Used car prices have been high during the pandemic we’ve seen over the last two years. This year though, that trend has now shifted to used EV prices too.
New data reveals that used Polestar 2 prices also reaching their new peak too on the back of the soaring popularity of EVs.
14% premium for Polestar 2 EVs in August
New data on used EV prices from carloop shows a rise of 14% above the new price of Polestar 2. The used EV pricing of Polestar 2 has crept up over the past couple of months as the demand for EVs has also increased along with very limited options on the market.
Polestar 2 has been in the top 5 EVs sold in Australia so far, sitting in third place on the best-selling EVs list in Australia. Data also shows that 100% of the used Polestar 2 up for sale in August so far are the single motor variant.
Prices of a new Polestar 2 single motor are currently $73,069 driveaway in Victoria with the Pilot Lite package that includes safety features like the adaptive cruise control and 360 camera. Many of these models are selling above $83,000 in August 2022.
The demand for this EV is fairly high which goes to show less than 10 used Polestar 2 up for sale around the country.
Used price trends to start coming down as supply increases
As Bridie covered earlier in the week, thousands of new EVs are on their way to Australia in August and in the coming months.
This would help relieve some pressure on the high used EV prices in 2022, like those seen for other popular EVs alongside the Polestar 2. These include the very popular Tesla Model 3 and Hyundai Ioniq5.
With improved supply and the newer more affordable EVs like the BYD Atto3 launch not too far either, it’s likely going to bring local used EV prices back down over the coming months.
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.