Teslas by far are the most popular EVs in the country. It’s not only their popularity as a new EV but also on the used EV market with new data showing sales of used Tesla EVs hitting an all-time high again.
One of the key insights from the latest data shows the profits some private owners and dealers are willing to make by flipping Teslas on the used market.
Today I look at the latest data that backs this trend of flipping EVs on the used market and the profits some dealers expect to make in Australia.
Used Tesla listings continue to hit an all-time high
Model Y deliveries to Australia only began in the first week of August and eight weeks later, over 131 examples of the very popular family SUV are up for sale. That’s 12.9% of all 1,017 Model Ys that were delivered to customers last month.
This trend continues for Tesla Model 3 as well where listings have hit an all-time high as well but things are starting to plateau in the last 2 weeks. Aggregate listing data shows that 574 examples of Australia’s best-selling EV are up for sale.
This trend will continue as many more Model 3s arrive over the coming months along with the recent news that Model Y Q4 builds for local order holders are underway.
Quite a few of those Model Y order holders are currently driving a Model 3. They would be keen to part ways with their smaller in-size Model 3 sedan around the timing of their newer Model Y delivery.
Looking a bit deeper into the data into individual listings shows an interesting trend.
Tesla flipping continues for EVs not delivered
Examples of used Tesla Model Ys that haven’t even been delivered are starting to show up. An example of a listing from Gumtree in Melbourne highlights this with private sellers selling a car that’s yet to be delivered – some may call it car flipping.
This example of a black model Y with upgraded wheels is being sold for $10,000 more than when it was purchased in the first week of Tesla opening up Model Y orders back in June.
It’s unclear how the seller knows that their Model Y will arrive here with 150km on the clock as generally Teslas are delivered with under 50km.
Dealers are taking this profiteering to another level. An example of a dealership selling a 2022 Tesla Model 3 in Melbourne with 800 km.
The plain white Model 3 is priced at $83,990 which is over $15,000 more than what these cars are new after the $3,000 state government subsidy offered to private buyers.
From the data above, with more and more Teslas being delivered, these markups won’t last too long as the supply would continue to increase. This is backed by Tesla and its EV delivery goals for the country.
Tesla has openly disclosed in the past that they plan on delivering around 20,000 new EVs into the Australian market in the second half of 2022.
With thousands more EVs on their way to our shores before the end of this year, the supply of used EVs will continue to rise and data shows that prices will continue to fall. This would ensure that people looking at making the switch have more options 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.