Is Buying a Used Electric Vehicle A Smart Financial Decision?

January 29th, 2022 by

Electric vehicles are going to become mainstream in the upcoming years. Shopping for them right now might seem like a good idea if you want to hop on the hype train.

Should you consider buying a used electric vehicle? Is there a benefit of buying used if you don’t want to pay for a newer model?

Let’s look at some things that might help you decide whether it’s better to buy a used vehicle versus a new one.

Can You Take Advantage Of Incentives?

It’s known that car buyers that choose a new electric vehicle can benefit from a range of tax incentives. Usually, this comes in the shape of the Zero-Emission Vehicles Program and tax write-offs for businesses on many Zero Emission EVs, which is tantalizing to many shoppers.

If you looking for more information on that specific program and incentives, tc.canada.ca is a great place to get started.

Used EV buyers will probably miss out on the benefits of buying new. Still, that isn’t inherently bad.

After all, the buying price of a used electric vehicle might come in low enough to the point of saving a lot of money compared to buying new. This is even after taking into account the lost incentives.

Is Battery Life A Concern?

Many drivers become concerned with the battery life of their cars. In the case of an electric car, it is even more understandable, as many drivers are worried about whether they’ll have to replace the batteries of their electric car. This can translate into a very high repair cost.

While electric vehicle batteries will eventually need to be replaced, it is unlikely that you are the one to replace them unless you drive the car for many years. This is due to their batterie lasting well over 10 years.

Batteries that fail before their time are usually covered by most EV warranties.

EV Resale Value

Despite what many people think, EVs and hybrid vehicles depreciate faster than the average car. This is great news for car shoppers looking to buy used!

Whatsmore, new EVs like the Tesla Model 3 will hold on to their value longer than earlier models.

Right now, finding a used EV under $10k might be hard. However, stretching that budget to something around $14-$15k might be just what you need to find more options.

Still, even with the increase, that is a pretty modest budget for a modern electric car with at least a decade of life left. Sure, you might not get tax incentive, but the purchase will be low enough for it not to matter.

Plus, you’ll save a lot on gas, which will add up and help your finances.

Do You Even Need An EV?

Making a switch from a traditional vehicle to your first EV means a change in lifestyle. Unless you are looking for a hybrid vehicle that can also be powered by diesel, there are two important things to consider:

  • Vehicle Range: Many used EVs offer a range of around 160 kilometres. Think for a bit and ask yourself: Am I able to use a car that can’t travel more than 100 miles at a time?
  • Charging: Do you have somewhere to plug in your electric vehicle at home? Do the outlets you have to meet your need or will you need to install a faster charger? If you live in an EV-friendly city with many public charging stations in parking lots, that can definitely be convenient.

Final Verdict: Should I Buy A Used EV?

The affordable buying prices and the amount you’ll save on gas factor in great value when considering switching to electric. If you can adjust to an EV life, you have a strong case to make in favour of buying used.

If battery life is a concern for you, we suggest you bury that thought unless you are looking at the earliest EVs that are over a decade old. Most EV batteries out there will have some lifeforce to spare.

A One-Stop Shop At House Of Cars

If you are looking to save even more money with a deal that will help you rebuild your credit score, look no further than House of Cars Lethbridge. We are a used car dealership that is proud to have the best financial assistance available in the Lethbridge area.

Here, you won’t have to worry about your credit score or financial situation keeping you from buying a used electric vehicle or any other vehicle you set your sites on.

If you live in Lethbridge or the surrounding area, visit us and be ready to pull out of the dealership with a great car and a credit rebuilding deal!

Click here to learn more about our available used vehicles for sale!

Posted in Finance