Buying An Electric Vehicle: Should You Buy Used or New?

Buying An Electric Vehicle: Should You Buy Used or New

You’re ready to buying an electric vehicle, but you are unsure if you should buy a new model or second hand electric vehicle. The first step in purchasing any type of car is always to determine whether to buy a new model or a used one. The same holds true for electric vehicles. While electric vehicle technology is continually evolving, it is critical to understand the distinction between buying a new model versus a used electric vehicle. Used EVs are less expensive because EV technology is continue evolving. While an EV has significantly fewer moving parts than a gas-powered vehicle, it should last much longer than a traditional car. 

In this article, we will discuss some pros and cons of buying a used EV vs new, along with some key considerations when you finding the right EV for you.

Pros to buy a second hand electric vehicle and what should you avoid

If the EV can meet your needs, buying a used electric vehicle can be a great money-saving opportunity. Buying a secondhand electric vehicle is a more inexpensive choice, especially if you are on a tight budget and are ready to jump on the battery-powered bandwagon. Furthermore, whether for electric or traditional vehicles, buying a used car means you won’t be impacted by depreciation. The first owner has taken the greatest depreciation hit.

Buying a used electric vehicle not only reduces the initial cost but also saves money in the long run. Because an electric vehicle has fewer moving components than a gasoline car, its running costs will be lower. This is true for both new and secondhand electric vehicles. Not to mention that driving an electric car saves money on gas because energy is cheaper than gas no matter where you plug in in Canada.

Whether you drive a new or used electric vehicle, you will enjoy a superior driving experience. Because of the smooth acceleration and deceleration provided by the electric powertrain. Driving an EV can be more comfortable and silent than driving a gasoline vehicle. The low centre of gravity of an EV can also improve handling, responsiveness, and ride comfort.

When buying a used electric car, there are several EV-specific considerations to consider. 

EV batteries, like any other battery-powered device, degrade performance over time. The condition of the EV’s battery will effect how far you can drive. While the battery of a used EV degrades due to a variety of circumstances. One of the most significant components is the cooling system, as liquid cooling helps to retain battery performance. Furthermore, in the EV industry, some manufacturers produce superior batteries than others. For example, Tesla’s batteries may still keep up more than 90% of their full capacity after 320,000 km of driving, implying that battery degradation is less of an issue if you buy a used Tesla. This also explains why Tesla’s resale value is stronger compared to comparable second hand electric vehicles. However, this situation is slowly changing currently, as battery technology improves and capacity increases, deterioration is becoming less of an issue for most EVs today.

With the advancement of EV technology, it is possible that its technology could become obsolete in the near future. So, if you intend to buy a secondhand electric vehicle and maintain it for a few years, technology obsolescence may be a concern. The same is true for regular gasoline vehicles, but the consequences are amplified for used electric vehicles because EV technology is continuously improving. Simply because EVs are advancing faster than their gasoline-powered rivals.

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What to look for when buying a second hand electric vehicle

There are a few things to look out for if you think a used electric car is right for you:

• ‍Check the car’s range to ensure that the battery is in good condition. You can usually accomplish this by turning on the car, checking the display for the completely charged range, and comparing it to the maximum range from new. 
• Check that the car’s charging socket is in good working order and that all of the charging cables that should be included are present and functional.
• Check online EV communities to determine if there are any specific concerns with the model and age of the EV you want to buy.
• Perform the same tests you would on a normally powered vehicle. Examine the tyres and the bodywork closely and request the service history. Look for symptoms of excessive wear on the braking discs and pads. And, as soon as you start driving, ensure sure all of the dashboard caution lights turn off.
• Run online car checks that will reveal any secret past the car may have. For instance, whether it was stolen, engaged in an accident, or has overdue finance. You may have to pay a modest cost, but the peace of mind is well worth it.

If you’re looking for a quality used vehicle at a reasonable price and with a worry-free purchasing process, you have come to the right place. Carnex allows you to purchase your vehicle without ever setting foot in a showroom. You can complete the purchase paperwork and arrange financing 100% online with Carnex.

Pros to buy a new electric vehicle and what should you avoid

Buying a new electric car can be expensive, but you won’t miss the “new car” sensation. A new EV model is in perfect condition and generally has the most up-to-date technological features. Additionally, new electric vehicles come with a full warranty.

Newer model battery-powered vehicles can also travel farther on a single charge than their predecessors, thanks to rapidly evolving EV technology. While some older EVs have a lesser range, some earlier models were also not equipped to take use of Level 3 charging stations for fast charging. Therefore, range anxiety is less of a concern with a new EV. A new model can be customized to the owner’s specifications and fitted with cutting-edge technology. 

Electric vehicles, on the other hand, often depreciate at a faster-than-average pace. While buying a new EV not only cost you more, the resale values of an EV usually underperform when compared to its traditional counterparts. Only longer-range EV cars, particularly popular EVs like Teslas, are resisting the trend with stronger resale values.

In terms of electric vehicle incentives, the Canadian federal government provides a $5,000 reimbursement at the time of purchase for new zero-emissions vehicles. Used electric vehicles are not eligible for this rebate. In Canada, only Quebec and Nova Scotia governments offer up to $4,000 and $2,000 refunds on second hand electric vehicle, respectively.

Ultimately, whether you buy a new model or a used EV simply comes down to your budget and expectations. Buying a used EV means you won’t get the longest range or the most advanced technology, but depending on your budget and needs, it may be a worthwhile tradeoff. This decision will be different for everyone, based on your budget, circumstances, and risk tolerance – because new EVs come with full warranties.

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.