If you’re in the market for a used electric vehicle, you’re in luck. Many of the 10 best value used cars in Canada in November 2024 are EVs.
If used EV prices are dropping quickly, what does it mean for the electric vehicle market in Canada? For one thing, Tesla sales are down universally, both in new and used cars. And it is joined by other EVs on this list, where we see older models with less range, and perhaps some market correction playing a role.
The prices used in this guide are compiled and analyzed using data from dealership vehicle sales listings at CarGurus.ca. Our assessment of value is based on the year-over-year change in price on listings for these vehicles versus one year ago.
The Best Used Cars for Value-Conscious Shoppers in November 2024
- Ford Mustang Mach-E (2021-)
- Hyundai Ioniq Electric (2017-2022)
- Volkswagen Golf SportWagen (2015-2019)
- Tesla Model 3 (2017-)
- Hyundai Kona Electric (2019-)
- Tesla Model Y (2020-)
- Chevrolet Volt (2011-2019)
- Nissan Leaf (2011-)
- Hyundai Santa Fe XL (2013-2018)
- Volkswagen Golf R (2016-2019)
1. Ford Mustang Mach-E (2021-)
Average listing price in October 2023:$59,782
Average listing price October 2024: $42,795
Percentage reduction: -28.4%
It’s been almost four years since Ford ported its venerable pony badge over to the Ford Mustang Mach-E, the brand’s first EV built on a dedicated platform. Right now, those early leases are starting to come to term. The result is a return to Earth for Mustang Mach-E prices, which floated on the high side in Canada for a surprisingly long time. This is good news for prospective shoppers. With the batteries still being relatively fresh and extended or CPO warranties still on the table, drivers could potentially enjoy several worry-free years of Mustang Mach-E ownership at much more affordable prices.
2. Hyundai Ioniq Electric (2017-2022)
Average listing price in October 2023: $27,255
Average listing price October 2024: $19,888
Percentage reduction: -27%
Though its name is similar to the Ioniq 5, the Hyundai Ioniq was an earlier electrified model from the brand that was available as a hybrid, a plug-in hybrid, and an EV. It’s the Electric model specifically that’s seen a huge price drop on the used market over the past year. While it offered decent value in its day and was at one time the most efficient vehicle on the market, its paltry 134 hp and 274 km of range couldn’t keep up with the swiftly evolving market. As a used EV, though, the Hyundai Ioniq Electric is an under-the-radar steal as a short-range electric commuter car.
3. Volkswagen Golf SportWagen (2015-2019)
Average listing price in October 2023:$22,204
Average listing price October 2024: $16,205
Percentage reduction: -27%
To be honest, we’re very surprised to see the Golf SportWagen on this list. Although it was discontinued in Canada in 2019—followed shortly afterward by every other version of the Golf apart from the GTI and R—the SportWagen was long critically acclaimed for its excellent balance of handling, practicality, and cargo space. This could be yet another case of drivers not properly appreciating wagons, or it could be indicative of reliability issues and higher than average maintenance costs. Either way, we’ll be keeping a close eye on this one.
4. Tesla Model 3 (2017-)
Average listing price in October 2023: $45,909
Average listing price October 2024: $33,660
Percentage reduction: -26.7%
The Model 3 was billed as Tesla’s affordable EV for the masses, but these recent precipitous price drops are hammering that case home even harder. However, in the case of the Model 3, the current used prices are a fair bit lower than what you’d pay for a new car today with equivalent range, even after factoring in rebates. If you’re willing to take on Tesla’s reputation for sometimes patchy build quality, this could be a good way to score yourself an electric bargain.
5. Hyundai Kona Electric (2019-)
Average listing price in October 2023: $37,583
Average listing price October 2024: $27,679
Percentage reduction: -26.4%
The Hyundai Kona Electric was a hot seller for the brand, right up until the Ioniq 5 came along and stole its thunder with its more spacious cabin and longer range. However, in the case of the Kona Electric, we think there’s still a place in the market for smaller EVs and this only tells part of the story. A new generation of Hyundai Kona Electric is just arriving in Canada complete with a new drive system, slightly longer range, and a starting price of less than $50,000 before rebates. This is no doubt pushing the price of used Kona Electrics down as people weigh that value against buying new.
6. Tesla Model Y (2020-)
Average listing price in October 2023: $64,834
Average listing price October 2024: $47,937
Percentage reduction: -26.1%
The Tesla Model Y’s year-over-year price decline on the used market is perhaps a little surprising. After all, it’s been more affordable, accessible, and appealing to the average consumer from the get-go than some of the brand's other models. On the other hand, there are now plenty of competitors in this segment from mainstream brands offering similar range for lower prices. Plus, the rebates offered on new EVs in some markets bring their prices down below the Model Y’s used price average.
7. Chevrolet Volt (2011-2019)
Average listing price in October 2023: $20,872
Average listing price October 2024: $15,529
Percentage reduction: -25.6%
The Chevrolet Volt is a plug-in hybrid that, in our view, was ahead of its time. It boasted 85 kilometres of electric-only range—most of the plug-in hybrid SUVs buyers prefer these days can barely muster 60 km—and it had an intuitive and user-friendly drive system that loved to recover charge to the battery while on the road. Apart from being cautious about potential battery degradation on the earliest model years, we wouldn’t hesitate to snap one of these up at today’s bargain-basement used car prices.
8. Nissan Leaf (2011-)
Average listing price in October 2023: $25,530
Average listing price October 2024: $19,056
Percentage reduction: -25.4%
We’ll soon be saying farewell to the longest-running mass-market EV as production runs down on the Nissan Leaf. For now, while all the attention is on the market’s newest EVs, the Leaf remains a solid subcompact commuter car for those who don’t mind working with less range than brand new offerings. We recommend focusing your search on second-generation vehicles starting from the 2018 model year. Earlier model years had a sub-200 km range and may soon begin to see drops in reliability.
9. Hyundai Santa Fe XL (2013-2018)
Average listing price in October 2023:$22,725
Average listing price October 2024: $17,225
Percentage reduction: -24.2%
Call this the Santa Fe’s identity crisis era. First it was a five-seater SUV, then it became a seven-seater, and once the Santa Fe XL retired the nameplate shrunk to two rows again. Peel away the layers, though, and a used Hyundai Santa Fe XL is a decent bargain for those seeking an affordable three-row people-mover, especially with this recent drop in prices. Buyers should aim for the latter end of this model year range since Hyundai’s reliability scores improved significantly across this span. Also, be prepared to trade in your up-front savings at the pumps: the Santa Fe XL is notoriously thirsty when compared to its seven-seat contemporaries.
10. Volkswagen Golf R (2016-2019)
Average listing price in October 2023:$41,727
Average listing price October 2024: $31,779
Percentage reduction: -23.8%
It's not often that a performance model makes it into this list of the best value used cars, simply because demand dictates that they hold their value very well. However, right now the Volkswagen Golf R is the exception, thanks to the habit of late models of the previous Mk7 model dropping around $10,000 in average value in the past 12 months. This is a truly great car, combining the practicality of a family hatchback with a level of performance that not so long ago would have only been possible with something that was wearing a BMW M badge.