What to look for when buying a used EV
CBC
If you're in the market for an electric vehicle, but cringing at the prices, experts say now might be the time to buy a used model.
As the auto industry recovers from lockdown-era supply shortages, more cars — electric and gas — are sitting unsold, with new cars rolling off production lines.
"Supply is there, demand has been declining, and prices are coming down," said Baris Akyurek, vice-president of insights and intelligence for AutoTrader, on CBC Radio's Cost of Living.
"So if you're in the market, if you're on the fence, [it's] definitely a good time to be looking for a used EV."
Used EVs on AutoTrader have more than quadrupled since 2019, according to Akyurek, with over 8,000 models available as of last month. This year, the price of a used EV has dropped by 11 per cent.
Compared to all used cars on the platform, which cost on average just over $37,000, about half of the available used EVs are priced under $40,000, he said.
Cara Clairman, president and CEO of EV advocacy group Plug'n Drive, says buying a used EV is a great way to get into electrification.
"What we're seeing is an extremely reliable and low-cost-to-maintain car, so it's a good bet for a used vehicle," she said.
Supply and demand is a significant driver behind the falling prices.
With greater availability of new electric cars, buyers are trading up their existing models. Akyurek says that per AutoTrader data, 50 per cent of purchases will bring a used car onto the market.
"For the first quarter [of 2024], looking at inventory levels, new EVs are up by over 500 per cent on a year-over-year basis compared to last year," he said.
"The more new car sales means that, at some point in their life, [older vehicles] come back into the used market."
That increased choice also means greater competition in the EV space, and companies like Tesla are lowering the prices of their new models. In April, the company led by Elon Musk announced it would cut prices of three models by $2,000.
Greg Layson, with Automotive News Canada, says that means the choice between a new and used EV is less clear, leading to even more inventory.
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