Used electric vehicles have been hard to get hold of in 2022 – initially because the numbers were simply not there, and then because the global energy crisis and supply shortage led to huge premiums.
The second hand EV market jumped sharply earlier this year as many owners of Tesla Model 3s decided to trade up to the newly released Model Y crossover. But new data reveals that used EV listings for Australia’s best-selling EV brands are falling and so are the prices.
The new data from carloop shows a 13.4% month-on-month slide in used Tesla Model 3 listings. That’s after used Tesla listings peaked in October at nearly 600 across Australia.
The growth in Model 3 listings only started after Tesla opened their Model Y orders in June this year. Even with the recent decline in the availability of used Tesla Model 3 stock, listings are still up 441% since early June before the Model Y was launched.
On the very popular Tesla Model Y, the latest data also shows a similar trend.
Model Y listings down by 18.2%, used prices stabilising
Like the Tesla Model 3, the Tesla Model Y used listings are also coming down with a sharper decrease of 18.2% in a month. With that, the asking prices are also stabilising.
Earlier in the month, the average used Model Y prices were hovering just under $80,000 which is quite a bit of a premium over what many of the sellers paid for the EV when purchased in the first week of orders going online.
According to carloop’s resale value data, in late November an average, used Tesla Model Y RWD in white is going for $79,337 drive-away. State and territory transfer fees plus duties are added on top of that which would take this EV to above $82,500 driveaway.
So far until the end of October, 6,452 Tesla Model Ys have been delivered to Australia. That number is bound to increase.
The Driven has observed the ramp in deliveries for the Tesla Model Y in November at Tesla’s delivery centres. Many of these EVs are in October built. This is pointing to a much bigger November than the 1,076 Tesla Model Ys delivered in October.
Although prices are stabilising, they are expected to come down before Christmas as buyers shift their focus to other spending areas. Along with that, there are thousands of Model Ys on their way to our shores before Christmas.
The increase in supply will most certainly decrease the prices being asked on the used EV market in Australia.
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.