While all drivers may have had their doubts about electric vehicles, recent reports have shown that Electric Vehicle (EV) Sales have increased significantly year after year, confidence is growing among Electric Vehicle owners. This blog from your Hometown Broker should tell you everything you need to know about Electric Vehicle Sales and Electric Vehicle Insurance!
Their are several benefits to owning an electric car. They cost less to operate over time, they are better for the environment, and they include some of the most high-tech features in the automobile industry. If you have ever had an interest in buying an EV, it has never been easier to do so!
What you need to know on Electric Vehicle Sales in Canada
- EV sales have seen a 214% growth to date.
- Without the Ontario EV incentive and Tesla Model 3 sales, EVs would have still seen a 143% growth.
- There were 14,626 electric vehicles sold in Q2 in 2018. In Q2 of 2016, there were only 11,060.
- The Tesla Model 3 had the strongest first-quarter sales for a new EV model with 2,785 vehicles sold.
- There were 37 different models of electric cars sold in Q2, options are increasing from various different manufactures.
Why Are Electric Vehicle Sales in Canada on the Rise?
In Canada, sales of electric vehicles increased significantly during the second quarter, and it could be due to many factors. Car buyers are starting to feel more comfortable buying an electric vehicle today than they did several years ago. That’s because many consumers have realized, through positive reviews, that these high-tech cars are more than just a fad, and they expect EVs to be around for years to come.
The latest electric cars are designed to be more practical and user-friendly than before. They include everything that your standard driver would want or need in a vehicle, and then some. You can find an EV that will fit your transportation needs, no matter what type of driver you are.
One other sales feature that may not have to do with the actual specs of the vehicle but more in terms of monthly costs relating to insurance. Many insurance companies are starting to offer unique electric car insurance discounts because they come fit with more standard safety features.
Did the Release of the Tesla Model 3 Improve Canadian EV Sales?
When the Tesla Model 3 was released in Canada, advertisements intrigued many drivers who weren’t necessarily interested in electric vehicles before. The car was a top-rated model and had so many innovative features that it was difficult to find anything negative about it.
Although the electric vehicle sales in Canada had a record-breaking third-quarter at the same time as the Tesla Model 3 release, the increase in sales was not entirely due of the Model 3. It also had to do with the Ontario EV Incentive that was about to end around the same time as the release of this vehicle which encouraged people to buy before the rebate was no longer
Without the Model 3 and Rebate Incentive, How Does the Market for EVs Look?
When you take away the hype surrounding the Tesla Model 3 and the rebate offer that was about to end, we will have true stats about how well electric vehicles are really doing in Canada. Let’s assume, drivers would not buy alternatives such as the LEAF or Bolt, would these numbers for EVs be realistic?
When you take the national average and subtract the sales for the Model 3 as well as those linked to the rebate offer, there still would have been around 2,700 EV sales in the Province. This number is less than the original 6,866. However, it is still an all-time high for electric vehicle sales.
What Does the Future Hold for Canada’s Electric Car Market?
Overall, the future is looking great for the EV market in Canada. Sales have reached an all-time high, you can’t deny that the interest in eco-friendly, money-saving vehicles are rising.
To date, there have been around 70,000 Plug-in electric car sales. Each category, Plug-in Hybrids and Battery electric vehicles, had 35,000 sales each. This is much more than experts were predicting last year when they said sales would drop after 40,000 purchases.
By looking at the sales numbers, it is clear that the electric vehicle is not just a fad. Even without the incentive of a rebate, the sales continue to rise for these futuristic and environmentally friendly vehicles. Maybe it’s time for you to check out the benefits of owning an electric car and consider buying one today.
Current and soon to be Owners of Electric Vehicles Should Contact Us for Electric Vehicle Insurance
Duliban Insurance has arranged a group insurance program with better coverage at a significantly reduced premium for Electric Vehicle owners. We take a tremendous pride in providing the very best price, matched with the best service. To learn more please visit our electric vehicle insurance page or call 1-855-385-4226. We would love to assist and look forward to hearing from you!
