What to look for when buying a used EV [Video]

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 …