The gas prices over the past 2 years have been at an all-time high. First, we saw an increase due to the Covid-19 pandemic that hit the entire world really, really hard. Then, there was mass flooding throughout British Columbia, but mainly in the Lower Mainland, which made it impossible to get refueling trucks through to replenish the gas stations (particularly in the Fraser Valley). Finally, the war between Ukraine and Russia caused a massive increase in petrol prices, some of the highest in history.
Even though fuel prices are starting to slowly dwindle back down towards the price per litre that they were 3 years ago, many Canadians have already chosen to make the switch to a partially or fully electric vehicle. For those of us who have not made the switch just yet or are still on the fence about trading from gasoline to electric, the BC Provincial government has recently decided to increase hybrid vehicle rebates in an effort to encourage Canadians to make the switch.
BC Government Offers Bigger Incentives to Switch to a Hybrid Vehicle
What was previously a mediocre at best rebate that was offered on hybrid vehicles from the provincial government, has now been increased by approximately $2500. When consumers would make the switch from a combustible gasoline engine to a PHEV or EV, they used to receive an incentive of roughly $1500- $2000. Now, they can expect savings of $2000-$4000 when they buy new from a dealership, like our friends at Kia Vancouver. This is a big step for consumers who were previously thinking about converting to a hybrid but weren’t huge fans of the sticker price that came with it.
How Much of a Rebate Can I Get When I Buy an Electric Vehicle in BC?
The size of the rebate you see will entirely depend on what kind of vehicle you’re buying, and also if you’re switching from a gasoline powered vehicle to an electric or partially electric. It also depends on what your average household income is annually, as the rebate is meant to make buying an electric vehicle more affordable for people who would otherwise not really have the means.
“More and more people in British Columbia want to get an electric vehicle to save money on gas and reduce their carbon footprint,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “We’re improving our rebate program to make EVs more affordable and accessible for more families.”
The maximum provincial rebate under the CleanBC Go Electric Passenger Vehicle Rebate Program on the purchase or lease of a battery-electric vehicle (BEV), fuel-cell electric vehicle (FCEV) and long-range plug-in hybrid electric vehicle (PHEV) is increased from $3,000 to $4,000. The maximum rebate for lower-range PHEVs is increased from $1,500 to $2,000. Combined with other hybrid incentive programs like the BC Hydro Hybrid Rebate Program and some federal incentive programs, consumers can expect to see up to $9000 off of the purchase or lease of a new hybrid vehicle in British Columbia. There are even further incentives offered for those who are getting rid of their gasoline powered vehicle altogether, or they can also sell their car to a professional and licensed car buyer like Cash For Cars BC to get a large cash payment to also put towards the purchase of a new hybrid.
How Do I Get a Rebate on a Hybrid Purchase?
One of the key components of determining if you even qualify for a hybrid rebate in BC is your household income. Families with an average annual income of $125,000 or less, can receive the maximum rebate offered by the provincial government. If you’re a single person buying a hybrid for the first time, and make $80,000 or less, you can also expect to be given the maximum allowed discount towards a new hybrid vehicle.
The higher your income, the lower the rebate after the first tier of allowable rebate is surpassed. It decreases on a sliding scale as your personal or family income go up. However, approximately 90% of British Columbia residents are eligible for an EV rebate and qualify for up to $9,000 when they combine the provincial rebates with other federal and private incentive programs.
The price cap for buying a brand-new hybrid with the incentives is a maximum of $55,000 for compact and mid-sized sedans. For SUV’s, minivans, and pickup trucks, the maximum rebate is $70,000. Both categories of EV’s are exempt from provincial sales tax, to help make switching to electric powered vehicles that much more attainable.
How Do I Sell My Car for the Most Cash in Vancouver?
If you are seriously considering making the switch to a new EV vehicle, you should talk to our team of used car buyers first. Not only will we offer you considerably more cash for cars than any of the dealerships, we’ll pay you immediately in cash (or the payment method of your choosing for higher payouts). You can take our large cash payment to put towards your new hybrid purchase, and when combined with the many other incentive options, it makes buying a hybrid car or SUV much more affordable.
We Buy ALL Vehicles of Every Make & Model
It doesn’t matter if you’re selling a car, truck, SUV, or van; we’ll buy it and we’ll pay you the MOST cash for it. Our dedicated team of used car buyers have been in the car buying business since 1998. They take the time to come out to you and make an in-person vehicle appraisal to properly valuate your car, unlike many online car buying businesses. Every vehicle has something different to offer in terms of sale and resale value. We make every effort to ensure that you are paid for your vehicle’s worth fairly, without the run-a-round. That’s why we’ve been the leading used car buyer in Vancouver for almost 25 years.
Contact Cash For Cars BC Today!
If you’re thinking “how’s the best way to sell my car?” in Vancouver, BC, think Cash For Cars BC! We buy all kinds of vehicles of every make, model and year. We buy used cars, trucks, SUV’s, motorcycles, vans and RV’s. We have bought vehicles ranging in price from $100 – $100,000+.
We make selling your vehicle simple:
Immediate cash payment
Operating throughout Vancouver
Huge demand for vehicles means HIGHEST prices paid now
Prompt, courteous, professional “on-the-spot-service”
We come to do business – No tire-kickers and timewasters to deal with here
We come to you!
NOBODY pays more!
For larger transactions we can do bank transfers or direct deposit. We also give consideration to leased vehicles and vehicles still under finance. So, if you’ve got a vehicle that you’re still making payments on that you want to sell for cash, talk to our used car buying team today to find out if we can help! Please note that we ALSO buy scrap cars and provide free towing services for all the junk car removal services we offer too in Metro Vancouver.
Cash For Cars BC is a Vancouver based used car and truck buying service. We make the process easy to sell your vehicle. We come to you and we do all the paperwork. We always offer the most cash and pay on the spot. GIve us a call, text or email today to see how we can help you sell your car in Vancouver for the most possible money.