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Should you sell your gas car just to buy an electric one?

Should you sell your gas car just to buy an electric one?

Are you thinking about selling your gas-powered car and buying an EV? You are not alone; a growing number of Canadians are facing this dilemma.


We are going to spend a few moments reviewing the pros and cons of moving forward with this decision; by the time you reach the end of this article, you will feel more empowered to move ahead.


Gas prices vs. electricity prices


For most of 2022, gasoline prices were tracking at unprecedented levels; these high prices were attributed to the invasion of Ukraine and inflation.


While prices have started to retreat, it is just a matter of time before OPEC cuts supply and we are forced to pay an arm and a leg for fuel.


Instead of being at the mercy of oil barons from around the world, you can transition over to an electric vehicle where electricity prices are more predictable.


This predictability will really help your budget, especially since everyone is trying to stretch their budget with inflation tracking at nearly 8% monthly; yes, that is no typo, 8% monthly!


Maintenance costs to consider


Not only are you able to save money on fuel when transitioning from gasoline to an EV, but the maintenance costs on an EV are also just a fraction of what you pay compared to your existing gas-powered car.


The EV only has a few moving parts, with fewer potential points of failure, and there is less maintenance needed on the vehicle.


While there is less maintenance, there are some additional things you need to take into consideration before you can move ahead with any firm decisions.


These EVs require access to charging stations; depending on where in Canada you live, there should be level-3 charging stations available for when you are traveling and need to quickly recharge your EV.


Something that you should consider doing is installing a level-2 charger in your home.


This charger uses a stronger current, so you can typically add about 50KM-60KM of range per hour charged compared to a level-1 charger which only adds about 8 KM of range per hour it is connected to your EV.


You will need to hire a licensed electrician to do the installation, so there is an upfront out-of-pocket expense for the level-2 charger, but this way, your EV is always charged, so you never have to worry about range anxiety again.


Additional food for thought


Getting the best possible deal trading in your gasoline-powered car for an EV. The only way you can get the best possible deal is to bring your vehicle to your local dealership and use the trade-in value of the gasoline vehicle.


Use the trade-in value as a down payment on the EV; this will help ensure the EV is affordable, especially with inflation tracking at all-time highs in Canada.


The sooner you make the switch to an EV, the more money you are going to save, plus do your part for the environment, so head over to your dealership right now.


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: EV motoring