Carnex review: Online dealer of used EVs

Our verdict

Our verdict

If you want to buy or sell an EV in Canada, online platform Carnex is well worth checking out. This Ontario-based provider aims to make it easy to buy, sell and finance an EV completely online, and buyers can take advantage of a 10 days/720 km trial period to decide if a car is right for them. However, there were only a limited number of vehicles available to buy at the time of writing, and if you live more than 250km from Carnex's location in Mississauga, a delivery fee may apply.

Pros

• 10 days/720 km trial period
• Easy to compare vehicles
• $0 down payment financing available
• Test drives available

Cons

• Limited number of vehicles available
• Ontario only
• Delivery fee may apply if you're more than 250km from Mississauga
• Prices are non-negotiable

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Carnex was a winner in the Finder: Car Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 86.67%

What is Carnex?

Carnex is an online platform where you can buy or sell used electric vehicles. Financing and trade-ins are available, and the provider’s inventory includes EVs from major manufacturers like Tesla.

If you’re buying an EV, you can compare options online and, if you’re near Mississauga, book a test drive. You can also apply for financing online, and have the vehicle delivered directly to your door. You then have a 10-day trial period to decide whether the vehicle is right for you, or whether you’d like to return or exchange it.

Is Carnex legit?

Carnex was founded in 2020 and is based in Mississauga, Ontario. It is a member of OMVIC, Ontario’s vehicle sales regulator, and has an active social media presence.

Carnex has also received more than 130 online customer reviews.

Summary of Carnex cars and financing

What are the interest rates of car loans from Carnex?

There is no information about car loan interest rates on the Carnex website. If you want to find out what sort of rate you can qualify for, you’ll need to fill out a finance application.

Carnex car loan rates will depend on your personal financial situation, such as your credit score, monthly income and monthly debts. Current used car loan rates range from 8% - 10%.

What we like about Carnex

• Easy shopping experience. It’s quick and easy to compare EVs on Carnex, review the features of different vehicles and view pictures of each car inside and out.
• Trade-ins accepted. You have the option to trade in your current vehicle so you can pay less for the EV you buy.
• Certified vehicles. All cars sold through Carnex pass an 89-point inspection and come with a limited 100 days/5,000 km warranty.
• Test drives available. If you live near Carnex’s base in Mississauga, you can organize to test drive a vehicle before you buy.
• Return policy. You have 10 days or 720km to work out whether a car is right for you, or whether you’d like to return or exchange it.
• $0 down payment. Carnex says many buyers can get approved for financing with a $0 down payment.
• Free delivery. Carnex can deliver the car you buy to your home, and there’s no delivery fee if you live within a 250km radius of Carnex’s location in Mississauga.
• Sell your EV. If you want to sell an EV through Carnex, simply enter your vehicle details online and Carnex will source offers from 1,700 Ontario dealerships. Learn more about the best sites to sell a car.

What to watch out for

• Ontario only. Residents of other provinces will need to consider other car buying options.
• Limited inventory. There’s only a small number of vehicles listed on Carnex. At the time of writing (August 2023), there were nine vehicles available.
• Limited financing information. There’s minimal information about finance rates and terms listed on the Carnex website.
• Non-negotiable prices. You can’t haggle with Carnex to get a better deal — the prices listed are firm.
• Fee for delivery beyond 250km. If you’re located more than 250km away, you’ll need to contact Carnex to find out how much vehicle delivery will cost.

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What do Carnex reviews have to say?

Carnex reviews are generally positive, with the provider earning an average rating of 4.9 out of 5 from more than 130 Google reviews. Customers report that the Carnex team provides knowledgeable advice, a smooth and seamless car-buying process, and fast transactions.

Summary of Carnex reviews

What types of vehicles can you buy through Carnex?

You can buy used electric vehicles through Carnex, including models from manufacturers like:

• BMW
• Chevrolet
• Hyundai
• Kia
• Lucid
• Nissan
• Polestar
• Tesla
• Toyota
• Volvo

Prices for the vehicles listed for sale at the time of writing started at around $45,000. Some cars had less than 100km mileage on the clock, while others had in excess of 30,000km.

How does buying a car through Carnex work?

Buying an EV through Carnex is a straightforward process. Once you navigate to the “Buy An EV” section of the Carnex platform, you can see the cars currently available to purchase. Click on any vehicle you’re interested in to check out its features, mileage, CARFAX report and cost.

You can book a test drive if you want, or if you’d like to buy, pay a refundable deposit to put a car on hold for 72 hours. During this period, Carnex will contact you to finalize your purchase paperwork and organize a time to deliver the car to you.

How does financing a car through Carnex work?

If you need to finance an EV, find the car you want to buy and click “Hold My Car”. Once you create an account and pay a refundable $250 deposit, you’ll be taken to a financing application.

Fill out the form with your personal details to get pre-qualified for a car loan. It takes a couple of minutes to complete the form, and if you get pre-qualified you’ll be able to see the loan terms and monthly payment amounts.

Do I qualify for a Carnex auto loan?

There is no information on the Carnex website about the eligibility requirements you’ll need to meet to qualify for a loan. However, most car loan providers require borrowers to be employed for at least three months with a $1,200-$1,800 minimum monthly income.

How to apply

If you want to apply for car financing through Carnex, here’s what you need to do.

1. Navigate to the “Buy An EV” section of the Carnex platform to browse the inventory of vehicles.
2. Choose the car you want to buy and click “Hold My Car”.
3. Provide an email address and password to create an account, then provide your crest card details to pay a $250 deposit.
4. Click “Complete information” to be taken to a financing application.
5. Enter your name, address, phone number, email address and date of birth.
6. Get pre-qualified to review loan rates and terms.
7. A Carnex financial manager will contact you to help you complete your application.

How to sell your car to Carnex

If you want to sell an EV, follow these simple steps.

1. Navigate to the “Sell Your EV” section of the Carnex website.
2. Enter information about your vehicle including its make, model, year, trim and mileage.
3. Enter your contact details.
4. Carnex will source offers for your vehicle from 1,700 dealerships in Ontario.
5. If you accept the offer, Carnex will contact you to arrange a time to pick up your vehicle.
6. You’ll get paid and receive a bill of sale when Carnex collects your vehicle.

Bottom line

If you need to buy or sell an EV online, Carnex makes the process easy. It’s simple to compare cars, arrange financing and make a purchase or sale, and the platform has a decent number of positive reviews. But if you’re not near Mississauga, or if you’re searching for an online auto dealer with a large inventory of vehicles, you’ll need to consider other options.

Frequently asked questions

• How long does it take to buy a car through Carnex?

  Carnex says it will take a minimum of 48 hours to get the vehicle you purchase ready and deliver it to you.

• Will getting pre-qualified for financing with Carnex hurt my credit score?

  No, applying for online pre-qualification will not have an impact on your credit score.

• Does Carnex offer any insurance?

  Yes. In addition to the coverage provided by Carnex's limited warranty, you can purchase 12-60 months worth of optional Tire and Wheel coverage. If you take out an auto loan, you can also purchase optional Gap Insurance to help cover the cost of your car loan if your car is stolen or written off in an accident and you owe more on the loan than the depreciated value of your car.