Why entrepreneurs should consider using EVs for their business
Why entrepreneurs should consider using EVs for their business
Posted on October 6, 2022
If you are running a business in the service industry where you need to use a vehicle to ferry people and items from point “A” to point “B,” then switching over to an EV should make sense.
We are going to provide you with the information you need to select the EV best suited for your situation.
If you stick with us until the end of this discussion, you will be able to make a truly informed decision.
EVs aren’t a passing fad
We are moving away from fossil fuel-powered vehicles; whether the future is EVs powered by lithium-ion or hydrogen batteries is to be determined, but we need to pivot to something that is cleaner and more sustainable.
Gas prices in Canada are only going to get higher.
Even though we have an abundant supply of oil in Alberta and Newfoundland, the Trudeau carbon tax will effectively triple the taxes on gasoline and home heating fuels, to name a few.
This adds a layer of added expense and uncertainty that business owners don’t need. By taking the plunge and switching over to an EV, you can say goodbye to high fuel prices since electricity rates are regulated, so there are no sudden surprises.
Additional savings beyond fuel
Along with the money you will be saving on fuel, EVs do not have much maintenance required to keep them on the road; downtime is the Achilles heel of any service business that requires vehicles to be on the road constantly generating money.
If you are concerned about downtime, you need to consider switching to an EV.
Picking the right EV for your business
If you are operating a business where you need to move passengers I.e., you are an Uber driver; then you should consider getting a vehicle that can hold five or more passengers.
The more people you can carry per trip, the more revenue you can earn, especially if you are picking people up from the airport.
Financing the purchase of an EV for your business
There is a growing number of companies that provide financing to entrepreneurs that want to switch their fleets over to EVs; during the early days of EVs, lenders were reluctant to underwrite new deals.
Thanks to the government rebates, you can receive upwards of $5,000 towards the purchase of a zero-emission vehicle (ZEV).
This makes the transition all the more affordable, but there is a catch, you still need to have a decent credit score and stable enough income to qualify for the car loan.
Where to find the most competitive EV car loans for your business
If you want to find the most competitive EV car loans for your business, you do not have to look far; just head on over to your local car dealership.
These dealerships already have access to a network of lenders throughout Canada and an inventory of EVs for you to test drive.
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.