Considering a used EV? Here are things you should know before you buy

Considering a used EV? Here are things you should know before you buy

For many who have been attracted to the shining looks of brand-new electric vehicles only to be discouraged by price, the option of buying a used EV presents an appealing and cost-effective alternative. 

Beyond the general considerations of budget, lifestyle, reliability, and comfort, shopping for a used electric vehicle shares similarities with any used car search. However, EV shoppers need to delve into specific considerations related to battery, range, and EV charging. If you are considering a used EV, what are the things you need to know when it comes to EV technology, battery longevity and hidden drawbacks? Let’s go over some of the key EV-specific issues to consider in this blog, we hope it will help you make an informed and eco-friendly choice.

Considering a used EV? Carnex is the top online EV expert for buying and selling used EV in Canada.

If you’re looking for a used electric vehicle, Carnex have everything from affordable EV models to premium models.

Considering a used EV? Here are things you should know before you buy

New vs. Used

Scanning the classifieds for a used EV might reveal a limited selection, reflecting the novelty of this technology. As EVs rapidly evolve, newer models come with the latest technological advancements, better safety features, and improved energy efficiency. If having the latest features is essential, a new EV might be the way to go. 

The value of a used EV is inextricably linked to its range. Unlike ICE cars, which have substantial depreciation data, EVs have less established metrics. According to Kelley Blue Book, EVs depreciate faster than ICE cars. According to their research, three-year-old EVs retain 63% of their value, compared to 66% for internal combustion vehicles. Depreciation is even more noticeable after five years, with EVs holding 37% of their starting value and ICE vehicles holding 46%. 

If you are considering a used EV, this depreciation can make used EVs a good value when compared to buying new ones, but don’t be surprised if the price still remains high.

Battery Longevity

Battery Longevity is a crucial factor you should consider when buying a used EV. Much like the battery in your smartphone, an electric vehicle’s battery undergoes degradation over time, impacting its overall driving range. 

The extent of range loss varies by make, model, and usage patterns. Batteries tend to lose power over time, with a 5% to 10% decrease in the first five years. Factors like age, exposure to extreme temperatures, and fast charging contribute to degradation, potentially necessitating costly repairs or replacements. Research also indicates that frequent use of DC fast chargers and exposure to hot climates can marginally accelerate battery degradation. However, advancements in battery technology have mitigated degradation concerns for newer EV models with extended ranges, making them more resilient to typical wear.

If you are considering a used EV, a long test drive can provide information about a battery’s health because you can observe how rapidly it loses charge. This is especially useful if it includes persistent highway cruising, which drains batteries much quicker than stop-and-go driving. Additionally, getting a professional inspection, like with any used-car purchase, can be worthwhile for a used EV purchase.

Consider EV Charging

Despite improvements, Canada still lags in charging infrastructure, with nearly  2,000 public charging stations compared to 12,000 gas stations. Potential Candian EV buyers should assess the charging options available in their area, including the feasibility of home charging. 

When you considering a used EV, you should understand some EV models may have better access to specific charging networks, which may influence your choice based on charging site convenience. Remember to check if the used EV is compatible with your area’s existing or planned charging infrastructure. Check whether your residential setup is suitable for EV charging if you also plan to charge the EV at home.

Additionally, understand the EV’s charging speed capabilities. Newer models frequently include faster-charging technologies. Consider your regular commute needs and whether the EV’s range and charging speed meet them.

Maintenance

While EVs depreciate faster than internal combustion engine (ICE) vehicles in general, their lower maintenance costs offset this. A compelling reason to opt for a used EV is its lower maintenance costs. Their simplified mechanics mean you’ll save more money while taking fewer trips and save more time on EV maintenance .

Consumer Reports indicates that EVs cost about half as much to repair and maintain as traditional vehicles, making them cost-effective over time. EV drivers spend 50% less on repairs and maintenance over their vehicles’ lifetime due to fewer moving parts. This translates into substantial savings, coupled with the elimination of fuel costs. 

Concerns about dead EV batteries and replacement costs are alleviated by the rarity of such incidents and potential warranty coverage. A dead battery is an uncommon occurrence, and warranties typically cover EV batteries for eight years or more. Tesla, for instance, warranties its Model S and X batteries for eight years or 240,000 kilometers, with a minimum 70% retention of battery capacity.

Incentives for Used EVs

Apart from lower maintenance costs, used EVs also qualify for government incentives in some provinces in Canada. 

The iZEV incentive program offered by the Canadian federal government reduces the cost of new zero-emission electric cars by up to $5,000; while used EVs are not eligible for this offer. Nevertheless, depending on where you live, there might be additional savings and subsidies available for used EVs. 

Rebates for used electric vehicles are offered by Plug’n Drive in Ontario and Scrap-It in British Columbia. Supported by various entities such as electricity companies and the automobile industry, both are independent, nonprofit organizations.

Government incentives for used EVs are also available in the provinces of Quebec and Nova Scotia, with maximum amounts of $4,000 and $2,000, respectively.

Resale Value of Used EV 

It is important to take into account the potential resale value when considering a used EV. In general, EVs depreciate more quickly in their first years of ownership, similarly to conventional cars. However, depending on factors like the model, battery condition, and technical developments, the rate of depreciation for EVs can change. 

On the other hand, the rapid advancement of electric vehicle technology may affect resale values. Longer ranges, more features and increased battery efficiency are common features found in newer models. Earlier EV vehicles may become less competitive in the used market as a result.

The EV manufacturer’s reputation may also have an impact on resale pricing. The resell values of well-known brands that have a reputation for building reliable and cutting-edge EVs may be holding their resale value better. 

In order to make an informed choice that will likely yield a healthy return on investment, take into account aspects like performance, range, brand reputation, and technological features as you conduct research on used EVs.

Considering a used EV? Carnex is the top online EV expert for buying and selling used EV in Canada.

If you’re looking for a used electric vehicle, Carnex have everything from affordable EV models to premium models.

Now that we have wrapped up this comprehensive manual, you have the knowledge required to decide wisely when considering a used EV. While understanding your needs is crucial when choosing an EV, carefully navigating considerations on those factors we talked about ensures an informed decision.

As always, Carnex can provide you with detailed information about buying and selling EV in Canada. 

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

If you’re looking for a used electric vehicle, Carnex have everything from affordable EV models to premium models.

Every EV at Carnex if fully certified and passed inspection by our experienced EV specialists.

More from Carnex Blog:

Best Electric Vehicles of 2023 and 2024 in Canada

Future EVs: 11 New EVs and Hybrids Coming in 2024

Will Buying an Electric Vehicle Save You Money?

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