Quebec’s electric vehicle market is undergoing a remarkable change, with dealerships now well-stocked and manufacturers offering attractive financing options as interest rates drop. The province’s consumers are benefiting from increased availability and significant price reductions on models like the Nissan Ariya. With government incentives and competitive financing, sales are on the rise, allowing Quebecers to access a wider range of electric vehicles than ever before.
Revolution in Quebec’s Electric Vehicle Market
In an astonishing transformation within less than a year, Quebec’s electric vehicle (EV) market has experienced significant upheaval. Dealerships are now brimming with inventory, and manufacturers are enticing buyers with 0% financing offers. This shift in interest rates coincides with the Quebec government’s decision to reduce incentives by $3,000 starting January 1st. Jesse Caron from CAA-Quebec highlights, “Currently, the Honda Prologue has an interest rate of 1.88%, while other Honda models, including gasoline and hybrid variants, range from 6 to 7%.” Just last summer, interest rates for electric vehicles were generally higher, but now, many electrified models are being offered at discounts or with reduced interest rates. Caron adds, “We are also witnessing a surge in electric vehicle inventory for certain brands.”
Increased Choices and Options for Quebec Consumers
Quebecers, who previously faced long wait times for electric vehicles, are now enjoying an abundance of choices. “All electric vehicles available in Canada are currently allocated to Quebec due to the heightened demand,” explains Yanick Lecours, marketing director at Le Prix du Gros. “Manufacturers are eager to meet this demand, with many offers aimed at delivering these vehicles by December 31st, resulting in a notable increase in sales.” The Nissan Ariya has seen a substantial price drop, ranging from $3,000 to $5,000, alongside additional incentives of up to $5,000. Inventory levels are particularly high with certain manufacturers. For instance, the Laval Volkswagen site reports 167 ID4s available from a total of 231 vehicles, while Hyundai in Beauport has 78 electric vehicles out of 134 total in their inventory.
Annie Laliberté, general manager of Hyundai Beauport, emphasizes that it is not uncommon for manufacturers to direct their vehicles to Quebec, where sales are more robust. “It’s unfortunate that customers are directing their frustrations at us. On social media, we are criticized for having inventory now, as if we had any control over the situation,” she states. “Just two years ago, we were lucky to see 75 or 100 EVs in the U.S. while we struggled here for availability. Now, we’re receiving vehicles from Western Canada and the Maritimes, and sometimes even have to turn some away.” The incentives have proven effective. “With the $12,000 government incentive and 0.99% interest rates, we are making it easier for those still undecided about going electric,” Ms. Laliberté continues. “Manufacturers are also strategic in offering attractive interest rates to help us clear our inventory, and we’ve asked them to assist with covering part of the government discount after December 31st if we still have surplus stock,” she concludes.
Highlighted Attractive Financing Offers:
- Chevrolet Blazer EV 2024: 0% for 72 months
- Chevrolet Equinox EV 2024: 0% for 48 months, 0.99% for 60 months
- Fiat 500e 2024: 0% for 36 months, 2.99% for 60 months, plus an additional $1,000 discount
- Ford Mach-E 2024: 3.99% for 60 months, plus an additional $5,000 discount
- Honda Prologue 2024: 1.88% for 84 months
- Hyundai Ioniq 5 and 6 2024: 0.99% for 48 months, 2.49% for 84 months
- Kia EV6 2024: 1.49% for 48 months, 2.49% for 84 months
- Mazda MX-30 2024: 1.50% for 36 months, 3.45% for 72 months, plus an additional $4,000 discount
- Nissan Leaf 2024: 2.99% for 48 months
- Tesla Model 3 and Y: 0% for 48 months, 0.99% for 72 months
- Toyota bZ4X 2024: 0.69% for 36 months, 2.69% for 84 months, plus an additional $3,500 discount
- Volkswagen ID4 2024: 0.99% for 60 months
Note: Only vehicles eligible for the maximum subsidy of the Quebec program were considered for these promotions, which are current as of November 26.