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EV or Hybrid: What Canadian car buyers need to know

EV or Hybrid: What Canadian car buyers need to know

Canadians who are thinking about buying a new vehicle will need to decide whether to opt for an EV or a hybrid.

There is a misconception that EVs and hybrids are essentially the same when nothing could be further from the truth; we are going to discuss the differences and how they can impact you as a consumer.

Hybrid 101

A hybrid car is typically one that has a petroleum-powered engine that is used to recharge batteries which provide electricity to drive electric motors.

The premise is that if a driver is using electricity for short commutes and petroleum for long-distance driving, the driver will have the “best of both worlds”.

There are some vehicles that are “plug-in hybrids” where you can plug the vehicle in at night to recharge the battery.

While these vehicles do provide some fuel economy, you are still at the mercy of fuel prices which is prone to wild swings.

Back in the early and middle of 2022, fuel prices were out of control and nearing $3.00 a liter.

Thankfully the prices have come down to something more reasonable, but it is just a matter of time (after the U.S. primaries) before we see petroleum prices shoot back up.

EVs: What you need to know

EVs (electric vehicles) rely solely on electricity for movement; large batteries are used to store energy which you can use to run accessories inside the cabin of the vehicle and for actual driving.

One of the biggest challenges initially with EVs was the limited amount of range a driver would have; this led to the term “range anxiety” that drivers felt when they ran out of energy before reaching their destination or finding a suitable charging station.

Fortunately, the latest generation of EVs in the market provides a considerable amount of range, so you can drive well over 500kms and not have to worry about running out of juice before reaching your destination.

There has also been a substantial increase in the number of level-3 chargers throughout Canada.

Even if you are not able to access level-3 chargers, you could also opt to install a level-2 charger in your home.

These chargers are much faster than your level-1 that comes with the car, and you can take advantage of lower energy costs by having the car charge overnight.

Financing a hybrid or EV has never been easier

Government rebates are being offered to help drivers transition from fully gasoline-powered vehicles to something that is better for the environment and your wallet.

To enjoy the benefit of these rebates and also get the most preferential financing for the new vehicle, you should test drive all of the various hybrids and EVs that are available until you have found the one you like the most.

The sooner you do reach out to the dealership, the more money you are going to save on fuel.

When you’re ready for a car lease or loan, get in touch with the auto loan experts at Northway Ford for great deals on auto finance.

Categories: Car Loan