When a used vehicle rolls into a car yard, the usual trajectory for its price tag is down if it lingers too long.<\/p>\n
That is the (almost) iron law of the secondhand market \u2013 until the oil crisis hit and dealers started raising asking prices for used electric vehicles.<\/p>\n
Jake Sale, founder of Perth-based MotorMetrics, says lowered prices are not unusual but \u201cup is very unique\u201d.<\/p>\n
\u201cIt\u2019s specifically EVs that buyers are looking for.\u201d<\/p>\n
Sign up for the Breaking News Australia email<\/a><\/p>\n MotorMetrics\u2019 live analysis of vehicle inventory shows that secondhand dealers have repriced a variety of used EVs, with Tesla\u2019s Model Y up more than 6% in the last two weeks of March.<\/p>\n The Tesla Model 3, MG4 and Polestar 2, which are all electric, have also risen.<\/p>\n \u201cThat\u2019s an early indication that dealers are confident to put the price up, and it\u2019s likely that incoming stock will be at or around that new price,\u201d Sale says.<\/p>\n Largest price increases of used and demo models<\/a><\/p>\n MotorMetrics data also shows that stock of used EVs is running low.<\/p>\n Meanwhile, several types of used diesel and petrol vehicles have had their sticker prices dramatically cut, in some cases by up to 20%.<\/p>\n The huge enthusiasm for EVs sparked by the oil crunch has surprised even their most ardent supporters, with car yards, brokers and now, secondhand dealers, reporting a sharp rise in demand immediately after petrol prices started to rise.<\/p>\n Rental demand for EVs is also soaring.<\/p>\n While many Australians have cancelled their usual Easter road trip plans<\/a> over concerns they will run dry of diesel, or pay too much for unleaded, other travellers booked an EV instead.<\/p>\n Rob Chan, managing director of rental marketplace Turo Australia, says bookings for EVs and hybrids have increased 70% compared to the same period last year.<\/p>\n \u201cThis is one of those waves of consumer interest changes that is very unique,\u201d Chan says.<\/p>\n Largest discounts for used and demo petrol and hybrids<\/a><\/p>\n He says the last time he saw a change in behaviour of this magnitude was the period of \u201crevenge travel\u201d<\/a> that occurred after pandemic borders reopened.<\/p>\n \u201cPeople are seizing control by booking cars that make a lot of rational economic sense. This will be a long-term trend,\u201d Chan says.<\/p>\n Historically, Australia has been a laggard in EV adoption compared to countries such as Canada and New Zealand, due in large part to a prolonged period of political division in Canberra.<\/a><\/p>\n Sales have been accelerating in recent years, with more than 454,000 battery electric and plug-in hybrid electric vehicles (PHEVs) on Australian roads at the end of 2025, according to the Electric Vehicle Council.<\/p>\n The EV market share has now climbed to about 13% of new purchases, a rate expected to jump <\/a>as more electric models enter Australia and charging infrastructure improves.<\/p>\n Peter Esho, an economist who heads Sydney-based Esho Capital, says while this isn\u2019t the first oil shock \u201cit could very well be one of the last\u201d.<\/p>\n \u201cEVs are now a credible option for many passenger vehicles and this shock is likely to exponentially accelerate adoption, once the dust settles,\u201d he says.<\/p>\n