The Best Value Used Cars to Buy in Canada in May 2024 (2024)

If you’re in the market for a used electric vehicle, you’re in luck. Nine of the 10 best value used cars in Canada in May 2024 are EVs, and the tenth is a plug-in hybrid. And of those nine, four out of the top five used vehicles seeing the biggest price drops this month make up the vast majority of the Tesla line-up.

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 five other EVs on this list, where we see older models with less range, and perhaps some market correction playing a role.

The data used in this guide is 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 Value Used Cars to Buy in Canada in May 2024

Tesla Model S (2012-)
Tesla Model X (2015-)
Tesla Model Y (2020-)
Chevrolet Bolt EV (2017-2023)
Tesla Model 3 (2017-)
Hyundai Kona Electric (2019-)
Hyundai Ioniq Electric (2017-2022)
Chevrolet Volt (2011-2019)
Ford Mustang Mach-e (2021-)
Nissan Leaf (2011-)

1. Tesla Model S (2012-)

Average listing price in April 2023:$77,645
Average listing price April 2024: $47,678
Percentage reduction: -38.6%
Tesla’s flagship sedan, the Model S, has seen a near-40% drop in used car prices year-over-year as of April 2024. The decline in favour overall for the Tesla brand is no doubt playing its part, but there are other factors at play. Longer range and better build quality from newer rivals versus older Model S units may finally be taking its toll on Tesla’s residual values. Plus, the oldest Model S years are starting to see the inevitable decline in battery life that all EVs will experience over time. If these factors don’t bother you and you can do a little digging, there are bound to be some great deals out there on used Model Ss given these factors.

2. Tesla Model X (2015-)

Average listing price in April 2023: $101,182
Average listing price April 2024: $70,074
Percentage reduction: -30.7%
For a long time, the Tesla Model X stood alone as a battery electric three-row SUV, if a somewhat imperfect one. The falcon wing doors are extremely cool but impractical, and not all configurations have folding seat backs in the second row. And that’s without mentioning that the Model X has always been very expensive to begin with. Now, the Model X has the new Kia EV9 to contend with, which is less expensive new in some configurations than the average used price for the Tesla today. This and other newfound competition appears to be taking the shine off the Model X on the used market.

3. Tesla Model Y (2020-)

Average listing price in April 2023: $78,519
Average listing price April 2024: $55,676
Percentage reduction: -29.1%
The Tesla Model Y’s year-over-year price decline on the used market confounds us a little more than the brand’s larger models. It’s been more affordable, accessible, and appealing to the average consumer from the get-go. 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.

4. Chevrolet Bolt EV (2017-2023)

Average listing price in April 2023: $36,570
Average listing price April 2024: $25,982
Percentage reduction: -29.0%
Apart from the recalls due to battery fires that were ultimately resolved, the Chevy Bolt has always been a solid choice among the earlier set of subcompact EVs. Its range of more than 300 km shouldn’t have dropped off too far yet in even the earliest models, and its driver information telematics are still some of the best on the market. The Bolt fell out of favour because buyers wanted larger EVs better suited to families. But if you’re a solo driver or a couple looking for a solid electric commuter, now is a good time to seek out a Bolt to do the job.

5. Tesla Model 3 (2017-)

Average listing price in April 2023: $53,166
Average listing price April 2024: $38,202
Percentage reduction: -28.1%
And here’s the fourth of Tesla’s four main models to round out the top five. 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.

6. Hyundai Kona Electric (2019-)

Average listing price in April 2023: $43,688
Average listing price April 2024: $31,517
Percentage reduction: -27.9%
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.

7. Hyundai Ioniq Electric (2017-2022)

Average listing price in April 2023: $30,787
Average listing price April 2024: $22,294
Percentage reduction: -27.6%
Speaking of Hyundai models overshadowed by the Ioniq 5, here we have the Hyundai Ioniq. Though their names are similar, 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.

8. Chevrolet Volt (2011-2019)

Average listing price in April 2023: $24,185
Average listing price April 2024: $17,937
Percentage reduction: -25.8%
The Chevrolet Volt is the only vehicle on this list that isn’t an EV—and as a plug-in hybrid, it’s not far off. In our view, this is a car that 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-basem*nt used car prices.

9. Ford Mustang Mach-e (2021-)

Average listing price in April 2023: $67,389
Average listing price April 2024: $51,565
Percentage reduction: -23.5%
The Ford Mustang Mach-e has all the hallmarks of today’s most popular EVs: a 300 km-plus range, a spacious interior, available all-wheel drive (AWD), and the latest technology. The best explanation for its appearance on this list when most of its competitors are absent is that it was priced higher than average to begin with, so it had farther to fall. Depending on the age of the vehicle, the prices in your market, and what EV purchase incentives are available to you based on where you live in Canada, this $50,000-plus average used vehicle price could still be higher than what you’d pay new. Still, there’s value in getting the calculator out and running those numbers as you scan the used car market for deals.

10. Nissan Leaf (2011-)

Average listing price in April 2023: $26,493
Average listing price April 2024: $20,332
Percentage reduction: -23.3%
We’ll soon be saying farewell to the longest-running mass-market EV as production runs down on the Nissan Leaf. A replacement of some sort is in the works, though what that will look like is unclear at this stage. 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.