Should you Buy an EV or Hybrid in Canada? Guide to Decide

If you are on the fence about whether you should buy an EV or hybrid vehicle you are in the right spot.

Our auto loans team is going to give you the information you need to make a truly informed buying decision.

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Just remember there are no right or wrong answers to buying an EV or hybrid because each of us has unique driving needs that require a unique solution.

Reasons to Drive a Hybrid

There are some compelling reasons why you should drive a hybrid instead of an electric car in Canada, but this list of reasons will get shorter as electric car manufacturing begins to scale.

Hybrids offer a few distinct advantages.

• You have some fuel savings as the hybrid provides electric driving within city limits; usually, for the first 50km or so, it is purely electric driving. Once you have depleted the batteries, the gas-powered engine comes online to recharge the batteries while you are cruising at highway speeds. This gives you added range, especially in parts of Canada where charging stations are few and far between. The engines inside hybrids are fuel-efficient, but you still need gasoline to make them go, and with rising gasoline prices over time, the cost of running a hybrid will get progressively higher.

That is the primary reason to purchase a hybrid if you are living in a rural part of Canada where charging stations are not available.

Another less apparent reason is the somewhat lower asking price for the hybrid when compared to an EV.

While the cost of a hybrid upfront may be lower than an EV, what you pay for fuel and maintenance will eat up any perceived savings and actually end up costing you more.

Benefits of Driving An EV

We touched on the reasons why some Canadians will buy a hybrid over an EV, but now we should shift our focus to why buying an EV makes better sense over the long term.

The average Canadian car loan is just over 60 months; during the term of your loan, fuel prices are going to increase dramatically, forcing you to make a touch choice, dig deeper into your pocket or drive less.

During the pandemic, most of us could work from home (WFH), but as we return to the office, reducing the amount of driving we do on a daily basis is not an option for most Canadians.

By purchasing an EV now, you would be able to lock in your fuel prices so you can easily budget, but it goes beyond that. We are living in a time when the automotive industry is making a huge transition in how vehicles are powered.

Thanks to the simplicity of electric motors, there are fewer moving parts which means less risk of breakdowns provided you purchase from a well-established carmaker like Ford.

There are many compelling reasons you should make the transition now, but don’t take our word for it; instead, head on over to your local car dealership and test drive the EVs in their inventory.

You are going to be impressed by the overall driving experience; the dealership has staff who will get you approved for an EV car loan, even if your credit is weak.

If you're ready for a car loan, whether it be an EV, hybrid, or traditional gasoline car, we'd love to help with that! simply fill in the form below to get started.