Used electric vehicle (EV) sales are gaining significant traction across Canada, mirroring a robust trend seen in the United States. Recent data from Cox Automotive highlights a remarkable performance in the first quarter, with used EVs showing strong sales figures that are worth noting for Canadian consumers.
In the first quarter of 2024, used EVs achieved record sales at Manheim, the largest wholesale auto marketplace in North America. Nearly 37,000 EVs were sold through Manheim’s auction lanes, marking a historic high. This surge aligns with broader retail demand estimates by Cox Automotive, which suggest that over 100,000 used EVs were sold at retail during the same period. This makes Q1 2024 the second-strongest quarter on record for used EV sales, only surpassed by Q3 2025 when consumers rushed to secure government-backed incentives before they expired.
On the wholesale front, used EV sales in Canada have seen impressive growth. Year-over-year sales increased by 12%, and there was a notable 17% rise compared to Q4 2025. Despite this increase, prices remained stable through March, experiencing a typical spring market uplift.
Several factors are contributing to the rise in used EV sales in Canada:
Experian projects that by the end of 2026, EVs will constitute 15% of all off-lease vehicles, up from 7.7% in Q1 2024. Not all lessees choose to purchase their vehicles at the end of the lease period; many opt to walk away when the residual value exceeds the market value, further increasing the supply of used EVs in the market. Lenders have adapted to these pricing discrepancies, helping the market manage the growing supply without significant disruptions.
For Canadian consumers, this trend means more opportunities to purchase quality used EVs at competitive prices. With provincial incentives like Ontario’s iZEV program, British Columbia’s EV rebates, and Quebec’s RÉVE program, the financial barrier to entry is lower than ever. These rebates, combined with decreasing battery costs and improving charging infrastructure, make used EVs an increasingly attractive option.
Interestingly, while new EV sales have shown signs of softening in North America, used EV sales continue to thrive. This suggests that many buyers are motivated primarily by economic factors—such as lower operating costs and reduced fuel expenses—rather than environmental concerns or performance attributes. As more Canadian drivers recognise the long-term savings associated with EVs, we can expect this trend to continue.
If the current trend persists, we can anticipate even more activity in the used EV market in the coming months. The ongoing influx of off-lease vehicles will ensure a steady supply, while stable pricing and attractive provincial incentives will continue to drive demand.
Used EV sales are on a strong upward trajectory in Canada, fuelled by rising fuel prices, increasing supply, and attractive provincial incentives. For consumers looking to reduce their transportation costs and make a sustainable choice, the used EV market offers an appealing and economically sensible option. As the market evolves, staying informed about available rebates and incentives will be key to maximising savings and making the most of this growing trend.