Electric vehicle price plummet: New research shows values of used Teslas, MGs, BYDs nose-diving in Australia as bargains abound
New research that has crunched the data on some of Australia’s best-selling EVs suggests that used values are plummeting after two years of ownership.
Scouring the classified ad listings on Gumtree, Autotrader and CarsGuide, researchers from CarsGuide concentrated on seven popular used EVs that included the BYD Atto 3, MG ZS EV, the Nissan LEAF and best-selling Tesla Model 3 and Model Y, as well as the Model S and Model X.
Monitoring the ads over a 24-month period, the Tesla Model 3 was the most-listed electric car with 7795 listings from January 2023 to December 2024. Next was the Nissan LEAF, which has been on sale in Australia for ten years (5633), with the MG ZS EV in third place (3045).
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Back in January 2023, the average list price for a Tesla Model 3 was $65,990 but come December 2024 that had fallen to just $46,705 – that figure represents a significant 30 percent drop in used value.
The Model Y’s drop was bigger still, dropping from $79,950 (Jan ’23) to $53,987 (Dec ’24) — a 36 percent drop.
Despite the drop off in value of Model 3 and Y listings, unlike other brands, the actual number of Tesla adverts remained static in their number over time, suggesting Teslas are generally selling faster than other EVs, although CarsGuide says more data is required.
Even more affordable EVs like the BYD Atto 3 have seen a big knock to median used car prices with average prices dropping 29 per cent from $51,990 to $36,990 over the two-year period.
The MG ZS was billed as one of Australia’s cheapest EVs, but it’s resale value has taken a hit, too, dropping from $48,071 in January 2023 to $34,300 in December 2024.
Bucking the trend though was the Hyundai Kona, with researchers noting the release of a second-generation model has actually seen used prices increase.
The new data all adds to less demand for used EVs, which is driving down average selling prices fast – a trend that’s already been noted in the more mature European markets.
Suggested ways to boost the used EV market in Europe include government-backed battery health certificates to reassure conservative second-hand car buyers, extended incentives to older electric cars, plus introducing a campaign to inform buyers of the benefits of buying used EVs over a typical petrol or diesel.
Longer-life batteries capable of more than one million kilometres could also ignite interest in electric cars among the more cautious.
One final piece of the puzzle that is already being developed by Nissan is introducing mass manufacturer buy-back deals by the car-maker that could see your own car’s infotainment system let you known when there’s offer on the table waiting for you at your local dealer.
Motivating the Japanese brand to snap up old LEAFs is the growing demand for second-life batteries to be used in both domestic or commercial operations that run on renewables like solar and need energy storage.
