EV USED CAR PRICE TRENDS
WORDS BY REDBOOK AUSTRALIA
With 2023 coming to a close , we ’ ve been reflecting on the positive territory that EV ’ s have made in a relatively short period . Since 2020 , Battery Electric Vehicles ( BEV ) have grown from 0.8 % share of the total vehicle market to being on track for 8-9 % share by year end . Whilst Tesla holds the lions share , recent market entrant BYD and Volvo offshoot , Polestar , have gained a foothold quickly , with expectations for the former to rival and topple Tesla as the # 1 EV brand in volume in 2024 .
For some time now RedBook have split the Australian BEV market into distinct subsegments ; one being pragmatic-green and the
other being premium-technology . The subsegments were defined largely by price and equipment / performance attributes with pragmatic green featuring vehicles sub $ 65K ( the likes of the BYD Atto & MG ZS ) and the latter for vehicles positioned above ( Tesla , Polestar , EV6 , Ioniq5 ).
Since the start of 2023 , there has been a distinct shift in market dynamics with the more premiumtechnology end of the BEV market losing significantly more value versus the pragmaticgreen options .
20 ISSUE 44 DECEMBER 2023 / WWW . AFMA . ORG . AU