Buy a used electric vehicle in 2022? Here are a few important things you need to consider.
Buying electric vehicles requires some different thinking compared to traditional gasoline cars. When it comes to buying a used electric vehicle, there will be also some extra things to consider to ensure you get a great EV deal.
Used electric vehicles tend to have great value since the cost of EVs is much higher than their traditional counterparts. Buying a used electric car can save you money, but make sure you know what are the essential things to look for before you make your purchase. Here are things you should consider when buying used electric cars in Canada.
Battery Longevity
The range of a used EV can be a key factor in determining its value because the battery range will affect how far you are able to drive. The more a battery degrades, it can hold less charge, your battery range could be affected as a result. Don’t expect a 100 percent battery life report on a used electric car, but if you are buying a used electric car for commuting, a shorter battery range should not be an issue.
A used EV’s battery degrades based on a number of factors, which include the operating temperature, the way the battery charges, or overcharging. So you can’t really know all these factors just by checking the car, although a car dealership’s service department can give you a detailed report on battery health. Also, keep in mind that not all EV batteries are the same, some automakers make better batteries than others. Take Tesla as an example, the battery degradation is less an issue if you go with a used Tesla since its batteries still can hold more than 90% of their full capacity after driving 320,000 kilometers.
Battery Warranty
You can try to find a vehicle that still has a valid manufacturer’s warranty. Most of the battery warranty coverages run for 160,000 kilometers or eight years after the initial purchase, whichever comes first. While not all warranties are transferable to subsequent owners, you can contact the automaker with the VIN (vehicle identification number) to confirm if the warranty expires and if it’s transferable.
EV Depreciation
Depreciation is always the biggest cost factor whether for EVs or traditional cars. One of the benefits of buying a used EV is that the biggest depreciation hit has been taken by its first owner. The key factor in determining the value of a used electric is how much range a used EV can hold. Data shows that the average used EV depreciated more slowly than conventional cars. The top of the line EVs produced by Tesla and Mercedes can hold their values even longer among the other electric vehicles.
EV chargers
Whether you go with a new or used EV, you will absolutely need a charging station for recharge. You may use public chargers if your location allows you to do so, or plug your EV directly into a wall outlet which will take significantly longer to recharge. These aren’t the most convenient options or it takes longer to recharge time. While the public chargers aren’t as common as gas stations, you need to decide if you need to install a charger at home. However, if you park your EV on the street or in an apartment garage, you probably can only go with public chargers.
Electric Vehicle Test Drive
Whether you are buying a new or a used EV, an electric vehicle test drive may be the key for you to decide if you have never driven an electric car before. Driving an electric on the road can feel completely different from driving a conventional car. For example, an EV is incredibly silent and has rapid acceleration. An EV test drive can make sure you are comfortable with all these new experiences and enjoy driving an EV.
Government Incentive
Incentives for Zero-Emission Vehicles Program (iZEV) offered by the government of Canada provides $2,500 to $5,000 incentives to encourage people to buy electric cars. Depending on where you live, there are also various provincial incentives available. While most of the EV incentives are applied to new EVs, some apply to used electric cars. While you may not be able to benefit from the full amount, buying a used electric vehicle in Ontario is eligible for $1,000 toward the purchase of a used fully electric car that has a resale sticker price below $50,000 CDN. Make sure you do your search and check out how much incentive you could get exactly before making your purchase.
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