The Benefits and Drawbacks of Buying a Used EV in Canada: What You Need to Consider

The Benefits and Drawbacks of Buying a Used EV in Canada: What You Need to Consider

When it comes to purchasing a car, electric vehicles are a hot topic these days. With the current push towards a more eco-friendly world, many consumers are looking towards electric vehicles as a way to reduce their carbon footprint. However, electric vehicles can be expensive when purchased new, which has led to many people considering the option of buying a used EV in Canada. Buying used EV in Canada can be a great way to save money and still enjoy all the benefits of an electric vehicle.

Although buying a used EV in Canada is similar to purchasing a used gasoline vehicle, there are several nuances about EVs that you should be aware of in order to have the best experience. EVs take a little bit more thinking than petrol or diesel-powered cars, but they may also be a great value and reliable, and if purchased properly, they will last for many years. In this article, we’ll explore the pros and cons of buying used EV in Canada and discuss what you should consider when buying a used electric car to help you make an informed decision.

Why buy a used EV in Canada?

When it comes to purchasing a car, there are many factors to consider, and buying a used EV is no exception. However, with the potential cost savings and reduced carbon footprint, a second-hand electric car may be a great option for those looking to make a positive impact on the environment while also saving money. 

As mentioned, electric vehicles can be expensive when purchased new. One of the main reasons for purchasing a used electric car is the lower cost. New EVs tend to have a higher price tag and are not as affordable as traditional cars. For example, as the most popular EV, the most affordable Tesla model 3 starts at $54,990 before taxes in Canada, which is around $12,000 more expensive than average gas-powered cars. New electric vehicles can be quite expensive, even with the support of government incentives, but used models are often much more affordable. Additionally, the depreciation rate on used electric cars is generally slower than that on new EVs and traditional cars, which means that second-hand electric cars can offer significant cost savings compared to buying a new electric car. Furthermore, electric cars are known for their longevity and reliability, so owning a used EV can still provide many years of driving pleasure and the same benefits as new ones.

However, just like buying any used car, buying a used EV in Canada comes with both pros and cons. We’ll explore the advantages and disadvantages of purchasing a used electric car in Canada, including factors such as cost, maintenance, and environmental impact.

What are the benefits of buying a used EV?

Lower Cost

One of the most significant benefits of buying a used EV in Canada is the cost savings, as used electric cars are typically less expensive than their new counterparts. Additionally, electric cars generally require less maintenance than gasoline-powered cars. The maintenance costs of an electric car are typically lower than those of a gas-powered car. Because electric cars have fewer moving parts, there are fewer things that can go wrong. For example, electric cars don’t require oil changes, and their brakes last longer because of regenerative braking technology. In addition to the cost savings on fuel and maintenance, you may be able to take advantage of government incentives and tax credits when you purchase a used electric car, further reducing your upfront cost.

Lower Depreciation

Electric vehicles generally experience depreciation from the moment of purchase, with the most significant impact during the first three years of ownership. With the most significant hit of depreciation absorbed by the first owner, used EVs tend to depreciate more slowly than new ones, which means that buying a used EV in Canada may be a better investment in the long run. This is particularly true if you plan to keep the car for a longer period of time, as you’ll be able to get more use out of the vehicle before it loses its value.

Environmental Benefits

Choosing a used electric car over a traditional gasoline-powered vehicle is an environmentally friendly choice. An electric vehicle does not emit pollutants that contribute to global warming, in contrast to a gas-powered vehicle. While electric vehicles still require electricity to charge, they produce far fewer emissions than traditional gasoline-powered cars. Additionally, because electric cars don’t require gasoline, they help reduce our dependence on fossil fuels.

EV Incentives

The Zero-Emission Vehicles (iZEV) Program offered by the government of Canada provides incentives that are only available for new electric cars. However, in some provinces of Canada, incentives and tax credits are available for purchasing a used EV in Canada. That being said, some regions do offer tax incentives for buying a used EV in Canada as well. Be sure to check with your local authorities to see if any incentives are available for buying a used EV in your area.

What are the drawbacks of buying a used EV?

Limited Range

One of the biggest disadvantages of purchasing a used electric car is its limited range. Electric car batteries can degrade over time, which can lead to a reduced driving range. Anyone who has used a battery-operated device has experienced a decline in performance over time. Used electric vehicles are susceptible to the same problem, especially older models. Early versions of used electric cars may have shorter driving ranges than newer models, which can be a problem if you need to travel long distances. Additionally, the range of an electric car can also be affected by other factors such as weather conditions, charging, and driving habits. Driving in extreme cold or hot temperatures, charging to maximum capacity, and draining the battery to a low voltage all take their toll and further reduce the battery range.

Limited Warranty

Another drawback to buying a used EV is the limited warranty. New electric cars often come with a full warranty, which can provide peace of mind for the owner. However, used EVs may not have any warranty left or be untransferable, which means that any issues that arise will need to be paid for out of pocket.

Charging Infrastructure

While Canada has made great strides in recent years to expand its charging infrastructure, there are still areas where charging stations are scarce. This can be a problem if you need to travel long distances, as charging stations are still not as prevalent as gasoline stations in Canada.

Limited Availability

Finally, used EVs can be hard to come by, especially in certain regions. When buying a used electric car, it’s also important to consider the availability of models. Some models may be harder to find than others in the used car market, which can make it difficult to find replacement parts or get service. Finding the exact make and model you’re looking for may be a challenge, and you may need to compromise on certain features or specifications.

What factors should you consider when buying a used EV in Canada?

Range

With the newest models offering greater range and economy than those from just a year ago, electric vehicles are rapidly changing. Therefore, if you’re considering a few-year-old used EV, be sure to fully grasp your driving patterns and how much range you require. The range of an electric car is the distance it can travel on a single charge. It’s important to consider the range of the electric car you want to buy, especially if you often take long trips. A used EV with a longer range will be more convenient and versatile than a car with a shorter range.

Battery Health And Warranty

Although battery failure is somewhat unusual, it does happen, and battery replacement can be very costly. The battery life of an electric car is one of the most important factors to consider when buying a used electric car. The battery is the heart of an electric car, and replacing it can be very expensive. Checking the battery’s health before buying a used EV is important, as is knowing if the battery has been replaced before and if it’s still under warranty. A dealer or manufacturer-certified technician should be able to plug in the necessary diagnostic tools and produce a battery health assessment if you have access to one. You might be able to get battery health reports and predicted range on a full charge in one of the settings on the car itself.

Additionally, most battery guarantees from automakers last at least 8 years and 160,000 km. Make sure you verify whether the used electric car you’re buying is covered by a warranty or not. A used EV that comes with a warranty will give you peace of mind, since replacing the battery can be very costly.

Charging 

The charging infrastructure is another important factor to consider when buying a used electric car. Make sure that you have access to charging stations near your home and workplace. If you have a garage or a driveway, installing a home charger will make your life much easier with an EV. 

You should also consider the charging time of the electric car. Depending on the model and electric architecture, electric vehicles can charge at very different rates. Some older generation electric cars take longer to charge than others.

Buying a used electric car can be a great way to save money and reduce your carbon footprint. However, it’s essential to weigh the benefits against the drawbacks and consider your specific needs and situation. Be sure to thoroughly research any potential used EV you’re considering and consider the factors we discussed before making the purchase. With these factors in mind, you can find a great used electric car that will provide years of driving pleasure.

Where can you buy used EVs in Canada?

If you’re looking for a used electric vehicle at a reasonable price with a worry-free purchasing process, you have come to the right place. 

Carnex allows you to purchase your electric vehicle without ever setting foot in a showroom. You can complete the purchase paperwork and arrange financing 100% online.

Looking for the best used electric vehicle deals? Visit Carnax today and discover the best deals on used EVs in Canada.

Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at Carnex.ca, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.