the last year.

Individuals who are working a traditional 9-5 job will need to present their latest pay slips.

You should have all of these documents ready before you start going out for test drives; it will save you time and heartache.

The best source of used EVs in Canada

While you may be tempted to make an offer on a used EV you have seen on Kijiji or AutoTrader, avoid making that mistake.

You should never purchase any vehicle from a private seller found online, even if the EV looks like it is in great condition.

Numerous scams are being committed online, and one of the most common ones involves using used cars as bait.

You are protecting yourself from a world of hassle by steering clear of private sellers and dealing solely with local, licensed used car dealerships.

Not only do the local used car dealerships have EVs that you can drive, but the dealership can also provide you with access to an extended warranty and the most competitive auto financing in the industry.

These dealerships have the ability to secure the auto financing that the general public cannot due to the exclusive relationship the dealership has with the lenders.

Now that you know how and where to buy a used EV in Canada contact your local dealership now and start going for test drives.

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Categories: EV motoring