Is this financing portfolio a right choice?

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navaumasuthan

New member
Joined
May 1, 2023
Messages
2
I am from Canada, and I shop around for EVs and finally ended up in a Nissan dealership for Leaf. The Leaf SL plus 2023 has been quoted at CAD 61,000 (USD 44700) and with government rebates, the net price will be CAD 51,000 (USD 37,400). The dealer offered a financing option at 7%, which might be because of the current inflation rate. For 5 years and 6 years, interest paid will be approx. CAD 8500 and CAD 10600, respectively. If the interest is factored in, when all the factors are considered (such as insurance, maintenance, etc.), would it be still cost-effective to commit to this deal compared with driving a gas car? I commute 95 – 100 miles/day.

Appreciate any thoughts/ suggestions.
 
It would be helpful to know what you pay for gas and what vehicle you would rive if it is a gasser. My gut reaction is that the cost of the car is higher than here in the US but that this represents (at least partly) the price difference between gas in the US and in Canada- the more expensive gas is, the more value an electric car has. Another gut reaction: since you drive a lot, you are gonna love the Leaf if you end up with it- electricity is not as volatile as gas and Canada seems to like to subsidize its use- you will probably save a bundle over the years.
 
I drive alternatively a Civic or Sentra and spend at least CAD 100/ week.
Thanks for the other views you provided based on the electric vs. gas comparison.
I am still curious if this move will help save $ in the long run (i.e., after paying off the finance in 5-6 years).
 
And as an added variable, what do you pay for electricity per kWh? We pay about $.18 for everyday use in Vermont but the off-peak EV charging rate is $.04 less or about $.14. This translates, for our particular situation and today's gas prices, to us driving a gas car that gets about 70 MPG. Your gas cars are probably getting in the 35 MPG range (of course, I can only think in US numbers bu the Canadian equivalents in liters will be similar), so if gas prices and electric rates are similar you should approximately cut your weekly costs in half. Crude but can be used as an example. And remember- EVs need very little maintenance, no oil changes or exhaust work etc.
 
I average about 3 miles per kWh from the wall so you can calculate your daily charging cost by dividing daily mileage by 3 and multiplying by your cost per kWh. My off-peak power costs are low so I spend less than $50 per month to drive between 1,200 and 1,500 miles. I really like the convenience of charging at home and avoiding frequent trips to gas stations.
 
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