When Is the Best Time to Buy a Used Electric Car?
Buying a used electric car can be a savvy move for environmentally conscious drivers looking to save on costs. However, the timing of your purchase can have a considerable impact on both the price and availability of the vehicle.
Certain times of year provide better pricing and inventory options. Among these, November stands out as a particularly favourable month for buy a used electric car, thanks to holiday promotions like Black Friday and Cyber Monday, as well as end-of-year sales. In this article, we will look at the best times to buy a used electric car in Canada, with a focus on why November may be the best month to buy a used electric car at a bargain price.
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When Is the Best Time to Buy a Used Electric Car?
Let’s start with some typical seasonal trends in used electric car pricing:
End-of-Month Deals
Dealerships often aim to meet sales quotas by the end of each month. This pressure can lead to discounted prices or incentives on used vehicles. While this trend is consistent throughout the year, the effect is amplified toward the year’s end when annual sales targets are approaching.
End-of-Quarter Discounts
Every quarter (March, June, September, and December), dealerships prioritize inventory clearance in order to meet quarterly goals. While December is a great month for deals, November benefits from early holiday sales and promotions running up to the end of the year.
Model Year Transitions
New model releases typically occur between September and November. This timetable frequently results in an influx of trade-ins, which boosts the inventory of used electric vehicles. During this time, buyers may be able to negotiate more competitive pricing due to increased supply.
Is November a Great Time to Buy a Used Electric Car?
November is linked to popular shopping holidays such as Black Friday and Cyber Monday. During this time, both dealerships and private sellers take advantage of the holiday shopping frenzy by offering significant discounts and promotional financing options. For used electric cars, these sales often include:
- Reduced prices on older models.
- Bundled warranties or service packages.
- Lower interest rates for financing.
November also marks the beginning of year-end inventory clearouts. Dealerships prepare to make room for newer models by aggressively pricing their used inventory. Electric cars that were traded in for newer models or end-of-lease returns are often available at reduced prices.
This makes November an excellent month for finding a deal, particularly on popular EV models like the Nissan Leaf, Tesla Model 3, or Chevrolet Bolt. Some dealers even extend these promotions to the days and weeks surrounding Black Friday, giving you more time to shop.
Overall, November is one of the greatest months for purchasing an used electric car. The combination of holiday specials, end-of-year inventory clearance, and enhanced trade-in availability makes this an ideal time for purchasers. While December may offer somewhat greater discounts, November gives you a better chance of getting your chosen vehicle before inventory runs out.
Other Ideal Times to Buy a Used Electric Car
While November is a worth noting month, other times of the year can be beneficial depending on your goals:
Tax Season (January to April)
Some customers take advantage of tax refunds early in the year to buy vehicles. While this may boost competition and pricing, dealerships may offer post-holiday discounts on remaining inventory from December.
Summer Months (June to August)
Summer is typically a slower season for car sales, which can lead to better deals on used cars. However, inventory may be lower compared to the fall.
End of the Calendar Year (December)
December is often regarded as the ultimate time to buy any vehicle, including buy a used electric car. Year-end sales, combined with dealerships’ urgency to meet annual targets, can result in deeply discounted prices. However, waiting until December could mean missing out on the best inventory, which might already be picked over by November.
What to Look for When Buying a Used EV?
Buy a used electric car with end-of-year promotions started in November can be a smart move, given the holiday promotions and year-end inventory clearances that often bring great deals. However, to make the most of your purchase, it’s essential to carefully evaluate the vehicle’s overall condition and features.
Electric cars differ from traditional gas-powered vehicles in several key areas, and understanding these differences can help you make a smart decision. Here’s a comprehensive guide on what to look for when buying a used EV.
Battery Health and Capacity
The battery is the most critical and expensive component of an EV. Over time, batteries lose capacity due to usage and age, which can impact the car’s range.
How to Check Battery Health:
Request a Battery Report: To check battery health, request a battery report. Many EVs include integrated diagnostics or apps that may generate a battery health report. This report often compares the remaining capacity to the original.
Ask About Charging Habits: Frequent use of fast-charging stations can degrade a battery faster. Ideally, the previous owner balanced fast charging with slower home charging.
Compare Range: Research the original range of the model and compare it to the current range as reported by the seller. Significant differences may indicate battery wear.
Charging Options and History
Understanding the car’s charging compatibility and previous charging history is important for ensuring it meets your requirements.
What to Consider:
Charging Ports: Verify the charging port type (e.g., CCS, CHAdeMO, or Tesla proprietary) and ensure it matches the infrastructure available in your area.
Charging Speed: Check the car’s charging speed capabilities. A higher maximum charging speed means shorter charging times.
Home Charging Setup: If you plan to charge at home, confirm that the car’s charger is compatible with your home’s electrical system.
Vehicle Age and Mileage
While EVs generally experience less wear and tear on mechanical components compared to gas-powered cars, the battery’s performance may decline over time.
What to Watch For:
Age of the Vehicle: Older EVs may have batteries nearing the end of their warranties, which could lead to costly replacements.
Mileage: High mileage doesn’t necessarily mean excessive battery wear, but it’s worth investigating how the car was used (e.g., city driving vs. long commutes).
Warranty and Battery Coverage
Warranties on EV batteries are often longer than for other car components, providing peace of mind for used electric car buyers.
Key Questions to Ask:
Is the battery warranty still valid? Many manufacturers provide battery warranties of up to 8 years or 160,000 KM. Verify the remaining warranty coverage is important.
Is the drivetrain covered? Some warranties cover the electric motor and drivetrain components.
Are there options for an extended warranty? If the vehicle is out of warranty, inquire about extended coverage for the battery or other EV-specific components.
Maintenance and Repair History
EVs require less maintenance than traditional vehicles, but it is still important to evaluate the car’s service history.
What to Check:
Brake and Tire Condition: Regenerative braking reduces wear on brake pads, but it is important to ensure they’re in good condition along with the tires.
Software Updates: Many EVs rely on software to optimize their performance. Confirm that the car has received all required upgrades.
Accident History: A major accident can impact the car’s structural integrity and battery safety. Obtain a detailed vehicle history report prior to making your final decision.
Driving Range and Your Needs
Ensure the car’s range aligns with your daily driving habits and long-term plans.
How to Evaluate Range:
Check Real-World Range: Manufacturer estimates can differ from real-world performance, especially for older vehicles. Look up reviews or forums to find accurate range expectations.
Seasonal Impact: Cold weather reduces battery performance. Consider how winter conditions in your area might affect the car’s usability.
Future Needs: If you anticipate longer commutes or road trips, consider whether the range will meet your needs for the next few years.
EV Features and Technology
Electric vehicle technology is continuously evolving rapidly, and older models may lack some modern conveniences.
What to Look For:
Infotainment and Connectivity: Ensure that the system has vital features such as navigation, Bluetooth, and smartphone connectivity.
Driver Assistance Features: Check for safety features such as lane assist, adaptive cruise control, and automatic emergency braking.
App Integration: Many EVs come with apps for remote monitoring, charging control, and pre-conditioning (warming or cooling the cabin before driving). Confirm that these functions are available and functional.
Charging Infrastructure in Your Area
Before making a purchase, check the availability of public charging stations and ensure that they are compatible with the electric car you’re considering.
How to Check:
Use apps like PlugShare or ChargePoint to map nearby charging stations.
Confirm the availability of fast chargers if you travel frequently.
Resale Value and Depreciation
Electric vehicles degrade more quickly than gas vehicles in the beginning, but they may retain value for many years afterward.
What to Consider:
Model Popularity: Popular models such as the Tesla Model 3, Nissan Leaf, and Chevrolet Bolt tend to hold their value better.
Battery Longevity: Cars with healthy batteries will have better resale value even after several years.
Future Incentives: Consider how government incentives for used EVs might impact resale value.
Seasonal Considerations
Buying in November means you’re preparing for winter, so keep the following in mind:
Winter Range Impact: Cold weather can limit an electric vehicle’s range by up to 30%. If possible, test the car in similar conditions to determine its performance.
Availability of Accessories: Look for extras like winter tires, charging cables, or portable chargers, which may be included during year-end sales.
With holiday promotions, increased inventory, and end-of-year discounts, you can find great deals on pre-owned EVs during the holiday season. November is a great time to take advantage of Black Friday or holiday sales as well. However, don’t forget to focus on critical aspects like battery health, range, and warranty coverage to ensure your investment is sound.
By carefully evaluating the vehicle and understanding your own needs, you can drive away in a used electric car that meets your lifestyle while saving money. Happy shopping!
As always, Carnex can provide you with detailed information about buying and selling used electric vehicles in Ontario.
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