Ontario EV Rebates Cancelled July 11, 2018

[Darthbenji]

Anyone think it might be wise to hammer Doug Ford with emails asking his position on the rebate and letting him know he should keep it? Maybe even process the rebates more efficiently than the liberals?!

 

[wayner]

Anyone think it might be wise to hammer Doug Ford with emails asking his position on the rebate and letting him know he should keep it? Maybe even process the rebates more efficiently than the liberals?!

Surely you jest?

 

[03DSG]

I updated Post #67 with more replies

You can all email [email protected] to get their attention on this. Let them know you need some transparency in where this stands.

Email sent.

 

[eros]

I updated Post #67 with more replies

You can all email [email protected] to get their attention on this. Let them know you need some transparency in where this stands.

Done

 

[Darthbenji]

Not really. I mean we all know it’s somethkng he’s aware of since we all think he’ll remove the program if he’s elected. It’s not an out of sight out of mind scenario. I think several thousand emails from people letting him know that PCs are allowed to be concerned with the environment too can’t hurt. Better than holding your breath anyway.

 

[Tony_YYZ]

Email sent.

Done

Also sent

Email just sent to [email protected]

Fantastic!

 

[Darthbenji]

Also sent

 

[navguy12]

Any idea why Tesla doesn't do it on behalf of the customer? They get paid directly so I don't really see why they would want to inconvenience us.

The customer gets paid directly. Tesla does not assume the rebate at time of purchase and float it for weeks or months. Other car makers do what you suggest, but with Tesla, you will get the check in 2 to 3 months.

 

[Doctor X]

Email just sent to [email protected]

 

[navguy12]

I can’t think of any case where adding new cars to the list, based on existing rules, would count as a “project/issues” needing approval - though I’d be interested to see how.

A bureaucrat with an agenda can certainly work to rule and slow things down.

Idle speculation of course, but I suspect a bun fight because the cheapest Model 3 one can order RIGHT NOW is not MSRP $US 44k before options but MSRP $US 49k before options.

And as unsettling as it sounds, the zeitgeist surrounding the whole Ontario EV rebate program is really, "It's a subsidy for rich folk to buy their Tesla".

Again, merely idle speculation. YMMV.

 

[wayner]

... the zeitgeist surrounding the whole Ontario EV rebate program is really, "It's a subsidy for rich folk to buy their Tesla".

You say that like it's a bad thing!

 

[eros]

Reply from MTO:

Thanks for your inquiry. Tesla has applied for the 2018 Tesla Model 3 to be added to the Electric Hydrogen Vehicles Incentive Program (EHVIP) list of eligible vehicles. The Ministry is currently undertaking a review process, and once a vehicle has been accepted to the program, the list of eligible vehicles along with the amount of the incentive is updated on the EHVIP website at Eligible Electric Vehicles.


I would encourage you to keep consulting our website for when the vehicle will be listed. The application must be submitted within three months of the date the vehicle is registered and plated.


Please let me know if you have any further questions.


Thank you,


Jackie

EVIP Team

 

[Tony_YYZ]

Reply from MTO:

Thanks for your inquiry. Tesla has applied for the 2018 Tesla Model 3 to be added to the Electric Hydrogen Vehicles Incentive Program (EHVIP) list of eligible vehicles. The Ministry is currently undertaking a review process, and once a vehicle has been accepted to the program, the list of eligible vehicles along with the amount of the incentive is updated on the EHVIP website at Eligible Electric Vehicles.


I would encourage you to keep consulting our website for when the vehicle will be listed. The application must be submitted within three months of the date the vehicle is registered and plated.


Please let me know if you have any further questions.


Thank you,


Jackie

EVIP Team

Pretty much a canned response. Keep pressuring them for more information! They can't ignore all of us.

 

[navguy12]

absolutely. I totally agree... to a point though.

But for those who may not know the true total cost... well.. there it is.

However, lets say you put $20,000 plus the $3200 you have to pay at the time of order (which I would think most people believe is a reasonable/ sizable amount of $ for a down payment. Lets do the math for the same 84 month Loan at 3.99%;

Its $58,160/incl 13% tax ------- or ------- $794.71/month. Plus insurance and electricity.

But! The cost of the loan is still $8,595.65 effectively raising your total FINANCE price to $66,755.65

This is of course without the $14,000 rebate. (I wont include the rebate in these numbers because Tesla will not apply the rebate to the purchase price of the vehicle and therefore the $ will have to come from somewhere else. ie. another short term loan in which you have to pay interest on)

Again there is no guarantee the rebate will be here after the election so these calculations still apply to everyone.

More in the reasonable(ish) monthly payment realm.... However, because you bring up the point of "financing almost the entire car over 84 months at 3.90% is a bad financial idea", which I totally agree... Lets do what most people should do when financing ANY car and have a 60 month loan and see if another financial institution will offer a more reasonable rate of 2.99%.

With the same down payment as before effectively $23,200

Its still $58,160/incl 13% tax ------- or ------- $1,044.80/month. Plus insurance and electricity.

But! The cost of the loan is now $4, 528.04 effectively raising your total FINANCE price to $62,688.04 (So you save A LOT on interest, but your monthly payments are much higher)

This is of course without the $14,000 rebate. (see above reasoning)

HOWEVER...

If you invested that $20,000 into a mutual fund or whatever... you could (theoretically) actually make MORE than 2.99%. So it's a worse idea financially to put that $20,000 into the vehicle (which is also a depreciating asset and locks in your potential earning at 2.99% less the depreciating value of the asset)

I dunno. I've put money into a TFSA for 4 years for this very purpose. It returned 2.9% and I just converted it into cash because I don't want stock market issues suddenly costing me money.

Also, 2 years ago when the prices started to jell, my spreadsheet assumptions were always 1.35 for exchange, finance at 5% and NO EV rebate because 2 years ago it was obvious how this election would effect it.

I'm not understanding your assumptions that folks don't know the true cost of this car....

Anyhow, I'm bringing 50k to the table and will borrow the rest for 60 months, with the knowledge I'll actually pay it in 48.....because I won't make payments on any car that is no longer under warrenty.

YMMV.

 

[Doctor X]

Here’s the answer I just got back:
Hi Dan,

Thanks for your inquiry. Tesla has applied for the 2018 Tesla Model 3 to be added to the Electric Hydrogen Vehicles Incentive Program (EHVIP) list of eligible vehicles. The Ministry is currently undertaking a review process, and once a vehicle has been accepted to the program, the list of eligible vehicles along with the amount of the incentive is updated on the EHVIP website at Eligible Electric Vehicles.

I would encourage you to keep consulting our website for when the vehicle will be listed. The application must be submitted within three months of the date the vehicle is registered and plated.

Please let me know if you have any further questions.

Thank you,

Jackie
EVIP Team

 

[Tony_YYZ]

Here’s the answer I just got back:
Hi Dan,

Thanks for your inquiry. Tesla has applied for the 2018 Tesla Model 3 to be added to the Electric Hydrogen Vehicles Incentive Program (EHVIP) list of eligible vehicles. The Ministry is currently undertaking a review process, and once a vehicle has been accepted to the program, the list of eligible vehicles along with the amount of the incentive is updated on the EHVIP website at Eligible Electric Vehicles.

I would encourage you to keep consulting our website for when the vehicle will be listed. The application must be submitted within three months of the date the vehicle is registered and plated.

Please let me know if you have any further questions.

Thank you,

Jackie
EVIP Team

Same canned response again. They just keep ignoring the actual questions and concerns being spelled out for them and keep replying with this. Please keep at them asking for specifics in where the Model 3 currently sits in the process.

 

[03DSG]

I got the same canned response.

 

[03DSG]

I got the same canned response.

 

[McFlurri]

I dunno. I've put money into a TFSA for 4 years for this very purpose. It returned 2.9% and I just converted it into cash because I don't want stock market issues suddenly costing me money.

Also, 2 years ago when the prices started to jell, my spreadsheet assumptions were always 1.35 for exchange, finance at 5% and NO EV rebate because 2 years ago it was obvious how this election would effect it.

I'm not understanding your assumptions that folks don't know the true cost of this car....

Anyhow, I'm bringing 50k to the table and will borrow the rest for 60 months, with the knowledge I'll actually pay it in 48.....because I won't make payments on any car that is no longer under warrenty.

YMMV.

I never said that people don't know the true cost of the car, what I said was;

"But for those who may not know the true total cost... well.. there it is."

There are probably many people who MAY not understand the total purchase price. For those people, I have written out those calculations.

I know that there are a lot of very intelligent people on this forum, but sometimes it can make you pause when your expecting a $64,100 vehicle.. and it quickly goes up to $92,000 by just adding Autopilot, Taxes, and cost of borrowing.

Granted, you can absolutely put a large down payment on the vehicle... but with the understanding that from a financial perspective... that may not be the wisest decision.

BUT

With all this said, I am NOT discouraging anyone from buying this vehicle. Life is meant to be lived! If you want something, and can afford it... then go for it! But the purposes of my posts were just strictly looking at the financials.

 

[Tony_YYZ]

Here is a good auto loan calculator if anyone wants to simulate their payments.

Auto Loan Payment Calculator | Scotiabank