Hyundai Ioniq 5. Image: Riz Akhtar
After a sharp rise in used EV prices in Australia over the past 6 months, new data reveals that prices have finally started to come back down on certain popular EV models.
The trend for the first time shows a drop in used Hyundai Ioniq 5 prices – a good sign for those in the market for a used (albeit premium priced) EV, less good for those trying to cash in on a price spike.
What’s behind this drop and will this pricing trend on used EVs as the Hyundai Ioniq 5 continue?
New data from carloop reveals that used EV prices for Hyundai Ioniq 5 fell in July, down by 4.4% over June this year. This is after rallying up to an all-time high since January of this year.
In June, used Ioniq 5 prices were as much as 24% over a new one. With demand easing as more tranches of the supply-limited Ioniq 5 became available in July, this has now started to dip.
However, July prices still show a high premium over the price of the new Hyundai Ioniq 5.
The drop in used Hyundai Ioniq 5 prices comes on the back of more stock being released for this popular SUV EV.
The next release of the recently renamed Ioniq 5 EVs is due this week on Wednesday when 135 units will be made available.
A new Ioniq 5 starts at $69,900 for a RWD Dynamiq. The price of the updated AWD version has also increased to $77,500 before on-roads while removing the standard sunroof found in cars available on the used EV market.
It’s no surprise that the Hyundai Ioniq5 has been a very popular model in Australia and demand has continued to outstrip supply.
With more regular releases from Hyundai of this popular EV and interest rates increasing, the demand is starting to cool down. With that, bringing the used EV prices down too.
Riz is the founder of carloop based in Melbourne, specialising in Australian EV data, insight reports and trends. He is a mechanical engineer who spent the first 7 years of his career building transport infrastructure before starting carloop. He has a passion for cars, particularly EVs and wants to help reduce transport emissions in Australia. He currently drives a red Tesla Model 3.
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