Are Pre-Owned Teslas Worth Buying in Canada?

Are Pre-Owned Teslas Worth Buying in Canada?  by Carnex.

Tesla was once a company dedicated to producing affordable and environmentally friendly electric vehicles. However, as the global economic situation has worsened, Tesla vehicles are now becoming increasingly expensive. They are beginning to be more like electric vehicles that are catered towards those who have the means to afford one, whereas the initial goal is slowly fading away. The good news is that there are less expensive options for Tesla vehicles available on the used market for a fraction of the original price while still providing the promised values and performance.

Are you in the market for a Tesla but having trouble getting your hands on a new Tesla model? In this post, we’ll go over the value of buying a used Tesla and help you decide whether a used Tesla is a good option for you.

Where to buy a pre-owned Tesla

On the Tesla website, consumers may look for both new and used Teslas. You can order a Tesla that is uniquely designed for you. Users can decide whether they want increased autopilot or fully autonomous driving capabilities, as well as the colour of the paint, the wheels, and the interior. When buying a new Tesla, the process can be quite difficult and take a lot of time. As a matter of fact, buying a new Tesla vehicle can take several months before delivery, and the price is certainly not cheap. 

The process of buying a pre-owned Tesla is much more streamlined and easier. When buying a used Tesla through a used vehicle dealership or a private seller, not only are the prices lower, but there aren’t any hassles about the long delivery times. If you desire to buy your Tesla used, there are also more options available for you. The used vehicles that Tesla offers on its websites, like many other brands, have been examined and found to satisfy certain resale standards.  Certified Pre-Owned (CPO) Tesla vehicles offered directly by Tesla provide more peace of mind and the assurance that your vehicle is free of major mechanical defects. However, you might be able to get a much better deal by shopping for a pre-owned Tesla outside of Tesla dealerships. There is more availability for used Tesla vehicles on used car marketplaces. This means that there are more competitive prices and a wider variety of selections. The prices you find for used Tesla vehicles are much lower than the initial MSRP offered on Tesla’s website. Therefore, buying a pre-owned Tesla from a third-party website or from Tesla’s own Certified Pre-Owned program is both worth considering.

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Pre-owned Tesla batteries 

Battery degradation is to be expected when you buy a pre-owned Tesla. The good news is that Tesla batteries are expected to last 20 to 25 years. Real-world data indicates that Tesla batteries lose less than 10% of their capacity in the first 250,000 kilometers. However, this is dependent on the battery’s care and maintenance, such as whether the previous owner(s) charged it to full capacity frequently, how rapidly they charged it, and what temperatures they drove in. As a result, if you’re thinking about purchasing a used Tesla, you should double-check the battery’s condition and range. If you do need to replace your battery, the cost might range between $6,000 and $9,000, so make sure to keep your battery in good condition to prevent these charges! It’s highly recommended to purchase a used Tesla before the battery warranty expires. Since Tesla will replace the battery pack for free if it falls below 75% of its original capacity.

Price benefits 

Although buying a used Tesla may seem very enticing, not all Tesla models offer the same kind of price reduction. In the used car market, sometimes used Teslas may even be sold at a price near or above their initial retail value due to the extremely high demand for having the vehicles in a short amount of time. This oftentimes means that newer Tesla models will not have the same discounted price that can be found when purchasing a used gas vehicle. This does mean that buying a pre-owned Tesla that was produced very recently may not be the best idea, as it is nonetheless used but comes with the price tag of a brand-new car. If you are in a hurry to buy a Tesla, this may be worth it; otherwise, it would be highly not recommended to do so.

While buying a used Tesla that already has a few years under its belt may be a very viable option. For example, used Tesla Model S from 2016 and before still offer amazing performance and a luxurious experience for the driver and passengers, and they are selling at majorly discounted prices compared to what the current Model S sells for in 2022. Buying a used Tesla certainly has its benefits and can lighten the financial burden significantly, but watch out for resellers of newer models trying to make a quick profit.

Fuel and Maintenance savings

If you are switching from a traditional fuel-powered vehicle, buying a used Tesla can bring more benefits, such as saving on gas and maintenance costs. Of course, the price of electricity is much cheaper than the price of gas when filling up the tank, or in this case, the battery. Fully charging may just cost a couple dollars depending on where you live in Canada, compared to around $50 or more for filling up your tank. Moreover, the charging station that can be installed in your own house is a major benefit for waking up with a full battery every morning.

Furthermore, Tesla vehicles have fewer moving parts, meaning that the annual maintenance required is much less than that of a gas vehicle. However, given the relative recency of Tesla vehicles coming onto the market, finding a mechanic that has the capability of fixing your electric vehicle may be quite a task. In most cases, you may need to go to an official Tesla dealership to get your car fixed. It is important to make sure that the warranty is still valid when buying a used Tesla, as repair costs without a warranty can be expensive, as well as the cost of the parts.

Used EV incentives

When buying a used EV, check to see if you qualify for government incentives.

In Ontario, you may be eligible for the $1,000 Plug’n Drive Used Electric Vehicles Program Incentive, where you need to attend a free used EV seminar before claiming your used EV incentive. You can also apply for the Scrappage incentive program, where you can recycle your previous gas car when buying an EV and receive another $1,000. In Quebec, you can receive a $5,000 incentive for buying a used electric vehicle, as well as $500 in funding for purchasing a home EV charger. Used electric vehicle incentives may apply to the used Tesla you are purchasing and can relieve thousands of dollars from the upfront payment. Therefore, don’t forget to verify if your province offers rebates for used electric cars that you may benefit from and apply for them.

Ultimately, it’s totally up to you whether or not buying a pre-owned Tesla is worth it. You may pay less for a pre-owned Tesla, but that might also cost you more to maintain, given Tesla’s increased maintenance expenses for older models. However, if buying a Tesla is high on your priority list and you don’t want to wait for a new model, it might be totally worth it to you. In terms of performance, pre-owned Teslas can still function admirably and have strong batteries.

Buying a used EV not only saves you money but also helps the environment.

Carnex, your EV expert in Ontario, is here to help you find the best used electric vehicle in Canada. Visit Carnex today and discover the best deals on used EVs.

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