Buying an EV on a budget in Milton
Buying an EV on a budget in Milton
Posted on September 7, 2022
It’s become clear that at a point soon buying an Electric Vehicle won’t just be an option, but the only option in Milton. If you’re on a budget, how can you get in on it now before you’re left in the dust? Here we present a list of a few of the least expensive options, as well as some other tips to help when buying an EV on a budget in Milton.
Most Affordable EVs
For those of us who just need a car to get to and from work, pick up groceries or make quick trips to run errands, the best 2 options are the Nissan Leaf and the Chevrolet Bolt EV. Both vehicles are efficient and great for city driving. The Leaf starts at $37,498 and the Bolt’s starting MSRP is $40,348.
A number of crossovers have emerged recently as well at good price points: the Mazda MX-30 at $42,150, and the Kia Niro EV at $44,995 are only two of many. The MX-30 has a driving range of only 161 Kms, which is low compared to many on the market today, but it is very sleek and has some high-end tech inside. The Kia Niro isn’t only available as an EV, but also as a hybrid and plug-in hybrid, so there are several options depending on your needs.
Incentives
The Federal Government recently announced that they have included funding in their 2022 budget to extend the incentive to buy green vehicles until March 2025. This is up to $5,000 in savings when you purchase an EV that fits the criteria (all the ones we’ve listed above are eligible). While it’s not exactly going to cut your costs in half, a $5,000 incentive is nothing to sneeze at and can really help you keep your purchase under budget.
Budgeting
Nobody likes making a budget, no matter how many times we’re told it’s the wise thing to do. It can be difficult to sit down and honestly evaluate how you spend your money, but in the end it’s necessary to ensure you don’t overspend on a large purchase, so it should be the first thing you do.
Making a large down payment will always guarantee your monthly payments will be lower but laying out a big chunk of cash upfront isn’t an option for everyone. If you already have a vehicle, you can trade it in or sell it before buying your new EV. That will go towards the cost and bring down your payments. A benefit of taking this route now is that the used car market is still hot and many dealers and looking for cars to fill their lots. You can get a higher price than ever for your used car, and it may be better to trade it in sooner than later because the demand for ICE vehicles will begin to dwindle.
An EV comes with the obvious advantage of not needing to be fueled by gas, so you’ll have immediate savings at the pump. Many models can be charged at home, so by plugging your car in overnight during off-peak electricity use times, you won’t add too much to your hydro bill, plus you’ll wake up to a fully charged car every morning!
Buying any new car is a big deal, just remember the most important thing about making a large purchase is to do your research and be prepared with as much knowledge as possible before making that leap.
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