Mistakes to avoid when shopping for a new electric car in Ontario
Mistakes to avoid when shopping for a new electric car in Ontario
Posted on August 19, 2022
There are some important mistakes you need to avoid when shopping for a new electric car in Ontario or any other province for that matter.
We are going to cover some of the biggest mistakes to avoid, so please pay close attention; you will save a tremendous amount of money by steering clear of these mistakes.
Don’t shop online for an electric car loan
The biggest mistake that people can make is to shop around online for a car loan.
During the pandemic, we spent most of our time online shopping, so it stands to reason that we can get a good car loan by shopping online.
While this may seem like a good idea on paper, you need to steer clear of these websites. The websites that advertise car loans don’t actually offer loans.
The website just captures your contact information and resells it to the highest bidder/s; there is no incentive for the website to get you the best deal.
They just want to sell your information to as many lenders as possible.
The quotes that you receive online are retail quotes; we will show you how to access wholesale quotes in a little bit.
Buying a new or used electric car?
Are you thinking about buying a used car and saving some money in the process? While you can get an amazing deal on a used car, you should never buy from a private seller; you have no way of knowing whether the car is in a good state of repair.
If you opt for a used car instead of buying a new, go through a reputable seller in your area.
Consider getting a hybrid or an EV
Gas-powered cars will start to be phased out by the end of the 2020s, and by 2035 carmakers will be banned from producing gas-powered cars and light trucks; with that in mind, you should consider buying an EV.
If you buy a gas-powered car, there is a risk that there will be no resale market for the vehicle when it comes time for you to buy a new car.
By getting an EV now, you are saving money on gas and ensuring that your vehicle has some resale value when it comes time to trade in your vehicle.
Where to get the best wholesale car financing terms in Canada
If you want to get the best wholesale financing terms in Canada, you don’t have to shop around online.
Simply head on over to your local dealership and begin reviewing the full range of car loan options they have available.
These dealerships have direct access to wholesale lending and can get you approved for a fantastic car loan, but you need to contact the dealership first.
If you work with a local car dealership, you will avoid the vast majority of mistakes that most Canadians make when buying a car.
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