Should you buy a new or used EV in 2022?

Should you buy a new or used EV in 2022?

Posted on June 6, 2022

If you are thinking about buying an EV but are not sure whether to buy a new or used model in 2022, you are in luck.

Our Grimsby auto loans team have already covered the key things that you need to consider before taking the proverbial leap of faith from a gas-powered vehicle to an EV.

Gas-powered vehicles are no longer en vogue

There will be small pockets of driving enthusiasts who love their gas-powered supercars or antique vehicles, but the majority of Canadians want a reliable vehicle that is not going to cost them a fortune just to keep fuel in the tank.

EVs are very attractive because they offer tremendous savings without having to sacrifice your quality of life.

Most of the EVs on the road today are made by well-established brands like Ford Canada, so you know the cars are made for driving in Canada.

By the middle of the next decade, there will be no new gas-powered vehicles manufactured in Canada.

New or used EVs, which is the right choice?

That answer to that question is a resounding “it depends”, are you planning on keeping the vehicle for a few years, or are you looking for something that will meet your needs for three years or less?

If you don’t plan on keeping the car for at least 3 years, then used may be the right option for you.

The average driver will save roughly $2,500 per year just by switching from a gas-powered car to an EV.

To realize the full savings of a new EV, you should keep it for more than three years; if you are buying a used EV, then three years is the sweet spot for you to get the best return on your investment.

When you buy a used EV, you do not have access to the same rebates you would have if you purchased a brand-new EV; this is something you must bear in mind.

Where to buy a suitable EV in Grimsby

You’ve probably spent a considerable amount of time doing research, but when it actually comes time to make a buying decision on a new or used EV, don’t tempt fate.

You should never attempt to make such a large financial decision without seeking expert advice. Contact a local car dealership in your area that provides both new and used EVs.

Take a look at the inventory of cars that is available and test drive all of them. The EV driving experience is very different from the gas-powered experience you have become accustomed to, and the only way you will know which EV is by going for a test drive.

The dealership will also be able to help you secure the best car financing terms.

Interest rates are rising in Canada, so you need every possible ace up your sleeve, and the greatest resource of all is having a car dealership help you get a good deal.

So you should head over to the local dealership now and start test driving the EVs, it will be a lot of fun, and you will save a considerable amount of money in the process.

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