Buying used electric cars can be a bargain, while buying a used EV might be overwhelming if it’s the first time you purchase an EV. It requires some different thinking compared to buying used gasoline cars. When it comes to buying a used electric vehicle, there will be some extra things to consider to ensure you get a great EV deal.
Since used electric vehicles are more expensive than their gasoline counterparts, they can have great value. You can save money by purchasing a used electric vehicle, but make sure you are aware of these crucial things to check before you make your purchase.
Here are some things to consider when purchasing a used electric car in Canada.
Battery Longevity
No matter how much the battery gets used, an electric car’s battery eventually deteriorates over time, just like the battery in your cell phone or laptop. Extreme temperatures and frequent charging also have the tendency to speed up this process.
Because the battery range can determine how far you can travel, the range of a used EV can be a significant factor in deciding its worth. Your battery range may be impacted because when a battery degrades, it can hold a lower charge. Therefore, just don’t expect a 100% battery life when you buy a used electric car.
The battery of a used EV deteriorates for a variety of reasons, such as operational temperature, how the battery charges, or overcharging. Consequently, you can’t really tell all of these things by simply looking at the car. Usually, a car dealership’s service staff can provide you with a thorough battery health assessment. But keep in mind that not all EV batteries are created equal; some automakers produce better batteries than others. Consider Tesla as an example. If you choose a used Tesla, battery deterioration won’t be as much of a concern because the batteries can still keep more than 90% of their original capacity after 320,000 miles.
Battery Warranty
You might look for a used electric car with a current manufacturer’s warranty. The majority of battery warranty coverage lasts for eight years or 160,000 km from the date of purchase, whichever comes first. Many pre-owned electric vehicles still have warranties. Remember to read the small print carefully.
Despite the fact that not all warranties are transferable to new owners, you can check with the automaker by providing them with the VIN (vehicle identification number) to find out when the warranty expires and whether it can be done so.
Maintenance History
Just like when you buy a used gasoline car, it’s advised that you always ask about the maintenance history of a vehicle from the previous owner or the dealer.
When it comes to buying a used EV, you may find out there are very few records since EVs require far less maintenance. On electric vehicles, even the brakes typically last a lot longer because they recharge the batteries by recovering otherwise lost energy.
EV Depreciation
One of the main cost components, whether for EVs or conventional cars, is always depreciation. One advantage of purchasing a used electric vehicle is that the original owner has already absorbed the biggest depreciation cut. The key factor in determining the value of a used electric vehicle is how much range a used EV can hold. According to the data, the typical used EV depreciates less quickly than conventional vehicles. Compared to other electric vehicles, the top-of-the-line EV models made by Tesla and Mercedes can retain their worth even longer.
Charging Accessories
Make sure the seller provides the charging cord and necessary accessories once you’ve chosen the used electric car that you want to take home. Charging accessories can be quite pricey. Typically, the price range is between $400 and $700 in Canada. If you have a 240-volt power outlet, it would be worthwhile to inquire if the seller of an electric car is willing to sell their Level 2 charger to you at a bundle price. A brand new level 2 charge costs an estimated $600 or more.
EV Charging
You will unquestionably need a charging station to recharge an EV, whether a new or used one. If your area permits it, you can utilise public chargers; otherwise, you can connect your electric vehicle straight to a power socket, albeit this will take much longer. These aren’t the most practical solutions, and they require more time to recharge. Even if public charging stations are less prevalent than gas stations, you must determine whether you really need to install a charger at home. However, you can probably only use public chargers if you park your electric vehicle on the street or in a garage attached to an apartment.
Here is what you should know about EV chargers:
Level 1: The three-prong plugs you can find in your home; such as those used by your computer and phone.
Level 1 charge takes much longer to charge an EV; therefore, only a small percentage of EV owners charge their vehicles in this manner. For example, a Tesla Model 3 EV gains approximately 10 km of range each hour with a level 1 charger. If you only travel 30 to 40 km daily, a level 1 charger could be sufficient.
Level 2: Level 2 charging is preferred by EV owners. These chargers require an external device that plugs into a receptacle, such as an electric clothes dryer, and supplies 240 volts of power. For instance, Level 2 may increase the charge rate of a Tesla Model 3 by 60 km per hour.
Level 3: The fastest charging option is a Level 3 charger, sometimes known as a DC Fast Charger. A Tesla Model 3 may gain 250 kilometres of range thanks to these rapid chargers in just 30 minutes, and get to 9-% full in 40 minutes. However, Level 3 choices are only available at public charging stations, which are often fee-based.
Government and Utility Incentives
The Canadian government’s Incentives for Zero-Emission Vehicles Program (iZEV) offers $2,500 to $5,000 in incentives to persuade consumers to purchase electric vehicles. There are also several provincial incentives available depending on where you live. The majority of EV incentives only apply to brand-new EVs, although some also cover used electric vehicles.
A used fully electric car in Ontario that has a resale sticker price of under $50,000 CDN is eligible for $1,000 toward the purchase. Before making a purchase, make sure you do your research and find out just how much of an incentive you can receive.
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