Used EV prices rise as Australia’s fuel crisis hits: ‘Doesn’t make sense to hold on to a combustion engine’
Why it matters: Used EV prices are rising by over 6% in Australia, while petrol and diesel car prices are cut by up to 20%.
- MotorMetrics founder Jake Sale notes the highly unusual trend of rising used EV prices, specifically highlighting a 6%+ increase for Tesla's Model Y in two weeks, indicating dealer confidence and low stock.
- MotorMetrics data also reveals a dramatic price cut of up to 20% for several types of used diesel and petrol vehicles, contrasting sharply with the EV market.
- Turo Australia managing director Rob Chan reports a 70% increase in EV and hybrid rental bookings compared to last year, attributing it to consumers making 'rational economic sense' decisions amid fuel concerns.
- Economist Peter Esho of Esho Capital believes this oil shock, unlike previous ones, could be 'one of the last' as EVs are now a credible option, likely to exponentially accelerate adoption in Australia.
- The Electric Vehicle Council states that over 454,000 battery electric and plug-in hybrid electric vehicles were on Australian roads by the end of 2025, with EV market share now at 13% of new purchases, a figure expected to jump.
Australia's used electric vehicle (EV) market is experiencing an unprecedented surge, with prices for models like the Tesla Model Y, Model 3, MG4, and Polestar 2 rising by over 6% in late March, while petrol and diesel car prices plummet by up to 20%. This dramatic shift, driven by rising fuel costs, signals a significant acceleration in EV adoption, surprising even ardent supporters and marking a potential turning point for Australia's historically slow EV transition.
