When it comes to used cars, the world has been turned upside down. Usually the value of a vehicle depreciates from the moment it’s driven off the lot. But now, used cars can sometimes be an investment, particularly in the case of electric vehicles.
For example, last December the average price of a used Model S Tesla had jumped by 40 per cent compared with the same model two years earlier, according to the vehicle sales platform AutoHebdo.
“This is a never-before-seen increase in the value of used cars,” said AutoHebdo marketing director Benoît Béland. “Dealers are snapping up our used models, especially electric vehicles (EV).”
In Quebec, searches on AutoHebdo for EVs increased by 85 per cent in March 2022 compared with the year-before period, and the number of consumers seeking information from the site increased by 1,218 per cent in one year.