Pain at the petrol pump is pushing Australians into the second-hand car market where prices are climbing for EVs while dropping for unleaded diesel makes.
Data compiled from more than 160,000 new and used car vehicle listings by the firm, MotorMetrics, show the price signal delivered by surging petrol prices has filtered quickly into the second-hand market and turned traditional valuations on their head.
There had been strong anecdotal evidence that purchases and rentals of new EVs have lifted sharply since the war pushed up petrol prices by almost 50 per cent.
But in the second-hand market, MotorMetrics has found not only that prices are diverging between EVs and internal combustion engine cars, but there has been a run on vehicles that are not reliant on events playing out in the Middle East.
Over the past fortnight, the biggest increase in average prices has been for five EVs. The Tesla Model Y is up 3.63 per cent, the Renault Kangoo (electric) is up 3.13 per cent, while the Tesla Model 3 has climbed by 1.39 per cent.
Over the same period, the biggest fall in average prices has been for liquid-fuel vehicles. There has been a 15.5 per cent drop for the Mahindra XUV3X0, and an 11.9 per cent drop in the Haval petrol H6GT and the GWM Jolion.
Since vehicles were first listed, which can go back months, the average price of Tesla models Y and 3 have gone up by 6.3 per cent and 4.9 per cent respectively. Just one petrol vehicle, the Fiat 500, makes the top five cars, with its average price up by 0.4 per cent.
The biggest falls have been in cars that use petrol or diesel, including the Haval H6GT (down 20.5 per cent), the Lexus LX diesel (15.1 per cent) and the Genesis GV80 (15 per cent).
MotorMetrics founder Jake Sale said it was clear that the lift in petrol prices was leading to a change in demand for EVs and liquid fuel vehicles.
“Listing price movements are often the earliest sign of changing demand, and right now, EVs are behaving very differently to petrol cars,” he said.
The last time used cars lifted in price was during the COVID-19 pandemic. Cashed-up Australians, wary of using public transport, flooded the second-hand market chasing extra cars, with prices for some models climbing by up to 50 per cent.
It’s not just price. MotorMetrics has also found a sharp rundown in the supply of EVs as buyers attempt to get their hands on a car.
Polestar 2 supplies are down to two to three days, MG ZS supplies are down to five days and the BYD Atto 3 supplies are down to 8.6 days.
Sale said that traditionally, the supply was normally about 75 days’ worth.
“Some EV models currently have less than 10 days of supply based on current sales rates, which is extremely tight,” he said.
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Shane Wright is a senior economics correspondent for The Age and The Sydney Morning Herald.Connect via X or email.