Full credits for electric vehicles: only two months left

The race to purchase electric vehicles eligible for government credits is in full swing. And for good reason, the provincial rebate will decrease from $7,000 to $4,000 as of January 1, 2025. Customers in the process of changing vehicles are therefore quick to shop in the hope of obtaining a new vehicle before the deadline. , since it is not the date of purchase, but rather that of delivery which prevails for qualification for full credits.

Remember that the decision of the Government of Quebec announced on March 12 stipulates that from 2025, the current credit of $7,000 will be reduced by $3,000, then by $2,000 in 2026, to finally be wiped out in 2027. For hybrids rechargeable batteries whose battery size is greater than 15 kWh, the credit will increase from $5,000 to $2,500 in 2025, then to $1,000 in 2026, also disappearing for 2027. And if it is a plug-in hybrid whose battery size is less than 15 kWh, you must divide these amounts by two.

Let’s not forget used fully electric vehicles from other provinces or the United States, which are eligible for a $3,500 credit at the moment. These will see their credits decrease respectively for 2025 and 2026 to $2,000, then to $1,000, before being eliminated for 2027.

For 2025, however, be aware that the federal credit maximized at $5,000 (for a fully electric vehicle) remains. At least, until the next federal budget is tabled towards the end of March, which could mean its complete abolition. Either way, the bargain hunt is on for motorists who want to get the best deal.

In terms of price, the Fiat 500e priced at some dealerships at around $28,000 (including rebates) is clearly the cheapest car in town. However, although friendly and fun, it is only suitable for specific needs, considering its size and its range of only 227 km. That said, you can lease (all taxes included, over a 48-month term) a Nissan Leaf for $425. However, the best deal is with Chevrolet and Hyundai which, with the basic Equinox 2LT and Kona EV, require a monthly payment ranging between $500 and $525. You still have to manage to get your hands on one of these units you might say, but if you do it quickly, it’s possible.

Add $20 or $30 to your monthly budget, and you can drive a Kia Niro EV Wind+ (with heat pump) or a long-range Nissan Leaf. Again, the Equinox is difficult to beat since for around $560 per month, its very well-equipped four-wheel drive version will delight you.

Among the other interesting values ​​which are also selling well these days, the basic Polestar 2 (rental at $530 monthly) and the VinFast VF8 Eco, at the same price. Brands that are a little less known to the general public, but which are gaining popularity and which offer serious products. In the case of Polestar, the options will increase the bill considerably, however, the quality/price ratio is almost unbeatable.

With $600 to $650 monthly?

Doors open to the impressive Chevrolet Blazer EV, more convincing than the Ford Mustang Mach-E which, for the same price, provides neither the same autonomy nor the same space. The Hyundai Ioniq 5 with all-wheel drive will also be offered to you, below $600, which means you could add a few options. At Nissan, unless you choose a base and powered version of the Ariya, you will exceed the $650 threshold. It will cost you around $675 for a long-range model, while a four-wheel drive, long-range variant will cost at least $750 monthly, still on lease. Honda (with the Prologue, clone of the Blazer EV) will be available to you for around $660 monthly, the same price as a Subaru Solterra which is no match for the competition. However, although the price of the Prologue seems attractive, we inevitably come back to the Blazer EV which, with equivalent equipment, costs around thirty dollars less per month.

At Tesla, the bill has climbed. However, the Model 3 today claims to have 585 kilometers of autonomy, thanks to a battery whose capacity is now identical to that of the Dual Motor model. This will cost you $675 monthly, all taxes included, thus constituting a rather attractive offer. That said, you shouldn’t forget to take a look at the Hyundai Ioniq 6, which has roughly the same range, for around $600 per month. The comparison of options therefore becomes interesting, also considering Hyundai’s attractive comprehensive basic warranty of 5 years or 100,000 km.

As for Volkswagen, the manufacturer is forced to stop sales of its popular ID.4, which is more competitive for purchase than for rental. And for good reason, a defect in the door handles which could cause the door to open by itself while driving… A problem which comes at a bad time for the manufacturer and its dealers, who were counting on these sales to improve their annual results. Alas, that will not be the case.

The Chevrolet Equinox therefore offers, without doubt, the best quality/price ratio. A versatile vehicle offering more than 500 kilometers of autonomy, but for which you risk fighting to obtain winter tires or replacement rims. A difficult situation given the quantity of units sold in recent months, particularly in Quebec.

Moreover, be aware that more than 75% of all Equinox EVs sold across the country find buyers in Quebec. Because its competitive price means that as a percentage, of course thanks to current credits, you save roughly between 16 and 20% on the initial bill. In the case of a Fiat 500e, it will be 25% off. Let’s face it, no one would buy this subcompact at the retail price, which exceeds $42,000.