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26 April 2024

Automotive

Drive Green and Save: Top Tips for Buying a Used EV in Canada

Buying a new car? Did you know that EVs could save you thousands in lifetime vehicle costs? It’s true, and soon enough, they will actually become the norm.

As Canada sets a bold course toward banning the sale of new gasoline-powered vehicles within a decade, the landscape of buying a car is rapidly evolving.

With new regulations, which will see EV sales mandates increase annually, reaching 100% by 2035, the market for used electric vehicles is poised for significant growth. Buying a used EV offers an affordable entry point into the electric car market, allowing you to save money while supporting environmental sustainability.

Here are essential considerations to guide you in buying a car that aligns with your financial and ecological goals.

Battery Range and Degradation

When buying a car, especially a used EV, understanding the battery's health is crucial. The range of the vehicle can significantly impact its suitability for your needs.

  • Assess Battery Capacity

    Since EV batteries degrade over time—typically losing about 2.3% of their capacity per year—it's important to determine the current state of the battery. Tools like battery health checks can provide this insight.

  • Impact on Daily Use

    Consider how the diminished range might affect your daily driving habits, especially in colder weather, which can further reduce battery efficiency.

Charging Infrastructure

A critical consideration is whether adequate charging infrastructure exists in your home and city.

  • Home Charging

    Investigate whether your residence is suitable for a home charging station installation. Check for the type of charger that matches the EV’s requirements and evaluate the installation costs.

  • Public Charging Stations

    Ensure there are sufficient public charging facilities along your regular routes. This is particularly important for longer trips where charging mid-journey is necessary.

Battery Warranty

The warranty on an EV's battery can alleviate concerns about potentially expensive repairs.

  • Warranty Transferability

    Check whether the original manufacturer’s warranty is still valid and if it transfers to new owners. Most EV batteries are covered for up to 8 years or 100,000 miles.

  • Coverage Details

    Understand what the warranty covers and the conditions under which it may not apply, such as for batteries that degrade below a certain capacity.

Vehicle History and Maintenance Records

The history of the vehicle, particularly EVs, provides crucial insights into its true condition.

  • Maintenance Records

    Ensure the car has been maintained properly, with specific attention to battery care and the electrical system.

  • Accident History

    Use vehicle history report services to ensure the car has not been involved in major accidents, which could affect its structural integrity and long-term reliability.

Tax Credits and Incentives

Consider how buying a car with government incentives can reduce your upfront costs.

  • Federal and Provincial Incentives

    Research the availability of tax credits and rebates for buying a used EV in your province. For example, British Columbia offers up to $3,000 for the purchase/lease of eligible EVs through the CEVforBC program, plus rebates for home and workplace charging stations. These incentives can make EVs much more affordable.

Total Cost of Ownership

Lastly, consider all expenses associated with owning an EV.

  • Initial Costs vs. Long-term Savings

Although the upfront cost of a used EV might be higher than that of a gasoline-powered car, the long-term savings on fuel and maintenance can be substantial.

  • Installation and Maintenance of Charging Equipment

Factor in the cost of installing a home charger and any ongoing maintenance expenses.

Go Green and Save

Buying a used electric vehicle in Canada is not only a cost-effective choice but also a step towards a more sustainable future. With the right preparation and understanding of what to expect when buying a car, you can ensure that your investment is both environmentally friendly and suitable for your daily needs.

Are you in the market for a used EV? LendCare’s Consumer Auto Financing can help you get behind the wheel! Click here to get pre-approved in minutes.


Get approved for financing today!

Get approved for financing today!

Whether you are an existing client or brand new to LendCare, you can access financing for automotive repairs, healthcare (including dental and vision), and trips to the vet.


You can learn more about—and apply for—our current consumer financing programs below.

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