Used electrical automobiles take longer to promote in Australia than petrol and diesel vehicles and have under common retained worth, a brand new report has discovered.
The evaluation of the 2023 Australian used automotive market dubbed the Automotive Insights Report was compiled by automotive knowledge analytics firm AutoGrab and the Australian Automotive Sellers Affiliation.
It additionally discovered that second-hand EVs accounted for simply 0.6 per cent of the market, in comparison with 7.2 per cent of the brand new automotive market.
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Whereas the report stated used EV non-public and supplier gross sales nearly doubled to 11,652 in 2023 in Australia, the full used automotive market added as much as 2,074,535 items.
Unsurprisingly, new EV market chief Tesla was discovered to be the largest used EV gross sales model, with 4377 examples of its mannequin vary altering palms in Australia in 2023.
That interprets to 37.6 per cent of the used EV market, or greater than 2.5 occasions the share of quantity two MG, which had 1638 used gross sales and a 14.1 per cent share.
Nissan accomplished the used EV rostrum with 980 gross sales and an 8.4 per cent share.
The report discovered EVs aged lower than two years bought at 98.1 per cent of their beneficial retail value (or retained worth) in February 2023, however had fallen 15.6 per cent to an 82.8 per cent RV by December.
Two to 4 yr outdated EVs dropped in worth by 23.4 per cent to a 57.6 per cent RV by December 2023.
Days taken to promote elevated from 51 to 75 days for EVs aged lower than two years on this interval, whereas older EVs took longer than another gas sorts and age teams to maneuver, climbing from 54 to 76.9 days.
The nationwide weighted common for RV discount for the general used market over the 12 months was 11.6 per cent and the typical days to promote ended the yr at 50.9.
Components contributing to used EV gross sales developments cited by the report authors included:
The implementation of the FBT exemption in November 2022 that doubtlessly prompted EV house owners to accumulate new automobiles, contributing to a rise within the availability of used EVs.
Uncertainty surrounding battery well being of used EVs deterring some potential consumers.
Pricing of recent EV fashions coming down, negatively impacting used EV costs.
The authors of the report did warning the EV pricing findings have been unstable due to the small quantity of automobiles concerned.
In the meantime, 56,870 used hybrids have been bought and 1208 PHEVs. Petrol engines accounted for greater than 1.3 million gross sales and diesels over 600,000.
Simply because it dominates the brand new automotive market, Toyota led the used automotive market with 328,431 gross sales and a 16.3 per cent share. That was round double Mazda and Ford in second and third.
In an in depth reflection of the brand new automotive market the Ford Ranger ute pipped the rival Toyota HiLux to be the top-selling mannequin, with greater than 60,000 of every altering palms.