The news: New battery-electric vehicle prices in Canada fell 10% year over year to an average of $64,309, while used BEV prices rose 2.1% to $49,178 over the same period, according to Clutch and AutoTrader Canada data reported by the Globe and Mail. An AutoTrader executive attributed the used-price increase to strong demand against thin supply: relatively few used EVs are available yet, so higher demand and lower supply pushed prices up even as new EV prices were dropping. New EV sales climbed 15.8% in the first half of 2026, driven in part by federal incentives. The Globe and Mail
What it means: Buying used is supposed to mean buying below new-car depreciation — that's the entire premise. For EVs specifically, that premise doesn't hold up right now. The gap between a new EV's price and a comparable used one has narrowed sharply, because Canada only scaled EV sales meaningfully in the past few years, so there simply aren't many 3- or 4-year-old EVs coming off lease or trading in yet. Demand for an "affordable EV" is concentrated on the used market at the same time supply isn't there to meet it.
Honda's Canadian lineup doesn't have this problem, because it isn't built around battery-electric models — it's built around hybrids, and hybrid resale here has kept following the ordinary depreciation curve the whole time. That's not spin; it's a genuine planning advantage if you're trying to control total cost of ownership rather than just the sticker price on day one.
My prediction: The used-BEV price premium will not fully unwind by September 2027 — a comparable used EV will still be pricing within roughly 15–20% of a new one at that point, not the 30%+ gap typical of a 2- to 3-year-old gas or hybrid vehicle, because Canada's used-EV supply pipeline (3- to 4-year-old lease returns) won't catch up to demand until at least 2028. I'll be wrong if a report a year from now shows that gap back to a normal used-vehicle discount.
If you're buying right now: If you're shopping used specifically to save money and an EV is on your list because "used should be cheaper," check the actual used listing price against a comparable new one on the same trim before assuming that math holds — right now, for a lot of EVs, it doesn't. For a predictable depreciation curve on a used purchase, see what's actually on Henry's lot on the used Honda Vaughan guide. Also see used units right now or find out what your trade-in is actually worth in Ontario.
Quick answers
Are used electric vehicles cheaper than new ones in Canada right now?
Not by as much as the usual used-vehicle discount. Clutch and AutoTrader Canada data reported by the Globe and Mail shows new battery-electric vehicle prices fell 10% year over year to an average of $64,309, while used BEV prices rose 2.1% to $49,178 over the same period — a much narrower new-to-used gap than a comparable gas or hybrid model typically shows.
Why are used EV prices going up in Canada?
Thin supply against real demand. Canada only scaled EV sales meaningfully in the last few years, so there aren't yet many 2- to 4-year-old EVs coming off lease or trading in. An AutoTrader executive told the Globe and Mail there's strong demand for used BEVs and not a lot of inventory, which pushes prices up even as new EV prices are falling.
Does a Honda hybrid depreciate the same way as a gas car?
Yes. Honda's Canadian lineup is built around hybrids, not battery-electric models, and hybrid resale has followed the ordinary used-vehicle depreciation curve — a used hybrid prices meaningfully below a new one, the way buyers expect. It isn't caught in the same thin-supply, rising-price pattern currently affecting used BEVs.
Weighing hybrid vs. EV for your next Honda?
Tell me how you actually drive and charge, and I'll tell you straight whether a hybrid or the wait for an EV makes more sense for you — no pressure either way.
Henry Chen
Sales and Leasing Executive, Maple Honda
89 Auto Vaughan Dr, Maple, ON L6A 4A1
647-523-6878 · henry@maplehonda.com
The Globe and Mail, citing Clutch and AutoTrader Canada data. Predictions are my personal read, not Honda Canada policy.
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