It’s a buyer’s market: Used EV prices plunge as more models arrive
Used electric vehicle prices in Australia are falling sharply, with some models losing close to half their value, as increased competition and price adjustments in the new car market flow through to the second-hand sector.
Analysis by financial broker Savvy, based on RedBook vehicle pricing data, shows a 2022 Tesla Model Y rear-wheel drive is now about 48 per cent cheaper than when new, highlighting the scale of depreciation affecting early EV adopters.
Other popular models have also recorded significant drops, with the BYD Atto 3 down 39 per cent.
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Savvy says the trend reflects a rapidly evolving EV landscape, where new model arrivals and aggressive pricing strategies from manufacturers are reshaping buyer expectations and putting downward pressure on resale values.
The result, according to the company, is the emergence of a buyer’s market for second-hand EVs, particularly for consumers previously deterred by high upfront costs.
Savvy spokesperson Adrian Edlington said the shift presents a clear opportunity for buyers.
“While depreciation can be challenging for new car buyers, it creates real opportunities for Australians looking at the used EV market,” he said.
“For drivers curious about electric vehicles but hesitant about the upfront cost, the second-hand market is quickly becoming one of the most affordable ways to make the switch.”
The question now is, with EV market choice expands driven by NVES CO2 scheme and slowly increasing demand, will the used car bargains contuinue?
