Record prices for used EVs


Record auction prices for second-hand Tesla highlights supply-demand imbalance as buyers look to electrics to ease fuel price burden.        

Australia's top-selling EV, Tesla's Model 3.

A second-hand Tesla Model 3 that sold at auction recently for more than its original manufacturer’s list price highlighted a critical supply-demand imbalance as more buyers look to electrics vehicles (EVs) to ease the burden of high fuel prices.

Auction house Lloyds Auctions reported it had been auctioning second-hand Teslas for higher prices at auction than their original retail price.

A statement from Lloyds said the demand for and high prices being achieved by used EVs reflected the rising prices for used internal-combustion-powered vehicles, but that the pressure of high petrol prices was having a major impact on the resale pricing of EVs.

“Right now, we have a 2022 Tesla Model 3 on offer with the current bid sitting at $71,000 where they actually retail for around $68,000 and the bidding is set to close in a few days’ time,” said Lee Hames Chief Operations Officer for Lloyds Auctions.

“The electric car market is still very new to Australia which is actually a massive benefit to purchasing electric vehicles second-hand as they are in such great condition usually only having been used for a few years, with previous owners now upgrading to the newer-model electrics.”

The Electric Vehicle Council seized on the result, with the organisation’s Chief Executive Behyad Jafari describing it as indicative of Australia's failure to create a healthy and functional EV market.

“Global carmakers are far more interested in selling cars in Europe or the US or even New Zealand, where fuel efficiency standards are established, and governments offer unambiguous support to the transition,” Mr Jafari said.

"Carmakers look at Australia and see strong demand, which is encouraging. But they also realise that every time they sell an EV in America or Europe that will count toward meeting the fuel efficiency standards of those jurisdictions.


“So naturally they prefer to sell EVs there, instead of here.”


Mr Jafari said it was encouraging to see state and territory governments, including Queensland, introduce policies to incentivise the purchase of electric vehicles.


Queenslanders who purchase a new EV up to the value of $58,000 will be able to access a $3,000 subsidy from the State Government. This would apply to models including the Hyundai Ioniq, Nissan Leaf, MG ZS, Hyundai Kona and BYD Atto 3.


The move was welcomed by RACQ.


The latest EVC report showed that sales of EVs including Plug-in Hybrids (PHEVs) tripled between 2019 and 2022, with sales last year totaling 20,665 vehicles.


The Tesla Model 3 was comfortably the biggest seller, accounting for 12,094 sales, versus the second-placed MG ZS EV on 1388 sales.


The report fund there were 30 different electric passenger vehicles on the market, expanding to 65 variants, of which 37 were electric and 28 were PHEVs.


Utility vehicles, including vans and trucks, make up another 21 models and there were 11 electric bus modes. An additional 25-plus EVs from 12 different car makers were listed as being due to launch during 2022. 


The report also found that public charging infrastructure remained patchy, with just 291 public chargers dotted around Australia, although state and federal government funding has been committed to roll out an additional 700 locations with multiple charging bays over the next five years.


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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.