Are electric cars really cost-effective?

Electric charging for vehicles - Legacy Auto Credit

In recent years, electric cars have taken the automotive world by storm, promising not only a cleaner and greener future but also potential savings for your wallet. As the world shifts towards sustainable transportation, the question arises: Are electric cars really cost-effective? 


Today, we delve into the economics of electric vehicles (EVs) and explore how they can be a prudent financial choice, especially when considering an auto dealership with in-house finance options.


The Initial Investment


It’s true that the upfront cost of purchasing an electric car can be higher than that of a conventional gasoline-powered vehicle. This has been one of the factors that have given potential buyers pause. However, it’s important to look beyond the initial price tag and consider the bigger picture. 


Lower Operating Costs


Where electric cars truly shine is in their day-to-day operating costs. Electricity is generally much cheaper than gasoline, and this cost difference becomes even more evident as gas prices fluctuate. The cost of electricity per mile driven is significantly lower compared to gasoline, resulting in substantial long-term savings. Moreover, electric cars have fewer moving parts than internal combustion engine vehicles, which translates to lower maintenance costs over time.


In-House Financing and Cost Benefits


Auto dealerships that offer in-house financing can play a pivotal role in making electric cars more accessible and financially viable for potential buyers. By breaking down the overall cost into manageable monthly payments, these dealerships can ease the financial strain that might come with a larger upfront payment. In-house financing can make the transition to an electric vehicle much smoother, especially when coupled with the long-term cost savings electric cars offer.

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Tax Incentives and Rebates


In addition to the incentives provided by dealerships, governments often provide attractive tax incentives and rebates for purchasing electric vehicles. These incentives are aimed at encouraging residents to make the transition to cleaner transportation options. Ontario’s Electric Vehicle Incentive Program (EVIP) offers generous rebates to individuals purchasing or leasing eligible EVs. 


These rebates can significantly offset the upfront cost of an electric car. Additionally, EV owners benefit from the Green License Plate program, allowing them to access high-occupancy vehicle (HOV) lanes, even with just one occupant in the vehicle. This not only saves time but also adds convenience to daily commutes. With a commitment to a greener future, the Canadian government’s incentives are paving the way for a more sustainable and eco-friendly transportation landscape in Ontario.

Resale Value and Future Considerations


The car industry is rapidly evolving, and it’s becoming increasingly clear that electric vehicles are the way of the future. As technology improves and charging infrastructure becomes more widespread, the resale value of electric cars is expected to remain strong. This means that when the time comes to upgrade to a newer model, you’re more likely to get a better return on your investment compared to traditional gasoline-powered cars.


Environmental Benefits


While this blog post focuses on the financial advantages of electric cars, it’s important not to overlook the environmental benefits they bring. Electric cars produce zero tailpipe emissions, reducing air pollution and contributing to a cleaner environment for everyone. By choosing an electric car, you’re not only making a financially sound decision but also a responsible one that aligns with a sustainable future.

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Final Thoughts


As electric cars continue to gain traction, their cost-effectiveness becomes increasingly evident. From lower operating costs and potential tax incentives to solid resale value and a reduced environmental footprint, the financial benefits of electric cars are clear. Auto dealerships with in-house financing can play a pivotal role in making these vehicles accessible to a wider audience, helping customers realise the long-term savings they offer. So, if you’re in the market for a new car and considering an electric vehicle, rest assured that the investment can pay off in more ways than one.


Have you tried it DriveItAway?


If you’re considering getting an ev car with in-house financing, then DriveItAway is the easiest way. With the initiation and a reimbursable security deposit alone, you can commence your journey on the road while simultaneously creating a potential initial payment that can be used towards the car purchase.


If you have any questions about our app or our in-house finance options, please don’t hesitate to get in touch with us. You can reach us at (519) 507-2277 or send an email to [email protected]. Our dedicated team is here to assist you and provide the information you need. Feel free to reach out to us, and we’ll be happy to help!

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If you need a new vehicle and are looking for an affordable payment plan, our credit experts are ready to help you, even if you have bad credit. You can fill out an online Car Loan Application and our credit experts will help you find a payment plan that meets your budget and lifestyle. You can also reach out for a complimentary credit check.