Should you buy a used electric vehicle?

Should you buy a used EV?

When you are in the market for a car, you always have to ask yourself whether you want a brand new car or a used one. Even when you are thinking about going with an electric car, that’s still the question you would have to ask yourself in the first place. While new electric cars typically have a higher price tag than their gasoline counterparts, buying a used EV can save you quite a bit of money. So, should you buy a used electric vehicle?

Since EVs are not exactly the same as their gasoline counterparts, there are a few things you need to consider before buying.

Limited Options

As data shows, EV sales in 2020 only contribute 3.5% to Canadian new vehicle sales. That means there are very limited EVs available to the used market, your option will be limited in what EV you can buy compared to used gasoline cars. On the other hand, as the demands for EVs started to outpace supply, the price of a used EV has risen since 2020. For example, there is a huge demand for used Teslas, and it has gotten to the point that some used Tesla models are actually more expensive than their brand new counterparts.

Battery Degradation

Battery degradation might be a problem for buying a used EV. Since lithium-ion batteries tend to degrade over time. The more a battery degrades, it can hold less charge, your battery range could be affected as a result. Although you should be able to access the info on how much degradation has occurred before buying, a used EV’s battery degrades based on a number of factors. That includes the operating temperature, the way the battery charges, or overcharging, you can’t really know all these factors just by checking the car. In addition, not all EV batteries are the same, some automakers make better batteries than others. Take Tesla as an example, its batteries still can hold 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.

Electric Vehicle Incentive

The government of Canada ​offers $2,500 to $5,000 incentives to encourage people to buy electric cars. Depending on where you live, there are also various provincial incentives available. However, the majority of these incentives apply to new electric cars. While you may not be able to benefit from the full amount, drivers in Ontario are eligible for $1,000 toward the purchase of a used fully electric car that has a resale sticker price below $50,000 CDN. Make sure you do your search and check out how much incentive you could get exactly before making your final decision.

Find a place to charge your EV

Whether you go with a new or used EV, they all need a place to recharge. You may use public chargers if your location allows you to do so, or plug your EV directly into a wall outlet which will take significantly longer to recharge. These aren’t the most convenient options or it takes longer to recharge time. While the public chargers aren’t as common as gas stations, you need to decide if you need to install a charger at home. 

There are pros and cons to buy a used EV, just like buying any used car. You just need to be aware that electric cars are different, and you need to think about the factors we discussed above. Make sure you do your homework properly and buy a used EV that works for you at the best. 

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