Will A Used Electric Vehicle Save You Money?

Will A Used Electric Vehicle Save You Money?

Electric vehicles have been around for a long time, but they have only become increasingly popular in Canada in the recent years. Canadians are considering purchasing an electric vehicle as their next car. They believe that by skipping fuel, an EV will meet their need for a car while also providing a more energy-efficient experience. 

However, EVs are often more expensive than traditional cars, which is why purchasing used electric vehicles in Canada might be a lot more affordable alternative if you are considering turning green with an EV. In this article, let’s look at the various factors that make used electric vehicles an appealing and cost-effective option for today’s environmentally conscious buyers.

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Will A Used Electric Vehicle Save You Money?

The Cost of An Electric Vehicle in Canada

In fact, contrary to popular assumption, today’s electric vehicles are not significantly more expensive than conventional vehicles. Take the electric SUV Chevrolet Bolt EUV LT as our example. It has a 65 kWh battery and can be charged using a standard wall socket, a Level 2 or a Level 3 DC charger, providing a battery range of 416km and a reasonable cost of $40,548 dollars. While it’s gasoline rival Mazda 3 Sport GX with automatic transmission with a RESP starts at $32,450. The Chevrolet Bolt EUV LT will cost you 20% more to acquire compare to Mazda 3 Sport GX.

New vs. Used EV Costs

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 easily 25% to 30% less expensive.

Take the electric SUV Chevrolet Bolt EUV LT as our example again. A used Chevrolet Bolt costs around $30,000 in Canadian used car marketplace, so you would save approximately $10,000 on your purchase. While you can still finance or lease your used EV.

If you are thinking 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 can also recycle your old gas automobile and replace it with a used electric and earn $1,000 under the Scrappage rebate. These incentives can reduce the cost from $1,000 to $4,000 or more. 

Therefore, if you want to drive greener with an EV, buying used electric vehicles in Canada might be quite affordable. Choosing a used electric vehicle often means having access to the latest innovations at a fraction of the cost.

Why Buying A Used Electric Vehicle Save You Money

Excellent Value

The most significant advantage of buying a used electric vehicle is the lower price. Unlike traditional cars, electric vehicles tend to depreciate rapidly in their initial years. Purchasing a used EV allows you to skip the steepest part of the depreciation curve. As a result, used electric vehicles remain a strong resale value due to their sharp initial depreciation. 

Used EVs, on the other hand, offer good prices when compared to new EV. Depending on the make and model, you may expect to pay 25% to 30% less for a used electric car in Ontario that is 2 to 3 years old than you would for a new one.

Maintenance Savings

Electric vehicles have fewer moving components than gasoline vehicles, and battery EVs without a complicated engine. 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 charged your EV at hom, the cost of charging your electric vehicle is determined by the region in which you live as well as the kWh fuel capacity of your vehicle. If you used public charger, take the Chevrolet Bolt as our example again, it takes less than 90 minutes to charge at Level 3 DC charger to 100% for its charging capacity at 65.0 kWh. Even if you utilized a public DC charger with a $15 hourly rate, your fill-up would have cost you $22.50. With a slower Level 2 chargers which will take up to 7 hours, but at a cost of $1 per hour or $2.50 per charge, it would have cost you $7 to fully charged your EV.

While the cost of filling up your gasoline vehicle might vary in Canada, average gas price is $1.59 per litre in Toronto. Mazda 3 Sport GX tank with a 50 litre fuel tank can cost $79.50.

While the number of times you fuel it is determined by the distance travelled and your driving style. If you fill up your automobile once a week for a year of 52 weeks, the annual fuel cost would be approximately $4,134 in Toronto. While the cost of charging with Level 3 charger for an EV would be $1,170 comparatively.

Government Incentives

The majority of EV incentives in Canada are restricted to the purchase of new electric vehicles, but some also apply to used electric vehicles. While you may not be qualified for the entire amount; for example, in Ontario, purchasing a used fully electric vehicle with a resale sticker worth less than $50,000 CDN qualifies you for $1,000. Quebec and British Columbia governments also offer trade-in or purchase incentives for used electric vehicles. These financial benefits might substantially contribute to save your money on a used electric vehicle purchase.

Where Should You Buy A Used Electric Vehicle to Save Money in Canada?

With a rising supply of high-quality used electric vehicles on the market in Canada. It’s worthwhile to check into buying a used electric vehicle from a dealership or privately. 

When you buy directly from the owner, you have to arrange your own financing. Shopping at a dealership can be convenient. Same as with any used car purchase, using a reputable service such as CARFAX can help you avoid making costly mistakes. Most registered dealers are able to access reports that typically include any accident or damage repairs, service records, and even recalls. Remember to do your homework and comparison before deciding whether you buy directly from the owner or an EV dealer. 

Want a worry-free electric vehicle purchase and pay less than anywhere else? Visit Carnex.ca, your speciality EV dealer that is accessible for online shopping 24/7. Shop smarter for the right electric vehicle and save money on your next ride!

In conclusion, choosing a used electric vehicle can indeed save you money in various ways, from the initial cost to long-term savings on maintenance and depreciation. There are numerous elements that can be used to reduce the cost of your electric vehicle. 

Furthermore, with the current gas rates in Canada, a full charge for an EV might cost very little compared to a typical vehicle. Canada is also increasing the number of charging outlets across the country. If you can charge your EV overnight at home or nearby, you may be able to achieve even reduced kWh rates and save more money from chargings. Maybe it’s the right time to embrace this eco-friendly option not only benefits your wallet but also contributes to a greener and sustainable future.

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?

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

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

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