EV uptake has been on the rise in a big way in recent years with the Tesla Model 3 being one of the first high-volume vehicles to hit the Australian market, back in 2019.
Nearly 5 years later, many early models are coming onto the used market, with the start of 2024 seeing an upward trend in the number of Tesla Model 3s available on the used market, bringing the overall prices of used Teslas down.
The latest data from carloop reveals that cumulative used EV listings in February 2024 stand at 516 vehicles up for sale, an increase of 14.9% since the start of this year.
This rise in listings also highlights that recently sold 2019 – 2020 model vehicles have fallen below $39,000, making many Model 3 sedans cheaper than some of the most affordable new EVs on the market. These include the MG4 and the BYD Dolphin electric hatch models.
This drop in prices is thanks to several factors including improved supply and deliveries since the launch of the upgraded Tesla Model 3, finally revealed in September last year.
Another key factor in 2024 has been the high availability of models, helping reduce wait time for those early Tesla customers, looking at upgrading to a new car. The current estimated delivery time for a new Tesla Model 3 is February to April, hinting that customers can get a new car within weeks.
This has helped further increase those listings on the used EV market and bring the prices of used Tesla Model 3s down.
Tesla Model 3 had been the best-selling EV in the Australian market up until it was overtaken by the Tesla Model Y in 2023.
On the used market, many buyers feel more confident in purchasing a Tesla due to brand recognition, charging infrastructure and constantly updating car which keeps the ownership experience of even the earlier models “fresh”.
The coming months will see the launch of the new Tesla Model 3 Performance variant which many existing model owners are waiting for before upgrading. That’s also likely to bring more dual-motor vehicles to the used EV market, helping bring the prices down even further and making EVs accessible to more drivers.
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.