Shock report! Used EVs are losing value faster in Australia and taking longer to sell

AutoExec Summary
In Australia, used electric vehicles have a longer selling time and lower retained value compared to petrol and diesel cars, according to a recent report by AutoGrab and the Australian Automotive Dealers Association. Only 0.6% of the used car market consists of second-hand EVs, in contrast to 7.2% of new car sales in 2023. The report noted that Tesla was the top-selling brand for used EVs, followed by MG and Nissan. Factors affecting the market include uncertainty about battery health, decreasing prices of new EV models, and the impact of the FBT exemption in November 2022. In contrast, Toyota dominated the used car market with 16.3% share, with the Ford Ranger ute being the top-selling model.

Brands mentioned: Tesla, MG, Nissan, Toyota, Ford, Mazda