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Buying an electric vehicle with line of credit?


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4th year med student here. So like everyone else I've been getting destroyed by gas prices driving to various hospitals, clinics etc. I've been planning to buy an electric vehicle once I'm an attending, but recently someone put the idea in my head of buying one with my prime minus one quarter LOC as a medical student. The idea is that the savings in gas would make up for the interest payments on the LOC. If I'm going to buy one eventually then what do I have to lose? Someone please talk me out of this as I am considering it more strongly with each passing day. Thanks!!

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You’re gonna pay a lot (msrp+ mostly likely) and have to be around charging stations or have one at home. I have t seen any at hospitals here (but haven’t looked specifically) and not seen many yet around town. 
 

You’ll also be waiting a while to get a car because of supply chain. 
 

in all honesty, it’s gonna cost no matter what you do. Prime is fluctuating now, don’t take on more acute debt than you have to. Life also changes come residency and who knows if an EV will be practical wherever you end up. 
 

Best,

LL

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If you are able to get some money from the government to do it, its not the worst idea in the world. BC recently income-tested their rebates, so you likely wouldn't qualify for theirs once you become staff, as an example.

I would wait till you match though. If you match somewhere without good infrastructure, you will be in trouble. Might be worth putting down a deposit for a car that isn't expected for a year, and aim to take delivery after you match. Some deposits are non-refundable, and for those that aren't you could likely sell the spot in line later if needed.

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