Buying a Used EV: Can It Save You Money?

Buying a Used EV: Can It Save You Money?

With various EV incentives and the introduction of electric vehicles, more drivers are thinking about buying an electric vehicle. Some Canadians believe that by eliminating the need for gasoline, an EV will provide a more energy-efficient driving experience.  

While brand-new EVs are often more expensive than traditional automobiles, buying used electric vehicles in Canada might be a much more affordable alternative if you want to go green with an EV. Buying a used EV can be a wise financial option that saves you a lot of money over purchasing a new model. In this article, we’ll look at several factors that make used electric vehicles an attractive and affordable alternative for Canadians.

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Buying a Used EV: Can It Save You Money?

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Carnex is the top online EV expert in Canada for buying and selling used electric vehicles in Ontario.

As always, Carnex can provide you with detailed information about buying and selling used electric vehicles in Ontario.

Learn more about the benefits of buying or selling used electric vehicle from Carnex by visiting Carnex.ca today! 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.

Why Buying A Used Electric Vehicle Saves You Money?

Operating an EV can be less expensive than owning a gasoline vehicle. Today you may be able to get a used EV for a lower price than a gas-powered vehicle in the used market.  Depending on the brand and model, a used EV in Ontario that is two to three years old may cost 25% to 30% less than a new one.

In Canada, the cost of a new electric vehicle can vary greatly, with prices ranging from around $40,000 to over $100,000, depending on the make, model, and features. Take the electric SUV Chevrolet Bolt EUV LT as an example. It features a 65 kWh battery and can be charged using a conventional wall socket, a Level 2 or a Level 3 DC charger, with a battery range of 416 kilometres and an affordable cost of $40,548 dollars. While the gasoline-powered Mazda 3 Sport GX with automatic transmission and RESP starts at $32,450. The Chevrolet Bolt EUV LT will cost you 20% more than the Mazda 3 Sport GX. 

Thanks in part to falling Tesla costs, these price cuts have had a significant impact on the used electric vehicle industry. As a result, the used EV market provides an opportunity to benefit from electric driving at a lower cost.

New vs. Used EV Price

Buying a used EV instead of a new one is an excellent choice if you want to save money. The average new electric vehicle in Canada costs $60,000, whereas used EVs are typically 25% to 30% less expensive. 

Take the electric SUV Chevrolet Bolt EUV LT as an example again. A used Chevrolet Bolt costs around $30,000 on the Canadian used car market, so you’d save about $10,000 on your purchase. You can still finance or lease your used EV.

If you are thinking of the factor of EV incentives? Some provincial governments, such as Quebec and British Columbia, offer trade-in or purchase incentives for used electric vehicles as well. In Ontario, you may also recycle your old gas car and replace it with a used electric vehicle to get $1,000 through the Scrappage rebate. These incentives can cut the cost by $1,000, $4,000, or more. 

As a result, if you wish to drive greener with a used EV, purchasing used electric vehicles in Canada may be rather inexpensive. Purchasing a used EV typically provides access to the most modern technology at a fraction of the cost.

Reasons for Buying a Used Electric Vehicle

Excellent Value

The most significant benefit of purchasing a used electric vehicle is the lower cost. Unlike standard cars, electric vehicles depreciate quickly in their first few years. Buying a used EV allows you to avoid the steepest portion of the depreciation curve. Because of their severe initial depreciation, used electric vehicles continue to have a high market value. 

Lower Maintenance Cost

Electric vehicles have fewer moving parts than gasoline vehicles, and battery EVs lack a complex engine. As a result, neither new nor used vehicles require oil changes.  As a result, whether new or used, there is no need for oil changes. This translates to reduced maintenance costs, a significant advantage for budget-conscious consumers.

Fuel Savings

If you charge your EV at home, the cost of charging your electric car is influenced by both the location in which you live and the kWh fuel capacity of your vehicle. If you use a public charger, using the Chevrolet Bolt as an example, it takes less than 90 minutes to charge to 100% of its charging capacity of 65.0 kWh. Even if you used a public DC charger at a $15 per hour rate, your fill-up would have cost $22.50. Level 2 chargers can take up to 7 hours and cost $1 per hour or $2.50 per charge, resulting in a total cost of $7 to completely charge your EV.

While petrol prices vary across Canada, the average price in Toronto is $1.59 per litre. A Mazda 3 Sport GX tank with a 50-litre fuel tank can cost $79.50.

The number of times you fuel depends on the distance traveled and your driving style. If you fill up your car once a week for 52 weeks, the annual fuel expenditure in Toronto would be around $4,134. In comparison, charging an EV with a Level 3 charger costs $1,170.

Risks of buying a used EV

Depreciation

Historically, EVs have depreciated faster than internal combustion vehicles because their technology is quickly becoming obsolete. Some drivers choose used vehicles because they degrade more slowly. As the old saying goes, a new car loses value the instant you drive it off the lot.

Value loss won’t be a problem if you like to drive your cars until the wheels fall off. However, if you choose to trade in your automobile every few years, you may not receive as much money for your next down payment as you would like.

Outdated Technology

The older the vehicle, the less modern the technology will be. EV drivers tend to have cutting-edge technology, and EV technology is rapidly evolving. With that in mind, investigate what the used EV you are considering has to offer. If you want an electric car with advanced features, you might not find it in an earlier model. And the longer you own the vehicle, the older the technology will grow.

If you wish to drive electric for environmental reasons, having an older electric vehicle is not an issue. However, if technology is top of mind, consider how the car’s age may affect your experience.

To summarize, buying a used electric vehicle can save you money in a variety of ways, from the original cost to long-term savings on maintenance and depreciation. There are several ways that can reduce the cost of your electric vehicle.

Furthermore, given current petrol prices in Canada, a full charge for an EV may be far less expensive than a regular vehicle. Canada is also boosting the number of charging stations throughout the country. If you can charge your EV overnight at home or nearby, you may be able to get even lower kWh prices and save more money on charging. Perhaps now is the time to take up this environmentally beneficial option, which not only benefits your wallet but also helps to create a greener and more sustainable future.

Carnex is the top online EV expert in Canada for buying and selling used electric vehicles in Ontario.

Learn more about the benefits of buying or selling used electric vehicle from Carnex.

Check out Carnex.ca today and get an instant quote for your used electric vehicle just in a few minutes!

Read More:

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Buy or Sell A Used Electric Vehicle in Ontario: Here Is What You Need To Know

As always, Carnex can provide you with detailed information about buying and selling used electric vehicles in Ontario.

Carnex is the top online EV expert in Canada for buying and selling used electric vehicles in Ontario.

Checking out the best selling electric vehicles from Carnex inventory today!

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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.