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Why now is the right time to buy an EV in Canada

Why now is the right time to buy an EV in Canada

There is a growing number of Canadians who want to buy an EV; they are just waiting for the right time to make the transition.

The early adopters of EVs went through growing pains like range anxiety and a lack of charging infrastructure; thankfully those pains are becoming a thing of the past.

We are going to cover why now is the right time to buy an EV, by the time we reach the end of this conversation, you will understand why it makes dollars and sense to take the leap now.

Gas prices are climbing fast

Even if the country falls into a recession, the carbon taxes on gasoline will keep the prices artificially high.

We are seeing Canadians driving across the border to Michigan from Ontario just to fuel up on cheaper gas.

The Trudeau Government will remain in power until the next election is called, and these high prices for gas are only going to increase.

Inflation: adding insult to injury

Rising gas prices alone would be a strong enough reason to make the transition from a gas-powered car to an EV.

However, that is just the tip of the iceberg. Inflation has reached a four-decade high; most of you reading this weren’t even born; heck, your parents were just in diapers when inflation was this high.

The issue with rising inflation is that it makes everything more expensive, especially since incomes are not keeping pace.

To slow the spread of inflation, the Bank of Canada has started to aggressively increase the prime interest rate; this is the benchmark rate used by all lenders when underwriting both secured and unsecured loans.

Most Canadians took out variable rate mortgages, and now more of their income is going into servicing those loans.

This reduced disposable income will weigh down the economy and lead to a slowdown.

With rising interest rates, your car loan is going to cost more, even if you have the best credit in the country.

The combination of inflation and high gas prices forces you to answer the question, do you want to wait longer and continue to overpay for gas or do you want to mitigate your risk by driving an EV?

It is quite apparent that the only viable option is to make the switch to an EV.

Securing the best deal on an EV in Canada

There are many different makes and models of EVs available in Canada, but if you want to get the best value for your money, you should seriously consider going with a Ford.

While there are newer companies out there, Ford has endured for over a century and continues to reinvent itself.

When you buy a Ford, you have peace of mind knowing that there is going to be ongoing customer service and support for years to come; other carmakers cannot make that claim.

You should visit your local Ford dealership today and test drive their full line-up of EVs, the only way you will know which EV is the right one for you is by doing the test drive.

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

Categories: EV motoring

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