How To Sell Your Used Electric Vehicle for A Premium in Ontario
The current EV market is now reaching all time highs as electric vehicles are now selling at record prices with devaluation at lows never seen. brand new and used electric vehicles are in high demand and the prices of the vehicles themselves don’t seem to lose much value after years of use compared to traditional gas-powered vehicles or even hybrids.
While buying and selling used electric vehicle could be a completely different world, how can you get the most out of your used electric vehicle? In this article, we will show you how to optimize your used EV to make sure that you get the best value and even sell your used electric vehicle at a premium when you sell your EV at a market and median value.
Knowing your EV
When sell your used electric vehicle, it is quite useful to know what you have and what your vehicle may offer to any potential buyers. This means that you should look at the specification sheet provided by the dealer when you bought the vehicle as well as look at the user manual of the EV so that you can look at some key features that are in high demand and hope to see them integrated into your EV as well. When you sell your used EV, you should also know the price range at which your EV is currently selling on the market. To know this, you should search for your specific car model (same specs and features) with around the same amount of mileage on the odometer to get a good idea of the pricing of your car.
Use online tools
Using tools like online calculators and 3rd party dealership websites when you sell your used electric vehicle, as well as the manufacturers’ car reports, are all great ways to find a good range for your EV.
Although some tools are usually designed for ICE cars, not electric cars specifically, they can still be helpful. Most work by entering your vehicle information in exchange for a range of valuations. Some popular trade-in calculators include:
The valuation range provided by trade-in calculators can occasionally be quite wide. Because of this, you may go to step two by requesting offers from large national merchants. Like the earlier websites, these businesses gather some information about your vehicle and make you a (tentative) offer to buy it. There are several conditions, so it’s important to consider if the offer is a cash one or a trade-in one that depends on you purchasing a vehicle from them.
Want to sell your used electric vehicle in Ontario? Visit Carnex to sell your used electric vehicle. Sell your Tesla Model 3, Tesla Model S, Tesla Model Y, or Tesla Model X and receive an instant cash offer at Carnex.ca today!
General Selling Tips
While certain things change slightly for electric vehicles, there are other things that never go out of style. These outdated advice items have been updated for you and your EV. Firstly, make sure to wash your car. A car wash is never harmful. Similar actions, such as getting rid of your old ice skates and vacuuming the inside, not only make your car look beautiful but also demonstrate that you have actively maintained and cared for it.
Second, if you have completed scheduled maintenance, gather any previous maintenance invoices, and find out when you last rotated the tires. All this will not only increase the value of your car by keeping it in good condition, but also help the potential buyer by relieving him from the hassle of taking the car for maintenance himself once he buys it. Finally, you should collect your documents. Your car’s specifications will need to be verified by the buyer. If you bought the car brand-new from a dealer, it is worth the time to gather all your paperwork, including the title, registration, insurance, and sales records.
Ontario Specific Advice
In Ontario, half of the year is filled with poor EV driving conditions, and sell your used electric vehicle in Ontario may be hindered by the fact that the maintenance and your winter driving habits are less than optimal. When you’re selling an EV in Ontario, and you want to get a premium on the selling price, try and see if your car has any winter specific upgrades that you can upsell to the buyer, such as heated seats, mirrors, and steering wheel. Or winter climate control for the cabin as well as the outside of the car. Winter tires and good car maintenance also help a lot with the resale price.
Used EV Battery Life
The most important aspect when sell your used electric vehicle in Ontario should be the battery life as well as the range still available to your car. When you have a full range, that should be the main selling point of the vehicle. Make sure you have a good battery condition as well as a range that represents a high level of battery health, within 90% of the maximum supposed range. The odometer is a decent indicator of past, present, and future performance in an ICE vehicle. Consider that the auto industry has had 100 years of studying pistons and transmissions, so the aging process is predictable at this point. Electric cars are different. Aside from not having pistons or transmissions, an EV has only about 20 moving parts — an ICE vehicle has 2,000. Overall, the most important part of an electric car is the battery, which directly impacts your range today and in the coming years.
That’s why it is critical to demonstrate a strong battery to maximize your trade-in value. Traditional trade-in calculators do not consider battery health, so you can highlight this important metric to get more out from selling your used EV.
EV pricing trends in Ontario
It is vital to comprehend the larger patterns in EV prices. When there was a pandemic and no one was driving, automobile values fell. However, as chip shortages constrained the production of new cars, the price of ICE as well as electric vehicle surged. Auto industry reports give you crucial information, and timing is crucial. If you own a Tesla, you might be able to access a used Tesla buying report that measures values over time.
Last but not least, it must be emphasized once more that any estimate you obtain online is based on speculation and should be treated as such. The actual max value of your electric car might not be as high, and the min value is probably not as low.
If you’ve been considering sell your used electric vehicle, this might be a good moment to do so and get your money’s worth. Visit Carnex to sell your used electric vehicle. Sell your Tesla Model 3, Tesla Model S, Tesla Model Y, or Tesla Model X and receive an instant cash offer at Carnex.ca today!
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.