Why you should buy an EV for your side hustle

Why you should buy an EV for your side hustle

Posted on June 16, 2022

There is a growing number of Canadians working more than one job to make ends meet. This gig economy has become entrenched in the economy and it is here to stay.

If you are part of the gig economy and working as either a delivery food driver or providing transportation services with platforms like Lyft, then you should consider getting an EV.

Reasons to buy an EV for your side hustle

The biggest reason is with an EV, you can safely budget your fuel costs on a going-forward basis. Gas prices are all over the place right now, but it is safe to say that gas prices are only going to increase with each passing day.

These higher prices are not due to wars in Europe; they are caused by carbon taxes placed by the Trudeau government.

As the taxes on carbon increase, consumers are going to be squeezed to the point they either stop driving (not practical in Canada), they switch to an EV, or take public transportation.

Since you are running a business and need to keep a close eye on your expenses, making the switch to an EV just makes good financial sense.

Getting your finances in place

Since you are running a business, you should have your finances in order; if you do not, now would be a great time to get started.

Create a budget that shows how much cash you are bringing in now, and then create a list of your expenses and note what you are currently spending on fuel and car maintenance.

A big portion of what you are spending on vehicle maintenance can be allocated towards the new EV car payment.

While you are working on your finances, this would be an ideal time to look at your credit score to see if you qualify for the most competitive interest rates. To qualify for the best rates, your credit score should be north of 700.

If you are not sure how to access your credit score, there are free services like Koho and Credit Karma; once you pass the ID verification, you get free access to your credit report in real time.

Your credit score impacts just about every facet of your adult life in Canada, so you need to do everything in your power to safeguard it. If there are mistakes in your credit report, you can have them removed by going through the appropriate dispute process with the credit reporting agency.

Securing a loan for your new EV purchase

To secure a new loan for your EV, you should never try to do it by yourself; there are too many variables at play.

Contact your local car dealership and enlist their help. The dealership has access to lenders all over Canada, and they can easily identify which lender is going to provide you with the most competitive car loan.

The dealership will also help you with submitting the necessary documentation to get the government rebates for the new EV.

This new EV will help you become more competitive as you grow your sideline income, so contact the local dealership now.

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