Savvy analysis shows several popular electric vehicles are now selling at steep discounts on the second-hand market.
- Used EV prices are falling rapidly as new models and price cuts reshape the market.
- A 2022 Tesla Model Y RWD is now about 48% cheaper than when new.
- The BYD Atto 3 and Haval Jolion are roughly 39% and 38% cheaper than their original prices.
- This is creating a buyer’s market for second-hand EVs.
Savvy’s analysis of RedBook vehicle pricing data highlights how rapid pricing competition in the electric vehicle market is pushing down resale values for some early models. As manufacturers introduce new EVs and adjust pricing to stay competitive, used vehicle prices are shifting quickly across the market. Savvy spokesperson Adrian Edlington said the trend is creating opportunities for buyers considering the switch to electric.
“While depreciation can be challenging for new car buyers, it creates real opportunities for Australians looking at the used EV market.” Edlington commented “For drivers curious about electric vehicles but hesitant about the upfront cost, the second-hand market is quickly becoming one of the most affordable ways to make the switch.”