What to know about buying an electric car

The green movement is coming; some may even say it's already here. With people eating healthy, recycling whenever possible, and installing energy efficient appliances in their homes, buying an electric car is the next logical step towards a more sustainable lifestyle.

An electric car doesn't need gasoline to run; it operates on battery charged power. The lack of gas saves resources and doesn't send pollution into the air through fumes, which are both huge environmental benefits to buying an electric car.

Where can I buy an electric car?

The idea of driving an electric car is growing in popularity, and with demand comes supply. Big automotive brands from Ford to BMW are listening to their clients' needs and coming out with eco-friendly, reliable electric cars, or with gas/electric hybrids.

The green movement has also opened the door for new companies to emerge into the market who have a focus on being eco-friendly. You may have heard about a company called Tesla.

Some people may think that an electric car is only for city driving or short distances, but that's not true. The Tesla Model S can go from 0 to 100 in 3 seconds and can run for 435 kilometers before needing a charge. Innovations like this will likely eventually bring the price down, and encourage more people to purchase electric vehicles.

What's the benefit of buying an electric car?

It's not only consumers who are thinking about sustainable living. Provincial governments are getting behind the green movement. According to CAA, certain provinces offer incentives to electric car owners.

If you live in British Columbia, Ontario, or Quebec, you can receive up to $8,500 in cash incentives for buying an eco-friendly car, depending on the province and type of car you purchase. Ontario also offers incentives to residents who install charging stations at their homes. It's safe to say the government wants to encourage the use of electric cars.

Is financing available?

Financing for electric cars is available through a variety of channels, just as it is for traditional motor vehicles. The first place to start is always at the dealer. Ask if they offer financing for your model as well as the terms such as the interest rate and time period as well as any penalties for prepayment. From there. you should contact your local bank to compare the rates and terms.

If you want to take your quest to find the best car loan even further, you can use our online tool to compare rates from several different lenders at the same time. This increases the chances that you're getting the best deal possible on the financing for your new electric car.

Do I need car insurance?

The one and only answer is yes. An electric car is like any other in the sense that you need to have a valid driver's license and car insurance before getting behind the wheel. When shopping around for car insurance, be sure to compare the cost of your specific car model.

The price for insurance varies between electric and traditional cars, so be sure you're comparing apples to apples. The good news is if you purchase an electric car it may be eligible for discounts on your annual car insurance premiums.