The primary step when buying a vehicle of any type is to consider buying a new model or buying a used one to save some of your hard-earn money. It’s the same thing applies to electric vehicles. While the technology of electric vehicles changing rapidly, it’s important to understand what’s the difference between buying a new model versus a used electric vehicle.
Buying a used electric vehicle:
It’s a real money-saving proposition when buying a used electric vehicle if the EV can meet your needs.
Especially when you are on a budget and are eager to make the move to the battery-powered bandwagon, buying a used electric vehicle is a more affordable option. In addition, whether for electric vehicles or traditional cars, buying a used car means you won’t get hit by the depreciation. As the biggest depreciation hit has been taken by its first owner.
Going with a used electric vehicle is not only cuts the high price tag but also will save money down the road. Thanks to the fewer moving parts that an electric vehicle has, the operating cost with an EV will be lower than a gasoline car. This applies to whether new or used electric vehicles. Not to mention the most obvious benefit of driving an electric car is the saving on fuel, as electricity is cheaper than gas no matter where you plug-in in Canada.
You will have a better driving experience whether driving a new or used electric vehicle. Since the electric engine provides smooth acceleration and deceleration. Driving an EV can be smoother and quieter than gasoline vehicles. EV also has a low center of gravity which can improve handling, responsiveness, and ride comfort.
However, when you go with a used electric vehicle, there are some EV-specific issues that you need to keep in mind.
Just like any battery-powered device, EV’s batteries diminish their performance over time. The EV’s battery age will affect how far you are able to drive. While a used EV’s battery degrades based on a number of factors. The cooling system is one of the important factors as liquid cooling helps to preserve battery performance. Furthermore, some automakers make better batteries than others in the EV industry. For example, Tesla’s batteries can still hold up more than 90% of their full capacity after driving 320,000 kilometers, which means the battery degradation is less an issue if you go with a used Tesla. That also explains why Tesla retains their resale value better among the other used electric vehicles.
But this situation is also changing, as the battery technology improves and capacity increases, degradation becomes less of an issue today.
With the development of the EV technology we’ve seen today, you may also see that its technology will quickly become outdated as well. So if you plan to buy a used electric vehicle and keep it for a couple of years, technology obsolescence could be another issue of buying used. The same thing also applies to traditional fuel vehicles, but the effects are magnified for used electric vehicles as the technology of EVs is improving rapidly. Since EVs are evolving more rapidly than their gas-powered counterparts.
Buying a new electric vehicle:
Buying a new electric car can be a costly proposition, but you won’t miss the “new car” feeling. A new model is in its perfect condition and generally offers the latest tech features. And new electric cars also come with a full warranty.
Thanks to the fast-changing EV technology, today’s EV battery-driven models can also go farther on a charge than their predecessors. Range anxiety is less an issue with today’s EV, while some older EVs generally have a shorter range, some old models also were not equipped to take advantage of Level 3 chargers for fast charging.
As for electric vehicle incentives, the federal government offers a $5,000 rebate for new zero-emissions vehicles at the point of purchase. This rebate does not apply to used electric vehicles. Only in the province of Quebec and Nova Scotia, the government offers up to $4,000 and $2,000 rebates respectively on used EVs.
A new model can be equipped as the owner prefers, and fully equipped with new tech features. However, electric cars typically suffer a faster-than-average rate of depreciation. While EVs generally have a higher price tag, the resale values of EVs are underperformed compared to their traditional counterparts. But longer-range EV models, especially the popular EV like Teslas, are bucking the trend with more strong resale values.
In conclusion, buying a new model or a used EV all comes down to your budget and expectation at the end of the day. Buying a used EV means you probably won’t get the longest range or the latest tech features, but it might well be a tradeoff worth making depending on your budget and needs.
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