Confirmed! While used EV sales rose in Australia in 2024 resale values fell … by a lot!

While used battery electric vehicle sales climbed dramatically in 2024 their values plunged according to a new report released this week.

The 2024 Automotive Insight Report (AIR) was compiled by automotive data analytics experts AutoGrab in partnership with the Australian Automotive Dealer Association.

The report found the used EV market experienced significant price drops.

This was attributed to advancements in battery technology, aggressive brand discounting and increased competition from Chinese manufacturers.

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“As a result,” the report stated, “one-year EVs lost 25 per cent of their original value, with selling times ranging from 54.7 to 87.3 days in 2024.”

After two years EV retained value was stated as 68.7 per cent and 60.3 per cent after three years.

In AutoGrab’s equivalent report 12 months, EV values had dropped an average of 17.2 per cent within two years and 23.4 per cent from two to four years old. There were no 12 monthly depreciation figures given.

By contrast, AutoGrab found one-year old hybrids retained 98.3 per cent of their original value. Days to sell reached a peak of 61.1 and dropped as low as 45.3.

After two years hybrids were estimated to have a 95.1 per cent retained value and 92.4 per cent after three years.

“However, hybrid resale values also trended downward, and days to sell rose, reflecting the growing supply of new hybrid vehicles,” the report stated.

Overall, AutoGrab found used EV sales climbed from 11,652 in 2023 to 20,460 in 2024, a climb of 75.6 per cent. However, that 2024 total accounted for only 0.9 per cent of the overall market.

Hybrids accounted for 3.9 per cent (91,516 sales) and PHEVs just 0.1 per cent (2439 sales).

According to AutoGrab, the top 10 EV makes by sales in 2024 were:

The top 10 EVs by model were:

Here’s retained values of EVs versus hybrids over three years:

And one more set of graphs on selling days to complete the set:

According to the report, total used car sales in 2024 reached 2,324,805 units, a 12.1 per cent increase compared to 2023.

Sales peaked in July, with sustained demand throughout much of the year before easing towards the end. Listings, on the other hand, peaked in November, highlighting a softening in consumer demand relative to supply.

Toyota remained the top-selling brand, with 390,298 used vehicles sold, followed by Mazda and Ford.

Among individual models, the Ford Ranger led with 82,448 sales, ahead of the Toyota Hilux and Toyota Corolla.