Australia’s second-hand car market shift due to petrol price surge and EV demand spike
Consensus Summary
Australia’s second-hand car market is experiencing a dramatic shift as petrol prices surged nearly 50% due to geopolitical tensions, driving demand for electric vehicles (EVs). Both THEAGE and GUARDIAN report that used EV prices like the Tesla Model Y and Model 3 have risen sharply—3.63% to over 6%—while petrol and diesel vehicles, including Haval and Lexus models, have seen prices drop by up to 20%. MotorMetrics data confirms this trend, with EV stock levels critically low, some models like Polestar 2 having supplies down to just days. The Guardian highlights a 70% increase in EV rental demand and a 161% spike in EV loan volumes, while THEAGE notes supply shortages and rising prices for EVs since listings began months ago. Both sources agree that this shift reflects a long-term trend toward EVs, accelerated by the fuel crisis, though THEAGE emphasizes historical comparisons to COVID-19 price surges. Contradictions exist in exact price movements and supply timelines, but the core narrative remains consistent: Australians are rapidly abandoning petrol vehicles for EVs amid rising fuel costs.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- MotorMetrics data shows Tesla Model Y used prices rose 3.63% in the first fortnight of March (THEAGE) and over 6% in the last two weeks of March (GUARDIAN).
- MotorMetrics data shows Tesla Model 3 used prices rose 1.39% in the first fortnight of March (THEAGE) and also increased in the last two weeks of March (GUARDIAN).
- Used EV stock levels are critically low, with Polestar 2 supplies down to 2-3 days (THEAGE) and Polestar 2 prices rising (GUARDIAN).
- Used petrol/diesel vehicles saw significant price drops, including Haval H6GT down 11.9% (THEAGE) and up to 20% for some models (GUARDIAN).
- Petrol prices in Australia surged nearly 50% due to geopolitical tensions (THEAGE) and increased daily in March (GUARDIAN).
- More than 454,000 battery electric and plug-in hybrid vehicles were on Australian roads by the end of 2025 (GUARDIAN).
- EV loan volumes for new battery electric vehicles spiked 161% in March compared to February (GUARDIAN).
- Jake Sale (MotorMetrics founder) stated listing price movements indicate changing demand, with EVs diverging from petrol cars (THEAGE and GUARDIAN).
Points of Difference
Details reported by only one source:
- Tesla Model Y used prices rose 6.3% since first listing (THEAGE only).
- Tesla Model 3 used prices rose 4.9% since first listing (THEAGE only).
- Haval H6GT used prices dropped 20.5% since first listing (THEAGE only).
- Lexus LX diesel used prices dropped 15.1% since first listing (THEAGE only).
- Genesis GV80 used prices dropped 15% since first listing (THEAGE only).
- Supply of used EVs like MG ZS (5 days) and BYD Atto 3 (8.6 days) is extremely tight, compared to traditional 75 days (THEAGE only).
- Used Fiat 500 is the only petrol vehicle in the top five price increases, up 0.4% (THEAGE only).
- Mahindra XUV3X0 used prices dropped 15.5% in the fortnight (THEAGE only).
- Used car prices last rose during COVID-19 pandemic, with some models climbing 50% (THEAGE only).
- Used EV prices are rising ‘uniquely’ and ‘not usual’ (GUARDIAN only).
- MG4 and Polestar 2 used prices also rose in the last two weeks of March (GUARDIAN only).
- Rental demand for EVs and hybrids increased 70% compared to the same period last year (GUARDIAN only).
- EV market share in Australia is now about 13% of new purchases (GUARDIAN only).
- Peter Esho (Eshō Capital) said this oil shock could be ‘one of the last’ (GUARDIAN only).
- Har Rai Singh rented EVs to test them before buying, citing charging infrastructure issues (GUARDIAN only).
- Commonwealth Bank data shows a 161% lift in weekly loan volume for new battery electric vehicles in March (GUARDIAN only).
- Australia has historically lagged in EV adoption due to political division (GUARDIAN only).
Contradictions
Conflicting information between sources:
- THEAGE reports Tesla Model Y used prices rose 3.63% in the first fortnight, while GUARDIAN reports over 6% in the last two weeks of March (no direct comparison of exact timeframes).
- THEAGE states Haval H6GT used prices dropped 11.9% in the fortnight, but GUARDIAN says some diesel/petrol vehicles saw up to 20% drops (no specific model overlap).
- THEAGE mentions supply of Polestar 2 at 2-3 days, but GUARDIAN does not specify supply levels for other models beyond Polestar 2.
- THEAGE highlights a 50% price surge for some used cars during COVID-19, while GUARDIAN does not mention this comparison.
- THEAGE states traditional supply was 75 days, but GUARDIAN does not provide a baseline for comparison.
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