One of Australia’s largest online financial brokers, focusing on personal and commercial financial products, 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.
Tesla’s Model Y and BYD’s Atto 3 have had the biggest depreciation of all EV vehicles at 48 and 39 per cent respectively.
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,” he said.
"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."
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