The used EV market is extremely hot now. Used electric vehicles are being bought at prices nearing MSRP due to supply shortages and high demand. People are turning to electric vehicles for the incentives that governments offer as well as to counter a rise in gas prices.
Buying a used electric vehicle in Canada can be very beneficial, but in these times of frenzy, you might want to avoid sellers that are just trying to make a quick profit and find a deal that makes sense for a used EV. Many factors influence the price of a used electric vehicle and buying a used EV in Canada has some extra factors to be considered.
In this article, we will cover how to stop overpaying for used electric vehicles in Canada and find the best deal that money can buy on the used market.
Here’s How To Buy A Cheap Electric Vehicle in Canada for 2022
Know what you need
When first looking for a used electric vehicle in Canada, you may be surprised by the variety of choices that is available to you, such as electric SUVs, sedans, vans, luxury etc. You must consider what you actually need in the EV you are looking for. Ask yourself the following questions to determine what kind of EV category you may want to consider in order to meet your needs.
- Is this going to be my primary vehicle or a backup?
- How many passengers will I be transporting?
- Is it necessary for me to transport equipment?
- What sort of range do I require?
- Is it my intention to construct a charging station at home, or will I be able to use one at work?
- Is there a 120-volt outlet outside?
- Is it more common for me to drive in the city than on the highway?
Asking yourself these questions will narrow down the kind and model of used EV you will be looking for specifically, and you can begin scouring the market for the kind of EV you need for your specific circumstances.
Verify vehicle conditions and features
Not all cars are built the same and the same goes when buying a used electric vehicle in Canada. Many factors need to be considered when purchasing a used EV in Canada. The features inside the used electric car can make or break a purchase since they need to meet your needs and fulfill its function.
Battery life and range should be the first and maybe primary focus when searching for a used EV; especially in Canada, where the harsh winters might cause more battery damage than in other places with mild temperatures. It’s critical to look for a used electric vehicle with strong battery life to save money on future repairs as well as battery replacement. To avoid the constant need for charging due to the harsh winter conditions that can degrade the EV’s performance to a point where it cannot complete its job. Electric cars prefer mild weather, this is true whether for brand new or used. In extremely cold weather below -25°C, the battery range of an EV can drop by as much as 40% to 50%. For Canadian drivers, it’s better to keep that in mind whenever when shopping for a used EV or getting behind the wheel of an EV.
Secondly, look for features included with the used EV. From its charging speed, storage space, self-driving capacities, and climate control inside the car, to engine performance. Knowing what you need is important, and finding the price of the options you would like to have to not overpay when buying your used vehicle in Canada. By now, you should have narrowed down the kind of used electric vehicle you would consider purchasing to a couple of makes and models. Now you have a better idea and can start to search for deals on the Internet and at dealerships.
Keep your budget in mind
After you have figured out what kind of used electric vehicle you need, whether it’s a EUV or a sedan or other kinds, you now can search on the market for certain brands and models of EVs that meet the criteria of used electric vehicle that you require. Always do your due diligence and search extensively for price ranges and do your comparison. Then you will have an idea of different used electric vehicles’ makes and models of the price range where the used EV would be sold in your area.
Having a fixed budget range that you consider to be fair value based on your research will allow you to avoid purchasing unknowingly a used electric vehicle way above its value and overpaying for the EV you acquired.
In addition, buying a used electric vehicle may not be eligible for the Federal incentives, but you can also consider the different incentives offered by the provincial government when buying a used EV in Canada and factor them into your budget.
For example, the Ontario government grants a rebate of $1,000 on used electric vehicles. Check to see if the one you’ve chosen qualifies. You may also be eligible for a reimbursement if you install a home charging station. These incentives are present in many provinces other than Ontario so when you are buying a used electric vehicle in Canada, make sure to verify if you are eligible for any kind of incentive that may relieve your financial burden from hundreds or thousands of dollars.
Use the right car dealer
Different dealerships offer different services and specializations when it comes to used electric vehicles. Looking for used EVs in Canada at specialized EV dealerships is the best option to get a good deal as well as peace of mind when it comes to the quality and condition of the used electric vehicle. You can save thousands of dollars upfront as well as overtime from maintenance costs.
Buying a used electric vehicle in Canada through a typical gas vehicle dealership or an online marketplace such as Facebook Marketplace, Kijiji, or Craigslist, on the other hand, usually means paying a higher price or compromising on the quality of the used electric vehicle after you acquire it. These third-party approaches are frequently associated with a greater initial cost or a higher repair or maintenance cost in the long run. Just becomes you see a low-price tag doesn’t mean you are getting yourself a good deal but may often indicate underlying issues that aren’t disclosed.
Purchasing an electric vehicle on a private basis is also an option worth considering. The owner is familiar with their vehicle’s history and can give confirmation of regular maintenance. However, if necessary, you should seek your own funding (such as a home equity line of credit). If your budget permits, look for a used electric vehicle with a current manufacturer’s warranty.
At Carnex, all our electric vehicles have a full diagnostic run by our experienced EV technicians, because your satisfaction is very important to us.
Check out the best deals on used electric vehicles at Carnex, your online EV expert in Canada.
Negotiate the price
Even if you’re buying a used electric vehicle, if you do your homework and look for similar used EVs in Canada, you can always negotiate for a better price. You can also wait for older models of the car you desire to arrive on the used electric vehicle market and capitalize on the depreciation even further.
In conclusion, when you buy a used electric vehicle in Canada, make sure to know exactly what you are looking for, and the price range that you deem acceptable to buy in and stick to it. With good research and due diligence, you won’t overpay when buying a used electric vehicle in Canada. Most importantly, you will find the right vehicle that will meet all your needs and stay reliable for a good amount of time.
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