Photo: Tesla
We know the used car market is crazy high, but the situation is horrible for those looking to buy an electric vehicle. It’s excellent for those wanting to sell, and this is especially true for Australians. Down Under, people trade their kidneys for a used Tesla Model 3, so expect to get up to $91,000 if you sell.
The car market is out of balance, with the demand far outstripping supply. This is true for new vehicles because the carmakers can’t build enough for everyone. But the situation is even worse in the used-car market, which is usually fed with cars that people trade in to buy new ones. Fewer new cars mean fewer reasons to sell existing vehicles, so the used-car market drains, and the prices rise.
But there’s another reason that pushes the prices of pre-owned vehicles up. Unlike new cars, which you need to wait sometimes more than a year to deliver, you can drive off a used vehicle the second you paid the price. That’s why the price is high, sometimes higher than the MSRP of the same new car. This is even more true for electric vehicles, which are harder to come by.
Interestingly, people living in countries where electric vehicles were once considered second-class citizens are now dying to buy an EV. This is especially true for Australia, where no one wanted to buy electric cars a while ago. The charging stations are almost non-existing, and the demand was so weak that many EV manufacturers didn’t even sell their cars in the country. According to Bloomberg, only 2% of the new cars in Australia come with a plug.
But all of a sudden, Australians have changed their hearts, and all want an EV right now. Those wishing to buy a Tesla Model 3 must wait up to nine months, the longest delivery time among many Tesla markets. To go around the long waiting times, Australians are willing to pay a lot to have their electric car as soon as possible.
That’s why barely used Tesla Mode 3 Performance sedans are priced at 130,000 AUD (91,000 USD) or even higher. A new one bought from Tesla costs only 91,600 AUD (64,200 USD), but you won’t be able to drive it until at least February 2023. And it’s not just Tesla. People who bought an electric vehicle two years ago discover they can sell it now for a hefty profit. The auction houses are literally begging them with the money.
But there’s another reason that pushes the prices of pre-owned vehicles up. Unlike new cars, which you need to wait sometimes more than a year to deliver, you can drive off a used vehicle the second you paid the price. That’s why the price is high, sometimes higher than the MSRP of the same new car. This is even more true for electric vehicles, which are harder to come by.
Interestingly, people living in countries where electric vehicles were once considered second-class citizens are now dying to buy an EV. This is especially true for Australia, where no one wanted to buy electric cars a while ago. The charging stations are almost non-existing, and the demand was so weak that many EV manufacturers didn’t even sell their cars in the country. According to Bloomberg, only 2% of the new cars in Australia come with a plug.
But all of a sudden, Australians have changed their hearts, and all want an EV right now. Those wishing to buy a Tesla Model 3 must wait up to nine months, the longest delivery time among many Tesla markets. To go around the long waiting times, Australians are willing to pay a lot to have their electric car as soon as possible.
That’s why barely used Tesla Mode 3 Performance sedans are priced at 130,000 AUD (91,000 USD) or even higher. A new one bought from Tesla costs only 91,600 AUD (64,200 USD), but you won’t be able to drive it until at least February 2023. And it’s not just Tesla. People who bought an electric vehicle two years ago discover they can sell it now for a hefty profit. The auction houses are literally begging them with the money.
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