EVs in demand! BYD Atto 3 and Tesla Model 3 fastest-selling used cars in Australia

Fresh data reveals used electric vehicles are now in high demand as buyers look to cash in on low retained values and tax benefits related to novated leasing.

The automotive data analytics expert AutoGrab has released figures showing the BYD Atto 3 and Tesla Model 3 were the fastest-moving of any used vehicles through dealerships in March.

This is the first time EVs have featured on the list, let alone topped it.

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The AutoGrab figures show 26 used BYD Atto 3s took an average 16.2 days to sell in March through dealers.

There were 48 Tesla Model 3s sold and they took an average 20.1 days to sell.

The top 10 used car movers are listed below:

“With EVs registered after 1st July 2022 offering tax benefits through novated leasing, demand for these vehicles remains strong,” said Saxon Odgers, Chief Commercial Officer at AutoGrab.

“Used EVs retained value significantly underperforms ICE vehicles. So purchasing a used EV, combined with a novated lease offers significant financial savings. 

The emergence of the Atto 3 and Model 3 contrasts with previous data released by AutoGrab that used EVs were taking longer to sell in Australia than petrol and diesel cars.

AutoGrab data previously reported by EV Central also found EVs aged less than two years sold at 98.1 per cent of their recommended retail price (or retained value) in February 2023, but had fallen 15.6 per cent to an 82.8 per cent RV by December.

Two to four year old EVs dropped in value by 23.4 per cent to a 57.6 per cent RV by December 2023.

EVs are an appealing novated lease option because the federal government’s Electric car Discount includes Fringe Benefits Tax exemptions on eligible EV and plug-in hybrid vehicle that can save thousands of dollars.

“The second hand EV market remains young and volatile. We saw in 2023 just 0.6 percent of used cars sold were EVs,” Odgers warned.

“But with sales of new EVs growing significantly in recent years, we expect to see this flow into the used car market over the coming couple of years.

“As leases finish, owners are likely to upgrade their car to a new lease and this will support the used EV market.”