People looking to buy a used vehicle who want one that is cost-effective to buy, simple to maintain, and fuel efficient. Indeed, a used electric vehicle will tick all of those boxes. According to a survey, 68% of Canadians are more likely to purchase an electric vehicle in the coming years. However, with rising popularity comes rising prices, buying a used electric vehicles in Canada become an affordable alternative. Furthermore, with rising gas prices in the country, used EVs appear to be the most cost-effective and environmentally conscious option.
Even though EVs lose their value faster than gasoline vehicles typically, they are also cheaper to operate and less chance wear and tear than their gas-powered counterparts. However, a used electric vehicle can be an appealing purchase, it may not be the best option for everyone.
If you are considering buy a used electric vehicle in Canada, here are some pros and cons to consider to determine if it is the right choice for you.
Used electric vehicles are inexpensive
One of the most compelling reasons to buy a used electric vehicle is the price. Car depreciation is always the most expensive cost factor, whether for EVs or traditional cars, and the first owner has taken the most depreciation hit. This is especially true when purchasing used EVs, as they lose value faster than traditional vehicles.
Lower operating costs
Electric vehicles have fewer moving parts, and battery EVs do not have a gasoline engine, so there is no need for oil changes, whether they are new or used. Not to mention that driving an electric car saves money on gas because electricity is cheaper than gas no matter where you plug in across the country. Petrol stations will become places where you only stop for snacks and drinks once you have an electric vehicle, which allows you to skip the line and save time refuelling your car.
EVs provide a better driving experience
Because an electric vehicle lacks an internal combustion engine, the electric engine provides smooth acceleration and deceleration, making electric vehicles more enjoyable to drive. Driving an EV can be more comfortable and quiet than driving a gasoline vehicle. The low centre of gravity of an EV can also improve handling, responsiveness, and ride comfort.
A more environmentally friendly and health-conscious option
EVs, whether new or used, emit less global warming pollution and lower your carbon footprint. When you buy a used EV in Ontario, you help the environment even more than if you buy a new one. Furthermore, gasoline cars burn gasoline and diesel, emitting harmful gases that are harmful to our health, whereas EVs emit much less harmful tailpipe pollutants. Pollutants such as carbon monoxide, benzene, particulates, volatile organic, formaldehyde, and diesel particulate matter have been linked to cancer and other serious health problems.
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Diminished battery performance
Any battery-powered device’s performance deteriorates over time, and used electric vehicles are no exception. The battery performance of a used EV will affect how far you can drive. The more a battery degrades, the less charge it can hold, and your battery range may suffer as a result. A used EV’s battery degrades due to a variety of factors. The EV’s battery cooling system is an important consideration because liquid cooling helps to preserve battery performance. However, not all EVs use the same system; the Nissan Leaf, for example, has an air-cooled battery. Furthermore, some automakers produce better batteries than others; for example, Tesla’s batteries can retain more than 90% of their full capacity after 320,000 kilometres of driving, implying that battery degradation is less of an issue if you buy a used Tesla.
If you intend to buy a used electric vehicle and keep it for a few years, you may find that its technology quickly becomes obsolete. While technology obsolescence affects traditional fuel vehicles as well, the effects are amplified for used electric vehicles because EV technology is rapidly improving.
Infrastructure for charging
Whether you buy a new or used EV, you will need a charging station to recharge it. You can use public chargers, but you are limited to where you are. You can charge your EV by plugging it directly into a wall outlet, but it will take much longer. These aren’t the most convenient options, and the charging time is longer. While public chargers aren’t as common as gas stations, you can still invest in a home charger.
Reduced resale value
Although the first owner has taken the greatest depreciation hit, don’t expect much value if you plan to sell it. Because you were able to purchase the used electric vehicle at a lower cost, its depreciation will be multiplied over time.
While there are still some drawbacks to electric vehicles, they remain a viable alternative to traditional internal combustion engines and hybrid vehicles.
Last but not least, don’t forget to check out used EV incentives when you buy a used electric vehicle in Canada. The Canadian federal government’s iZEV incentive program reduces the price of new zero-emissions vehicles by up to $5,000, but it does not apply to used EVs. However, depending on where you live, there may be additional incentives and rebates for used EVs. For example, rebates for used EVs are available in Ontario and British Columbia through Plug’n Drive and Scrap-It, who are non-profit organizations supported by the automotive industry; and Quebec and Nova Scotia offer government rebates of up to $4,000 and $2,000 on used EVs respectively.
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