Tesla Model Y, 3 and Renault Kangoo cars surge amid petrol price pain
Petrol pump shortages are pushing Australians into the second-hand car market; While prices for electric vehicles are rising here, prices of unleaded diesel brands are falling.
Data compiled from MotorMetrics’ listings of more than 160,000 new and used cars show that the price signal provided by rising oil prices is rapidly infiltrating the second-hand market and reversing traditional valuations.
There was strong anecdotal evidence that new electric vehicle purchases and leases had increased sharply since the war increased gasoline prices by almost 50 percent.
But in the second-hand market, MotorMetrics found not only a divergence in prices between EVs and internal combustion engine cars, but also an increase in vehicles not tied to events in the Middle East.
The biggest increase in average prices in the past two weeks was for five electric vehicles. Tesla Model Y increased by 3.63 percent, Renault Kangoo (electric) increased by 3.13 percent, and Tesla Model 3 increased by 1.39 percent.
In the same period, the biggest decrease in average prices was experienced in fuel vehicles. There was a 15.5 percent drop in Mahindra XUV3X0 and 11.9 percent drop in Haval petrol H6GT and GWM Jolion.
Since the vehicles were first listed, which can go back months, the average price of Tesla Y and 3 models has increased by 6.3 percent and 4.9 percent, respectively. Only one gasoline vehicle, the Fiat 500, is among the top five cars with an average price increase of 0.4 percent.
The biggest declines were seen in cars that use gasoline or diesel, including the Haval H6GT (down 20.5 percent), Lexus LX diesel (15.1 percent) and Genesis GV80 (15 percent).
MotorMetrics founder Jake Sale said it was clear that the rise in gas prices was leading to a change in demand for electric vehicles and fuel-powered vehicles.
“List price movements are often the first sign of changing demand, and electric vehicles are currently behaving very differently than gasoline cars,” he said.
The last increase in the price of second-hand cars was during the COVID-19 pandemic. Cash-strapped Australians reluctant to use public transport have flooded the second-hand market in pursuit of extra cars, with prices on some models rising by up to 50 per cent.
It’s not just the price. MotorMetrics also found a sharp decline in the supply of electric vehicles as buyers try to get their hands on a car.
Polestar 2 supplies dropped to two to three days, MG ZS supplies dropped to five days, and BYD Atto 3 supplies fell to 8.6 days.
Traditionally, supply is normally about 75 days’ worth, Sale said.
“Some EV models currently have a lead time of less than 10 days based on current sales rates, which is quite a tight situation,” he said.
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Shane Wright is senior economic correspondent for The Age and The Sydney Morning Herald.Connect with: X or email.
