VinFast Helps Bring New-Car Confidence to Canada’s Used EV Market

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeBusiness Wire News ReleasesPMN Press ReleasesThis section is The content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. by Business Wire VinFast Helps Bring New-Car Confidence to Canada's Used EV MarketAuthor of the article:MARKHAM, Ontario — Used EVs in Canada are becoming easier to find, cheaper to run and easier to trust. As the market matures, lower prices, battery longevity and longer warranties are strengthening the case for buying used, with VinFast adding confidence through its Certified Pre-Owned program. The used EV market is picking up speed in Canada, with electric vehicles now moving through the second-hand market faster than their gasoline counterparts. Clutch reported that used EVs sold in a median 24 days in June, six days faster than used gasoline vehicles and faster than any other fuel type1. By July, that median had fallen to 23 days, another record for EVs. The broader used-car market is moving in the same direction, with Canadians increasingly turning to used vehicles as new-car sales soften.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThis advertisement has not loaded yet, but your article continues below.Part of the shift comes down to timing. The first wave of EVs bought or leased in Canada has now had several years to work its way into the used market. For buyers looking today, that means accessing the benefits of an electric vehicle without paying the premium that once came with being an early adopter. Sometimes, it also means enjoying those benefits sooner, with fuel savings adding up from day one.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againAccording to one Rates.ca finding, sample EVs cost between 14 and 18 per cent as much to charge as comparable gasoline models to fuel, based on 20,000 km of annual driving and Ontario’s average electricity rate. A compact EV in its study required about $448 a year in charging, compared with $2,523 for the gasoline sedan used as its counterpart. For an electric SUV, the annual charging estimate was $616, versus $3,487 for the comparable gasoline model.2 While gasoline vehicles still had the lowest one-year total cost in three of its four categories, largely because purchase price matters, the gap narrows as the years pass. In the study, EVs generally went from being more expensive after one year to cheaper than their gasoline counterparts after five.Battery-wise, too, the evidence is becoming harder to dismiss. Geotab’s 2024 analysis of almost 5,000 EVs found average battery degradation of 1.8 per cent a year, concluding that modern batteries could outlast the usable life of the vehicles they power. At the same time, a study published in Nature Energy using millions of UK vehicle records estimated an average lifespan of 18.4 years for battery-electric vehicles, broadly comparable with petrol cars. The researchers estimated lifetime mileage for BEVs at about 124,000 miles.Repair costs are another part of the equation, and here the gap between EVs and conventional cars is also narrowing.The cost gap between repairing electric vehicles and internal combustion engine (ICE)-powered cars in Canada has shrunk to its narrowest margin on record, according to new data from auto claims technology firm Mitchell. According to its second-quarter study, the average repairable BEV claim was $6,645, compared with $5,411 for an ICE vehicle—a difference of $1,234, the narrowest gap Mitchell has recorded3.Brands are also stepping up to make used ownership less of a leap of faith. One example is VinFast, which began delivering its first Canadian VF 8 vehicles in June 2023. The company offers a 10-year or 200,000-km vehicle warranty, along with a 10-year, unlimited-kilometre warranty for the high-voltage battery.This advertisement has not loaded yet, but your article continues below.That long coverage period is particularly relevant now that those early Canadian vehicles are entering the used market. Under VinFast Canada’s recently launched Certified Pre-Owned program, the unused portion of the original 10-year/200,000-km warranty transfers to the next owner. CPO vehicles also undergo a 105-point inspection, including battery-health checks, and come with a Carfax history report and 24/7 roadside assistance. By carrying some of the protections of new-car ownership into the used market, programs like this can give buyers more information and more confidence when deciding whether a few-years-old EV is the right fit.As affordability concerns continue to dominate in an uncertain economic climate, it’s easy to understand why more people are turning to used cars, and the timing may be particularly favourable for used EVs. The market may have taken a few years to find its footing, but the pieces are increasingly falling into place.View source version on businesswire.com: This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.