Full credits for electric vehicles: only two months left

The race to buy electric vehicles eligible for government credits is in full swing. The provincial rebate will be reduced from $7,000 to $4,000 as of January 1, 2025. Customers who are in the process of changing their vehicle are therefore rushing to store around in the hope of obtaining a new vehicle before the deadline, since it is not the date of purchase, but rather the date of delivery that prevails for qualification for full credits.

The Quebec government's decision, announced on March 12, stipulates that as of 2025, the current $7,000 credit will be reduced by $3,000, then by $2,000 in 2026, and finally wiped out in 2027. For plug-in hybrids with a battery size greater than 15 kWh, the credit will drop from $5,000 to $2,500 in 2025, then to $1,000 in 2026, also disappearing by 2027. And if it's a plug-in hybrid with a battery size of less than 15 kWh, you'll have to halve these amounts.

Let's not forget used all-electric vehicles from other provinces or the United States, which are eligible for a $3,500 credit for the time being. These credits will be reduced to $2,000 for 2025 and $1,000 for 2026, before being eliminated in 2027.

For 2025, the maximum federal credit of $5,000 (for an all-electric vehicle) remains in place. At least, until the next federal budget is tabled towards the end of March, which could mean its complete abolition. In any case, the bargain hunt is on for motorists looking for the best deal.

In terms of price, the Fiat 500e, priced at around $28,000 (including rebates) at some dealerships, is clearly the cheapest car in town. However, although it's fun to drive, it's only suitable for specific needs, given its size and range of just 227 km. That said, you can lease a Nissan Leaf (all taxes included, over a 48-month term) for $425. The best deal, however, is to be found with Chevrolet and Hyundai, who, with the basic Equinox 2LT and Kona EV, will charge you a monthly payment of between $500 and $525. You'll have to be able to get your hands on one of these units, but if you act 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. Here again, the Equinox is hard to beat: for around $560 a month, its well-equipped four-wheel-drive version will delight you.

Other interesting brands that are selling well these days include the basic Polestar 2 ($530 monthly rental) and the VinFast VF8 Eco, at the same price. These brands are a little less well known to the general public, but are gaining in popularity and offering serious products. In the case of Polestar, the options will add considerably to the bill, but the quality/price ratio is virtually unbeatable.

With $600 to $650 a month?

Open doors to the impressive Chevrolet Blazer EV, more convincing than the Ford Mustang Mach-E which, for the same price, provides neither the same range nor the same space. Hyundai's Ioniq 5 with all-wheel drive will also be on offer, under $600, which means you could add a few options. At Nissan, unless you choose a base version of the Ariya with powertrain, you'll be over the $650 mark. A long-range model will cost you around $675, while a four-wheel-drive, long-range variant will cost at least $750 monthly, again on a rental basis. Honda (with the Prologue, a Blazer EV clone) will be available for around $660 a month, the same price as a Subaru Solterra, which is no match for the competition. While the price of the Prologue seems attractive, it inevitably comes down to the Blazer EV, which costs around thirty dollars less per month with equivalent equipment.

At Tesla, the bill has gone up. However, the Model 3 now boasts a range of 585 kilometers, thanks to a battery whose capacity is now identical to that of the Dual Motor model. This will cost you $675 a month, still including all taxes, making it a rather tempting offer. That said, don't forget to take a look at the Hyundai Ioniq 6, which has roughly the same range, for around $600 a month. This makes for an interesting comparison of options, not to mention Hyundai's attractive 5-year/100,000 km comprehensive base warranty.

As for Volkswagen, the company is forced to halt sales of its popular ID.4, which is more competitive to buy than to lease. The reason: a defect in the door handles that could cause the door to open by itself while driving... A problem that comes at a bad time for the manufacturer and its dealers, who were counting on these sales to improve their annual balance sheet. Unfortunately, this will not be the case.

The Chevrolet Equinox therefore offers, without question, the best value for money. A versatile vehicle offering over 500 kilometers of range, but one for which you're likely to struggle to obtain winter tires or replacement wheels. A painful situation, given the number of units sold in recent months, particularly in Quebec.

In fact, over 75% of all Equinox EVs sold across the country are sold in Quebec. Because its competitive price means that in percentage terms, thanks of course to current credits, you save roughly between 16 and 20% off the initial bill. In the case of a Fiat 500e, that's a 25% discount. Let's face it, no one would buy this sub-compact at its retail price of over $42,000.