Demand for pre-owned electric vehicles hit a record in October, which has driven the used EV prices to a new 2025 high. EVs accounted for 4.29 per cent of overall used car sales in Canada in October, 2.5 per cent in Ontario and 7.35 per cent in Quebec, each of which is a new record, according to a

Clutch Inc. report . Used EV prices climbed 2.15 per cent year over year, reaching an average of $42,047, as more high-end offerings entered the used market, the report said.

“The month’s gain came entirely from composition effects — more premium vehicles entering the mix — while most individual EVs transacted for slightly less,” the report said. “The same theme holds year over year: what’s selling has become pricier, even as like-for-like prices have softened.”

New EV sales, however, are waning, falling 39.2 per cent in the third quarter from a year ago, according to Statistics Canada data released in September.

“It speaks to the importance of having incentives if you want to move electric vehicles,” David Adams, chief executive of

Global Automakers of Canada , a lobby group for foreign automakers, said in September after the data’s release . Overall, used car prices in October were up 6.2 per cent year over year, reaching $34,352 on average, which also marks a new high for 2025.

“The increasing average selling prices are entirely driven by more expensive vehicles entering the market as Canadians continue to gravitate toward larger, higher-value and increasingly electrified vehicles,” the report said.

Despite the price hikes, more affordable used cars are becoming available compared to recent months, the report said.

About 24 per cent of used cars are available for less than $15,000, while just under 20 per cent of used SUVs are selling for less than $20,000.

“Among cars, the Hyundai Elantra extended its commanding lead, selling more sub-$15,000 units than the (Honda) Civic and (Chevrolet) Cruze combined,” the report said.

Looking ahead, Clutch expects used vehicle prices to climb even further as

consumers typically turn to trucks in the late fall and winter months, while strength in EV sales is expected to climb as well.

“The federal EV mandate review remains a key wildcard,” the report said. “The results, expected in the coming weeks, could reshape how automakers allocate EV supply and influence the pace at which new EVs enter the used market. If the mandate resumes in some form, it could accelerate the current trend of greater EV availability and, by extension, improve affordability within the segment.”

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