Used EV Prices Canada 2026: Tesla and Hyundai Depreciation Analysis
Used EV Prices Canada 2026: Tesla and Hyundai Depreciation Analysis
If you have been waiting for the right time to buy a used electric vehicle in Canada, that time may have arrived. Our analysis of 6,000+ active EV listings across Tesla Model 3, Model Y, Hyundai IONIQ 5, and IONIQ 6 reveals a clear pattern: 2022-2023 model year vehicles have hit what we call the "depreciation cliff," dropping 35-55% from their original MSRP.
This represents a significant opportunity for buyers willing to purchase a vehicle that is two to three years old. But not all EVs depreciate equally. Model Y holds value better than Model 3. Standard Range trims lose less money than Performance variants. And regional pricing differences mean you could save thousands by shopping in the right province.
Here is what the data shows.
Key Findings at a Glance
| Metric | Tesla Model 3 | Tesla Model Y | Hyundai IONIQ 5 | Hyundai IONIQ 6 |
|---|---|---|---|---|
| Active Listings | 1,829 | 1,533 | 765 | 764 |
| 2024 Retention | 81-95% | 81-85% | ~90%* | ~90%* |
| 2023 Retention | 52-62% | 67-69% | ~72%* | ~78%* |
| Depreciation/10k km | ~$1,100 | ~$900 | ~$1,200 | ~$1,000 |
| Best Value Year | 2022 | 2021 | 2022 | 2023 |
*Estimated based on MSRP ranges
The bottom line: 2022-2023 EVs offer the best balance of modern features, remaining warranty coverage, and post-cliff pricing. A 2022 Model 3 at $32,840 or a 2022 IONIQ 5 at $31,992 represents 45-50% savings versus buying new.
Understanding the EV Depreciation Cliff
Electric vehicles follow a distinct depreciation pattern that differs from traditional gas-powered cars. Our data reveals three clear phases:
Year 1 (0-20,000 km): 5-15% depreciation. New EVs lose value quickly off the lot, but less dramatically than you might expect given their technology nature.
Year 2 (20,000-50,000 km): 15-25% depreciation. The decline accelerates as vehicles move out of the "nearly new" category.
Year 3+ (50,000+ km): 35-55% depreciation. This is the cliff. Vehicles in this zone have lost significant value, creating buying opportunities.
Why does the cliff happen?
Several factors drive this pattern:
-
Battery anxiety: Buyers worry about battery degradation beyond 50,000 km, even though modern EV batteries typically retain 90%+ capacity at this mileage.
-
Technology perception: A three-year-old EV feels "outdated" compared to new models with updated software and features.
-
Off-lease volume: Lease returns from 2022-2023 buyers flood the market simultaneously, increasing supply.
-
New model incentives: Manufacturers offer aggressive pricing on new models, reducing the premium buyers will pay for used.
For informed buyers, this cliff represents opportunity rather than risk. A 2022 Model 3 with 70,000 km typically has a battery with 92-95% original capacity and years of reliable service ahead.
Tesla Model 3: Canada's Most Available Used EV
The Model 3 dominates the Canadian used EV market with 1,829 active listings. This volume means strong selection and competitive pricing for buyers.
Price Distribution by Year
| Year | Listings | Median Price | Avg Odometer | Price Range |
|---|---|---|---|---|
| 2025 | 30 | $53,494 | 14,339 km | $48,590 - $62,845 |
| 2024 | 154 | $46,900 | 32,819 km | $37,450 - $134,995 |
| 2023 | 380 | $35,990 | 55,565 km | $16,000 - $52,850 |
| 2022 | 430 | $32,840 | 73,118 km | $19,995 - $52,999 |
| 2021 | 491 | $27,136 | 84,856 km | $14,995 - $45,041 |
| 2020 | 344 | $25,884 | 98,580 km | $11,888 - $38,999 |
Value Retention by Trim
2024 Model Year:
| Trim | MSRP | Avg Price | Retention |
|---|---|---|---|
| Performance | $69,990 | $66,553 | 95.1% |
| Standard Range | $49,990 | $43,128 | 86.3% |
| Long Range | $59,990 | $49,016 | 81.7% |
2023 Model Year (The Depreciation Cliff):
| Trim | MSRP | Avg Price | Retention |
|---|---|---|---|
| Standard Range | $53,990 | $33,555 | 62.2% |
| Long Range | $63,990 | $39,801 | 62.2% |
| Performance | $73,290 | $38,792 | 52.9% |
The pattern is clear: Performance trims hold value well when nearly new (95.1% at one year), but depreciate most aggressively over time (52.9% at two years). Standard Range models offer the most predictable depreciation curve and lowest total cost of ownership.
Model 3 Depreciation Rate
Our regression analysis shows Model 3 loses approximately $1,100 per 10,000 km of driving. This translates to roughly $0.11 per kilometre in depreciation costs alone.
For a buyer choosing between a 2023 Model 3 at $35,990 with 55,000 km versus a 2022 at $32,840 with 73,000 km, the math favours the older car. The extra 18,000 km costs approximately $1,980 in additional depreciation, but you save $3,150 on purchase price.
Best Model 3 Value: 2022 Model 3 Standard Range at approximately $30,500 offers the sweet spot of post-cliff pricing with modern features and reasonable mileage.
Tesla Model Y: The SUV Premium Holds
Model Y commands higher prices than Model 3 across all years, and the data shows this premium persists in resale. The SUV body style appeals to Canadian families, and this demand supports stronger retention.
Price Distribution by Year
| Year | Listings | Median Price | Avg Odometer | Price Range |
|---|---|---|---|---|
| 2025 | 40 | $59,995 | 19,928 km | $47,977 - $68,999 |
| 2024 | 232 | $49,799 | 42,445 km | $5,001 - $68,999 |
| 2023 | 435 | $45,995 | 59,216 km | $5,001 - $70,600 |
| 2022 | 423 | $43,990 | 68,644 km | $24,977 - $59,995 |
| 2021 | 316 | $37,595 | 85,110 km | $21,500 - $50,999 |
| 2020 | 87 | $35,995 | 101,487 km | $26,700 - $75,000 |
Value Retention by Trim
2024 Model Year:
| Trim | MSRP | Avg Price | Retention |
|---|---|---|---|
| Performance | $68,990 | $58,621 | 85.0% |
| Standard Range | $53,990 | $44,824 | 83.0% |
| Long Range | $63,990 | $51,773 | 80.9% |
2023 Model Year:
| Trim | MSRP | Avg Price | Retention |
|---|---|---|---|
| Standard Range | $57,990 | $40,032 | 69.0% |
| Long Range | $67,990 | $46,580 | 68.5% |
| Performance | $74,290 | $50,182 | 67.5% |
Key Insight: Model Y retains 5-7% more value than Model 3 at comparable age and mileage. At the two-year mark, Model Y holds 67-69% versus Model 3's 52-62%. This SUV premium makes Model Y a smarter choice if you plan to resell within three years.
Model Y Depreciation Rate
Model Y loses approximately $900 per 10,000 km. This lower per-kilometre depreciation combined with stronger overall retention makes Model Y the better long-term value despite its higher purchase price.
Best Model Y Value: 2021 Model Y Standard Range at approximately $33,500 (61% retention) offers excellent SUV utility with post-cliff pricing.
Hyundai IONIQ 5: The Value Champion
The IONIQ 5 entered the market in 2022 and quickly established itself as a compelling Tesla alternative. With 765 active listings in Canada, selection is more limited than Tesla, but pricing often favours Hyundai buyers.
Price Distribution by Year
| Year | Listings | Median Price | Avg Odometer |
|---|---|---|---|
| 2025 | 217 | $62,027 | 1,604 km |
| 2024 | 233 | $48,679 | 15,847 km |
| 2023 | 131 | $37,000 | 50,033 km |
| 2022 | 184 | $31,992 | 68,749 km |
IONIQ 5 vs Model Y: The Value Comparison
This is where the data gets interesting. A 2022 IONIQ 5 at $31,992 versus a 2022 Model Y at $43,990 represents a $12,000 difference for vehicles of similar age and capability.
Both offer:
- Similar range (approximately 400 km)
- Fast charging capability
- Comparable interior space
- Modern driver assistance features
The IONIQ 5 adds:
- 800V architecture for faster charging
- Vehicle-to-load capability (power external devices)
- Hyundai's 5-year comprehensive warranty
The Model Y offers:
- Tesla Supercharger network
- Over-the-air updates
- Stronger resale value (historically)
For buyers prioritizing value over brand, the 2022 IONIQ 5 at $32,000 delivers more car per dollar than any Tesla currently available.
Best IONIQ 5 Value: 2022 IONIQ 5 at approximately $32,000 represents exceptional value.
Hyundai IONIQ 6: The Newest Contender
The IONIQ 6 launched in 2023 as Hyundai's sedan-style EV, competing directly with Model 3. With only 764 listings in Canada, it remains relatively rare on the used market.
Price Distribution by Year
| Year | Listings | Median Price | Avg Odometer |
|---|---|---|---|
| 2025 | 595 | $60,799 | 283 km |
| 2024 | 105 | $43,295 | 24,136 km |
| 2023 | 64 | $38,492 | 34,050 km |
IONIQ 6 vs Model 3
The 2023 IONIQ 6 at $38,492 versus the 2023 Model 3 at $35,990 shows Hyundai maintaining a slight price premium. This reflects the IONIQ 6's newer market entry and strong initial reviews.
The IONIQ 6 offers:
- Superior aerodynamics (0.21 drag coefficient)
- Longer EPA range than Model 3 Standard Range
- 800V fast charging architecture
- Distinctive design
The Model 3 counters with:
- Larger Supercharger network
- Established resale track record
- More available inventory (easier to find the right car)
Best IONIQ 6 Value: Given limited depreciation data, the 2023 IONIQ 6 at approximately $38,500 offers modern EV technology with reasonable first-year depreciation.
Regional Pricing: Where to Buy Your Used EV
Geographic arbitrage can save thousands on your EV purchase. Our data shows significant provincial variations:
| Province | Price vs Ontario |
|---|---|
| British Columbia | +3-5% |
| Ontario | Baseline |
| Quebec | -2-4% |
| Alberta | -5-8% |
| Prairies (SK/MB) | -8-12% |
The arbitrage opportunity: Buying a Tesla or Hyundai EV in Alberta or the Prairies and transporting it to British Columbia can yield 10-15% savings versus local BC pricing.
Why the difference?
- BC: Strong EV demand, environmental consciousness, and higher incomes support premium pricing
- Alberta: Lower EV adoption rates and fewer buyers create more competitive pricing
- Quebec: Provincial EV incentives historically inflated new prices, creating used market pressure
- Prairies: Lower demand and smaller buyer pool result in aggressive dealer pricing
Consider shipping costs (typically $1,000-2,000 within Canada) and provincial inspection requirements before pursuing cross-province purchases.
Trim-Level Value Analysis
Not all trims depreciate equally. Our analysis reveals clear patterns:
Best Value: Standard Range Trims
Standard Range versions of both Model 3 and Model Y offer:
- Lower absolute depreciation (smaller dollar losses)
- Sufficient range for 90% of driving needs (300+ km)
- Faster depreciation percentage but lower total cost
Worst Value: Performance Trims
Performance variants suffer from:
- Highest MSRP premiums
- Niche buyer pool on resale
- First-year depreciation of 15-20%
- Limited appeal for practical buyers
Example: A 2023 Model 3 Performance at $38,792 (52.9% retention) versus Standard Range at $33,555 (62.2% retention) shows the Performance buyer losing approximately $15,000 more to depreciation over two years.
Unless you specifically need Performance acceleration and track capabilities, Standard Range or Long Range trims represent far better value.
What to Look For When Buying
Battery Health
Request the vehicle's battery degradation data. Tesla displays this in the car's settings. For Hyundai, the dealer can access battery health through diagnostic tools.
Expect:
- 95-98% capacity at 50,000 km
- 90-95% capacity at 100,000 km
- Below 90% warrants investigation or negotiation
Service History
EVs require less maintenance than gas vehicles, but records still matter:
- Brake fluid changes
- Cabin air filter replacements
- Software update history
- Any warranty repairs
Charging Equipment
Confirm what charging equipment is included:
- Mobile connector (standard with Teslas)
- Adapter cables
- Home charger installation status
Tire Condition
EVs are heavy and accelerate quickly, causing faster tire wear:
- Check tread depth on all four tires
- Budget $1,200-2,000 for replacement if needed
- Ask about tire purchase date
Best Value Recommendations
Based on our analysis, here are the top used EV values in Canada right now:
Best Overall Value
2022 IONIQ 5 at approximately $32,000
- ~50% off original MSRP
- Modern 800V architecture
- Remaining Hyundai warranty
- Comparable features to Model Y at $12,000 less
Best Tesla Value
2022 Model 3 Standard Range at approximately $30,500
- Post-depreciation-cliff pricing
- Supercharger network access
- Over-the-air updates continue
- Highest inventory availability
Best SUV Value
2021 Model Y Standard Range at approximately $33,500
- SUV utility at sedan pricing
- 61% value retention
- Strong resale if you sell later
- Family-friendly size
Best Premium Value
2023 IONIQ 6 at approximately $38,500
- Newest technology
- Best aerodynamics in class
- Strong initial reviews
- Distinctive styling
What to Avoid
2020 and Older Models
Unless priced accordingly (under $26,000), older Model 3s approaching 100,000 km carry:
- Potential battery concerns
- Outdated software versions
- Higher maintenance likelihood
- Limited remaining value
Performance Trims at Premium Prices
If a seller asks near-MSRP prices for a Performance trim, walk away. Data shows these depreciate most aggressively after year one.
High-Mileage 2025 Models
Be cautious of 2025 models with 15,000+ km at high prices. Former fleet vehicles or demonstrators may not represent good value versus slightly older vehicles with comparable mileage.
How Cardog Helps You Find the Right EV
Researching used EV prices manually requires checking dozens of listings, comparing specs across trims, and understanding regional pricing variations. The depreciation patterns described in this analysis took weeks to compile from over 6,000 listings.
Cardog's AI platform analyzes this data continuously, surfacing the best deals automatically. Enter your preferences, whether that is a Tesla Model 3, Model Y, Hyundai IONIQ 5, or IONIQ 6, and the platform identifies vehicles priced below market, flags potential concerns, and provides instant market context.
The vehicle valuation tool can help you understand whether a specific listing represents fair value based on year, trim, mileage, and location. Combined with recall lookup for safety checks, you can approach any EV purchase with confidence.