Used electric vehicles are now very popular in Canada and around the world as this new and emerging technology counters the effects of rising gas prices within the country. Even with this craze, buying a used vehicle might not be the immediate decision that you should take. While you might want to compare buying a used EV vs a used traditional car perhaps depending on multiple factors before you shop around.
Finding the right used vehicle for you might be overwhelming, and deciding between a used electric vehicle and a used traditional vehicle might not be such a clear and easy choice. In this article, we will analyse and dissect the key differences between a used EV and a used ICE (internal combustion engine) vehicle and help you, the buyer, make a better decision that will make the car more purposeful.
Buying a used electric vehicle
Why would you buy a used EV?
The principal reason would be for the fuel economy and the electric aspect of the EV. When buying a used electric vehicle, you are primarily capitalizing on the fact that there aren’t any CO2 emissions and no pollution.
Electricity Powered Car
An electric vehicle consumes electricity to produce energy to create movement; therefore, is more cost efficient to power than buying fuel every time the tank hits empty. When buying a used EV, you are essentially saving money compared to buying a used ICE vehicle. Furthermore, you can charge the vehicle in the comfort of your own house, using either an in-home charging station or charging stations located across big cities and busy roadways in Canada. Used EVs can boast similar features and capabilities to new EVs.
Of course, you need to take into consideration the battery usage as it is the primary energy source of the car. The batteries of an electric vehicle will eventually need to be changed. Unless you maintain the EV for a long time, it’s doubtful that you’ll be the one to replace them. Furthermore, since the first Nissan Leaf models debuted in 2010, even the earliest batteries will need to be replaced a decade from now. The battery is expected to last well over a decade. Most electric vehicle warranties, which normally last up to 10 years, cover batteries that fail too soon. Therefore, even when buying a used electric vehicle, the battery should usually be still covered by the initial warranty of the manufacturer.
Battery life is a key component of used electric cars. Especially in Canada where cold winter conditions can cause further battery damage than in other locations where the climate is different. Searching for a used EV with good battery life is essential for saving money in the future when repairs may be needed. Also, a poor battery life may also hinder the used EV’s performance in the winter such as in Canada.
Pricing for used electric vehicle in Canada
According to research, used non-luxury EVs are less expensive to own than even used gasoline-powered vehicles. You will save money if you purchase your used EV, barring any weird price patterns that may emerge in the used EV market due to supply and demand.
When you buy a used EV, this means that generally, you can go fetch a more competitive price compared to the used ICE vehicle market in Canada in usual market situations. However, recently, the demand for used electric has become abnormal and prices seem to be on the rise.
Incentives for used EV in Canada
In Canada, when you purchase a used electric vehicle, you might eligible to collect federal and provincial incentives. Depending on the province you are in, you may be eligible for more money than in others. The Ontario government offers a reimbursement on used cars under specific circumstances. Verify the eligibility of the one you’ve selected (for instance, did the original owner receive any rebates). If you build a charging station in your house, you can also be entitled to a reimbursement. Other than Ontario, these incentives are available in many other provinces, so if you plan to purchase a used electric vehicle in Canada, be sure to check to see if you qualify for any incentives that might save you hundreds or even thousands of dollars. Verify on your local government’s webpage to confirm and research any financial relief available at your disposal.
Buying a used ICE vehicle
ICE vehicles are still the most common kind of vehicle to be found on our roads. Being still very popular to this day and having infrastructure more readily available to service such vehicles, this category of used vehicles can still be more convenient in certain cases.
Even though the prices of gas are on the rise, buying a used ICE vehicle can still prove to be more convenient than purchasing a used EV. As an example, people working in rural or remote areas where high power electric charging stations aren’t readily available, owning a used EV would be less than optimal. Owning a gas car where electric infrastructure isn’t widely available is much more convenient and more cost and time efficient as less resources are needed to provide gas.
While electric vehicles have been widespread on the market for around a decade or two, ICE cars have been in mass production for over a century now. When looking for a car to purchase to perfectly meet your needs, buying a used ICE vehicle can offer much more selection in a wider range of categories and price points.
Buying a used electric vehicle can sometimes be limiting to the availability such as within pickup trucks and minivans as the used EV market is not yet fully ready to offer vehicles from all classes. This is where you may find more selection for the specific kind of car you need at a price point where you can afford. Since there is plenty of offer and used ICE cars on the second-hand market, finding yourself the exact car you need at the perfect cost is probably an easier task if you have extremely specific needs and criteria.
Consumer preference changes are another aspect that affects the popularity of EVs. There are still limited possibilities for EV and hybrid SUVs and trucks, even though SUVs and trucks are now far more desirable than sedans and vehicles for the average person.
Used ICE vehicles have much more parts that need to be maintained, especially in the engine bay where wear and tear over tens of thousands of kilometers eventually cause parts to stop functioning the way they intend and require replacement. However, when buying a used EV, there are much lesser parts that are inside the car and there are less parts that need to be maintained and replace over the lifetime of the used electric vehicle.
In comparison, traditional gas-powered vehicles currently have a better resale value of 50 to 60 per cent of their original valuation. Evidently, people continue to favour gas-powered cars over electric cars. Concerns about charging stations, convenience, battery life, and style are a few possible explanations. This indicates that when purchasing a used ICE vehicle, you will be paying more than for a used electric vehicle that offers the same characteristics because an ICE vehicle will have retained more of its value overtime.
So, what should you buy?
Making this decision isn’t simple. To summarize, if the used electric vehicle in Canada you are looking for cannot meet the criteria you need and only an ICE vehicle can satisfy completely all your demands, then procure yourself a used ICE vehicle. If, however, both a used EV and a used ICE can equally satisfy your needs, then it could be more advantageous to buy a used EV in Canada.
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