Used EVs options rise, first BYD offerings reveal massive mark up

Throughout 2022, finding a used EV in Australia hasn’t been easy. New data shows this trend is changing as more EVs launch in our market. 

As more new EVs are delivered to customers, the number of used ones appearing on the market also increases. Today I take a look at the state of our used EV market and whether it’s the right time to buy one.

Used Tesla Model 3 listings up 238% since Model Y

New data from carloop shows that used Tesla Model 3 listings have reached an all-time high. That’s an increase of 238% since Model Y launched back in June. Since the beginning of the year, there are more than 10 times the number of these used sedans.

This data also shows that nearly 600 used Tesla Model 3s are available to purchase across the country and prices have stabilised. 

As of October 2022, order holders for the new Tesla Model 3 continue to wait for their new delivery. That’s the case for a majority of the order holder who put a deposit on their new EV sedan after February this year. 

Some have been waiting over 8 months as Tesla catches up on Model 3 production since Shanghai lockdowns earlier this year.

Tesla Model Y listings stabilising

Tesla Model Y began delivery to customers in August this year. In the first month, data revealed a sharp increase in many Model Y’s coming on the used market which is starting to stabilise. 

In September, nearly one in every ten Model Ys delivered during August were up on the used EV market for owners who preferred not to wait. The prices of these used EVs are also much higher than what these owners paid in the first week of orders opening. 

Tesla did increase the prices of the Model Y a week later to kerb demand for the hottest EV to launch in 2022. This is where many of the Model Ys available on the used car market are pricing their listings. As more new EVs are delivered to customers, it’s more likely for these prices to fall as well.

Used BYD Atto 3 sees a 32% markup

Used Tesla prices can’t even compete with the markups seen on used BYD Atto 3 listings. Asking prices on a used Atto 3 are above 32% of what they were new. 

As of October, there are only 2 used BYD Atto 3 EVs up for sale in the country. One example in WA was spotted on carsales with an asking price of $62,500. 

Given it’s only the second month of deliveries for Australia’s most affordable ground-up EV, more examples will end up on the used EV market over the coming months. This would naturally help with reducing EV prices and we will see less opportunistic profiteering. 

As more used models of the recently launched MG ZS EV and the Atto 3 make it to the used market over the next 6 months, it’ll be the starting point of a healthy used EV market.