Used Model 3 and Ioniq 5 are now worth more than brand new

Australia’s EV uptake has hit new highs in 2022 with many buyers not able to get popular EV models like Tesla Model 3 for up to 12 months. What has this strong uptake done to the used EV prices?

We take a look at new data that reveals prices being paid by EV buyers around the country.

Tesla Model 3 resale prices hit a new high

Tesla Model 3 is Australia’s most popular EV and new data shows its resale prices are at an all time high. In April 2022, an average used 2021 Tesla Model 3 owner paid $68,437. These EVs had an average of 7,458 kms on them with over 73 cars analysed.

For context, many owners in Australia paid around $65,000 driveaway for a base RWD (previously SR+) model before Tesla Model 3 prices increased in March 2022. As the wait times increase, so will the demand for used EVs and the prices being paid for them.

Hyundai Ioniq 5

The Hyundai Ioniq 5 has proven to be a very popular EV. However, buyers have found it extremely difficult to secure orders for new cars as limited tranches go on sale. (Another 65 will be offered on Wednesday).

Given how high the demand is and how limited the supply, prices of the used AWD models have hit highs too.

Recent sold prices data from carloop shows that three have recently been sold on the used car market so far in 2022. Buyers have paid an average of $91,768.

These cars on average had 4,231 kms on the clock. That’s nearly $10,000 more for the AWD model than the driveaway price paid by their first owners in Australia.

What’s next for used EV prices?

With supply of many new EVs dwindling in 2022 and the subsidies available in most states and territories, the demand for used EVs will only continue to grow.

Rising prices for Tesla Model 3 and the Hyundai Ioniq 5 are just a few examples of what’s to come for the rest of the year.

Australia certainly doesn’t have an EV demand problem anymore and many drivers are thinking about making the switch.

We just need more models at a good price and the Australian EV uptake will exponentially increase. This in turn will ultimately bringing used EV prices down.