Australian-based Lloyds Auctions says rising fuel prices and a tight supply of second hand vehicles onto the market has resulted in a spike in the residuals of used electric vehicle brands such as Tesla.
Lloyds Auctions says it is selling second-hand Tesla models for higher prices under the hammer than the original retail price paid by the first owner.
It says this highlights that the demand in electric vehicles is reflecting the same upward pressures in pricing that fossil fuel vehicles are experiencing.
“Right now, we have a 2022 Tesla Model 3 on offer with the current bid sitting at $71,000 where they actually retail for around $68,000 and the bidding is set to close in a few days,” Lloyds Auctions chief operations officer Lee Hames says.
“With the current fuel prices, people now understand how much they can save in fuel per year by owning an electric vehicle, where savings could be up to 70% on fuel alone,” He says.
“The electric car market is still very new to Australia which is a benefit to purchasing electric vehicles second hand, as they are in such great condition usually only having been used for a few years, with previous owners now upgrading to the newer electric models.
“As electric vehicles become more mainstream in our society and range anxiety dissipates the idea of buying electric has never seemed more positive.
“There has been a false stigma around electric vehicles. As people see more Tesla’s and other electric vehicles on the road, their confidence in this market is growing,” Hames says.
Lloyds Auctions says its biggest challenge is finding enough electric vehicles to resell, it is a very tight market.
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