Why used EV prices dropped, and what it means if you're selling

Used electric car prices dropped mainly because new EVs got cheaper and buyers had more of them to choose from. Worn-out batteries don’t explain it, because cars less than three years old fell just as hard. When the new version of your car costs less, buyers won’t pay near-new money for a used one, so a big cut to the new price pulls your car’s value down with it.

That doesn’t make now a bad time to sell by default. What matters is whether the new price of your model is still moving, and what holding on costs you. Below is what the research found, what else pushes EV prices around, and a simple way to decide.

Data as at 13 October 2026. We review this page monthly and add EV-specific figures when an independent source publishes them. The next review is due in November 2026.

What does a cut to the new price do to my used EV?

It resets the ceiling. A buyer shopping for a two-year-old EV can check what the same model costs new in a minute. If the new one is now cheaper, the used one has to sit well below that price to make sense, because the new car comes with a full warranty, the current version and no previous owner.

Here’s how that plays out, using made-up numbers purely for illustration:

The cut doesn’t take exactly $10,000 off every used car. But it moves the ceiling for all of them at once. That’s why owners who ask “the new one just dropped $20,000, what does that do to mine?” are right to pay attention.

The same logic works in reverse. When Toyota’s new LandCruiser Prado 250 arrived from November 2024 at a higher price than the 150 Series it replaced, late-model used examples of the outgoing Prado looked better value by comparison. EV owners mostly saw the opposite.

How far did used Tesla, BYD and MG prices fall?

The most detailed Australian figures we’ve found come from CarsGuide research, reported by EV Central in January 2025. It tracked average advertised prices for popular used EVs on Gumtree, Autotrader and CarsGuide from January 2023 to December 2024.

Source: CarsGuide research as reported by EV Central, 25 January 2025. The percentages are our arithmetic from the reported averages. The article itself rounds the Model 3 fall to 30% and gives 36% for the Model Y, but its own Model Y averages work out at about 32%.

Keep three things in mind before you apply these to your own car:

• These are advertised prices, not sale prices. They show what sellers asked, which isn’t always what buyers paid.
• It isn’t the same car tracked over time. Each average covers whatever was listed that month, across different years, versions and kilometres.
• The data ends in December 2024. It shows the big fall. It doesn’t tell you where prices sit in October 2026.

The same report noted one exception: used Hyundai Kona prices rose after a second-generation model was released. It’s a reminder that used EV prices don’t only move one way.

If you own one of these models, our guides to selling a used Tesla Model 3 or Model Y and selling a used BYD Atto 3 cover versions, recalls and what a buyer checks.

Was it battery fears or price cuts?

Mostly price cuts, on the evidence we’ve found. EV Central’s report on the CarsGuide figures linked the falls to less demand for used EVs. It didn’t blame worn batteries, but it didn’t name new-car price cuts either, so the case below rests on other reports and on the figures themselves.

Start with where buyers went instead. In October 2024, EV Central reported that Tesla had been cutting new Model 3 and Model Y prices again and again. It also reported that MG had taken as much as $10,000 off the MG4 Excite 51 and that GWM had trimmed about $2,000 from the Ora. When a new EV costs thousands less, a used one at the old price stops making sense.

Battery wear doesn’t fit the figures. The Atto 3 only went on sale in Australia in 2022, so the used ones in that data were all less than three years old. In January 2023, the average advertised price of a used one was $51,990. That was more than the $44,990 drive-away starting price it launched at. By December 2024, the average had dropped to $36,990. Cars that young falling that far, alongside the Model 3 and ZS EV over the same two years, looks like a market-wide price reset rather than a wave of worn-out batteries.

Battery worries can still weigh on buyers, even when the battery itself is fine. The same EV Central report noted that in Europe, government-backed battery health certificates have been suggested as one way to reassure cautious used-car buyers. That doubt is the part you can do something about. A buyer will ask about the battery, and a car with clear evidence of healthy capacity is easier to price with confidence. Our guide to EV battery health before you sell explains what to gather and how to show it.

What else pushes used EV prices around?

Cheaper new cars did most of the damage, but two other forces add to it.

• Refreshed versions. The updated Tesla Model 3, known as “Highland”, reached Australian buyers around the end of 2023 and early 2024. The updated Model Y (“Juniper”) followed in May 2025. Once a refresh lands, the earlier version becomes the older-looking choice.
• More choice for buyers. BYD’s Seal sedan, for example, launched here in December 2023. In October 2024, EV Central reported on more Chinese brands arriving, including Deepal, Zeekr, Xpeng and Leapmotor. Every new option is another car competing for the same buyer.

This is why the version, build date and spec of your EV matter as much as the badge. Two cars that look identical in a photo can sit in quite different places in the market.

Are ex-fleet and ex-lease EVs flooding the market?

We haven’t found public data that answers that for EVs specifically. What we can see is that fleet cars as a group swing hard. Datium Insights, which publishes weekly used car figures, reported ex-corporate vehicles down 10.5% in the week to 12 October 2026, a week after they rose 17.1%. Those figures cover all ex-corporate vehicles, and these updates don’t break out electric cars.

Some EVs do start life as company cars or on novated leases. Moneysmart’s salary packaging guide says there is currently a fringe benefits tax exemption for eligible electric cars, with conditions. When a fleet replaces its cars, they come back onto the used market, sometimes several of the same model at once.

What that means for you: a weekly fleet figure won’t tell you what your car is worth. A low-kilometre EV with a clear history and all its charging gear is judged on its own details. For the wider market, our monthly update on whether used car prices are falling tracks the weekly figures.

Is it a bad time to sell an EV?

Not automatically. No one can promise that used EV prices will recover if you wait, and we haven’t found a government or data-provider source that tracks 2026 used EV prices on their own. What you can weigh is your own situation:

The thread running through all of these is the new price. It’s the thing that moved used EV values most, so it’s the number to watch for your model. Meanwhile, every month you wait adds kilometres and age, and those only go one way.

How do you present an EV so the offer reflects the car?

Most of an EV’s value is set by the market, but a few details decide whether a buyer can make a confident offer or has to allow for unknowns. Before your valuation call or inspection, work through this list:

• Battery evidence. A dated state-of-health report from a dealer or EV specialist. If your car shows a battery reading, add a photo of it with the date and kilometres visible.
• Battery warranty documents. Know the years and kilometres in your warranty booklet, and how much is left.
• Charging gear. The portable charging cable and any adaptors supplied with the car. A wall charger wired into your house normally stays with the house.
• Keys and app access. Every key, key card or fob. Plan to remove the car from your phone app and account at handover.
• Software and recalls. Install pending updates and check the VIN on the government’s vehicle recalls site. Some Tesla recalls, for example, were fixed with over-the-air updates.
• Maintenance records. Keep whatever records you have, including receipts for tyres, brakes and any repairs.
• The exact version. Build date, battery or range version, and trim level. For a Tesla or a BYD, this can separate cars that look the same.
• Today’s new price. Look up what the new version of your model costs, so you can judge any offer against it.

Mention any warning lights or charging faults up front. An inspector is likely to find them, and telling the buyer early avoids surprises on the day.

Selling your EV to us

The EV market will keep moving with new-car pricing, and no one can time it perfectly. What you can control is knowing what your car is worth to a buyer today, then deciding with that number in hand.

We buy cars of any make, 2021 or newer, with 100,000 km or less, electric cars included. A free valuation from us is a genuine offer by phone from a licensed dealer, not an online estimate. We’re run by a valuer who has priced cars since 1992. There’s no obligation and no fees taken out of the offer.

If you accept, we can often pay a deposit the same day, then inspect the car at a time and place that suits you. The balance goes into your bank account, and we collect the car, anywhere in Australia, only after you confirm the funds have cleared. If there’s finance owing, we deal with your lender directly to pay out the loan and then pay you any equity. Settlement usually takes 2 to 3 business days, and any negative equity has to be covered before settlement.

If your EV is older or has more kilometres, send it through anyway and we’ll tell you straight away if we can help. You can also call us on 1800 73 55 73.