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Are You ready for the Electric Car Era?

Whenever the economy is bad and people have to start tightening their belts they automatically become a little more money savvy. This is when they start taking a closer look at the budget and begin to keep an eye on the credit card spending. It is also a time when they start to take a hard look at real areas where they can cut costs, and one of these just maybe concerning the vehicle they are driving.

One of the first inclinations when looking at the vehicle costs is to come to the conclusion that perhaps a smaller more efficient vehicle would be the best choice. This has become a common practice with the cost of gas rising to what it is. However, even then many are finding that there is still a substantial cost for fuel, and a lot are now taking a much closer look at the electric cars. But, do they really come with that much of a saving and extra advantages?

It is most evident that the Ontario Government is keen on seeing a switch over to the electric cars. So much so they are even offering incentives to do so. The official name of the program is called the Electric Vehicle Incentive Program(EVIP). Of course this comes with a bunch of rules, so before you rush out to buy your new vehicle be sure you understand them.  There are only certain cars that are eligible for the incentive, so if you want to cash in on this then you will need to be sure that your vehicle of choice is on the list. The availability for model years are currently 2014/17. If you think this is going to just apply to the cheaper models then you will be surprised when you see the list. For example, if you have your eyes set on the BMW’s then you will be pleased to see that there are several models on the list. Also, the incentive is also applicable to leasing.

The Green Licence Plates

An added incentive to your commitment of going green with your new electric car is that the vehicle will be issued with a green plate. Not only does this tout the fact for all that see it that you are a green vehicle user, it gives you an extra perk if you are driving where there are High Occupancy Vehicle (HOV) lanes like the hwy. 401. You get to drive in these lanes even if you don’t have any passengers which otherwise would be restricted. There is a bit of irony to this because maybe the Government recognizes that your electric vehicle would not perform well in the normal traffic gridlocks that take place on these congested highways, therefore it really would negatively affect their positive approach to getting drivers to switch to electric.

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

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Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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