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The biggest risks associated with owning an EV in Canada

The biggest risks associated with owning an EV in Canada

Canadians who are still on the fence about whether they should buy an EV have to ask themselves how much pain at the pump they are willing to endure?

The Trudeau Government has enacted carbon taxes that have made gasoline prohibitively expensive; while these taxes are under the premise of helping the environment, the taxes aren’t helping your wallet!

EVs are now on par with internal combustion engines (ICE) in many ways

While the first generation EVs that came to the Canadian market around a decade ago had some unique challenges, one of the main ones was range anxiety.

In Canada, you can easily find a gas station when you are running on fumes but finding a compatible level-3 charging station was a super tall order unless you lived in the GTA or Vancouver where there was a small but growing number of EV owners.

Now that level-2 charging units are being installed in the homes of new EV buyers, and the number of level 3 charging stations is growing throughout the country.

Range anxiety now isn’t much of a concern, especially with the latest generation of EVs able to reach upwards of 600KM on a single charge.

EVs can stand up to the rigors of Winter in Canada

EVs are all-wheel drive (AWD), so long as you have good winter tires on your car, you will have no issues tackling snowy days when you need to get from home to the office or anywhere else you need to be.

On days where the mercury dips below –15 Celsius, your battery range may be impacted slightly, but this holds true for gasoline-powered cars.

Cold air makes it harder to move, requiring more energy; this taxes the powerplant of the vehicle, whether you are driving a gas-powered car or an EV.

Financing an EV has never been easier

When EVs first started to hit the market, lenders did not know how to value the vehicles and forecast depreciation.

With the growing number of EVs coming to market and major carmakers like Ford adding their line of EVs, lenders can now effectively underwrite car loans.

This means the number of lenders that are willing to finance the purchase of an EV is on par with what you would find with a gas-powered vehicle owner.

Where to buy a great EV in Canada

While we started the conversation with the biggest risks of owning an EV, we should rephrase that to the biggest risks in not owning an EV, the most immediate is paying high fuel prices, and this lack of affordable fuel is going to test the budgets of all Canadians.

You should head over to your local car dealership and purchase an EV.

They can get you the best terms on the EV and help you secure the various provincial and federal rebates that come with buying an EV.

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Categories: EV motoring