Is now a good time to sell my EV in Australia?

Recent activity on carsales shows the Australian used electric vehicle (EV) market has settled into a far more competitive phase than it was in during the boom years of 2021 and 2022.

According to global automotive data firm JATO, EVs accounted for 6.2 per cent of global sales in 2021, up from 3.1 per cent in 2020.

One of the biggest influences has been pricing changes on new electric vehicles.

Electric vehicles were once priced well beyond the reach of most buyers, but since around 2022 the market has shifted as more attainable models have arrived.

Fast-forward to 2026 and Australians can now get into a new EV for as little as $23,990 plus on-road costs, with cars like the BYD Atto 1 showing just how far entry pricing has come.

When new-car pricing began to shift, it quickly reset expectations among buyers – particularly as a wave of new Chinese brands entered the Australian market.

In 2024, carsales reported how marques such as MG and GWM rapidly climbed the sales charts, including Tesla which despite its global profile, now builds electric vehicles from China.

BYD also made a swift impact locally and has stated ambitions to reach 100,000 annual sales by 2026, with at least a dozen other Chinese brands expected to arrive in Australia over the coming years.

This surge in new entrants has reshaped what buyers expect to pay for an electric vehicle, particularly at the more affordable end of the market.

According to carsales’ data services director Ross Booth, EV searches on carsales increased by 76.7 per cent during the week commencing March 2 2026 compared to the previous week, with the most popular searches including BYD, Tesla, Polestar, Zeekr and Geely respectively.

While it hasn’t dampened interest in EV ownership, it has altered perceptions of value, making price a far more prominent consideration than it was just a few years ago.

As a result, used EV sellers are no longer operating in the same conditions that existed when EV supply was limited and prices were high.

Not all electric vehicles are copping the same hit, and how yours has held up often comes down to where it sits in the market rather than the badge on the nose.

At the sharper end, higher-priced EVs have generally felt the pressure first. As new-car prices have shifted, particularly on popular models, the gap between new and used has narrowed quickly.

Tesla is the clearest example, with repeated price adjustments on the Model 3 and Model Y flowing straight through to the used market and resetting expectations almost overnight.

Early long-range EVs such as the Hyundai Kona Electric and Tesla Model 3 Long Range have also lost some of the premium they once enjoyed.

When supply was tight and ‘range anxiety’ was real, these models were highly sought after. Fast-forward a few years and newer versions – and more competitors – have taken the edge off what once made them stand out.

The same applies to models that have seen several updates or newer iterations arrive in quick succession. For example, before the IONIQ 5 and IONIQ 6 arrived, the original Ioniq Electric went through multiple updates, however, once the new-generations EVs launched the IONIQ was quickly overshadowed.

This shows that buyers tend to gravitate towards the latest version, which can make earlier examples feel dated sooner than owners might expect, even when older examples remain perfectly usable.

On the flip side, cheaper EVs tend to be less exposed to sudden swings.

Models that launched at lower entry prices, or sit in segments without a lot of direct rivals like the GWM Ora in the electric hatchback segment, haven’t had the same need to reset pricing simply because their replacement cost hasn’t shifted as dramatically.

That’s also helped some MG and BYD models tread water more comfortably, while certain premium or niche EVs can still attract interest when the condition and spec stack up.

The big takeaway is that the loudest depreciation headlines don’t tell the full story. How an EV holds its value depends far more on timing and positioning than the fact it’s electric.

Many of the same things buyers are advised to look for when purchasing a used electric car also play a big role in determining how appealing an EV is when it comes time to sell. 

Battery condition is one of the most important considerations. Because the battery effectively determines an EV’s usable range, buyers often place significant weight on its health and whether it remains under manufacturer warranty. Vehicles that are still comfortably within their battery coverage can offer greater peace of mind than those nearing the end of that period.

Kilometres travelled remain relevant, just as they do with petrol or diesel cars, but usage matters too. Buyers are increasingly interested in how an EV has been treated over its life, including service history and charging behaviour. Clear information around maintenance and ownership tends to inspire more confidence than sparse or vague listings.

Specification can also influence appeal. Higher-grade variants, desirable factory options and neutral exterior colours typically attract broader interest. In the EV space, technology plays an even bigger role than it does for many ICE vehicles.

Cars that still feel current in terms of software, infotainment systems and driver-assistance features may hold greater appeal than similar models that appear dated by comparison.

Ultimately, an EV’s resale prospects are shaped less by hype and more by how clearly its condition, history and features align with what informed buyers are looking for today.

In some cases, moving your EV on sooner rather than later can make sense, especially if something has changed and flexibility has gone out the window.

This often applies if your car is getting close to the end of its battery warranty, if a cheaper or significantly updated version has arrived, or if you bought in early and still have some equity left.

A change in how you use your car can also come into play – maybe your commute has shifted, or an EV just isn’t fitting into your life the way it once did.

If any of that sounds familiar, selling earlier can help you stay on the front foot rather than holding on and hoping the timing improves.

On the other hand, there are plenty of situations where waiting is the smarter move.

If you owe more on your EV than it’s currently worth, are nearing the end of a lease or finance term, or simply don’t feel any pressure to sell, there’s often no need to rush.

 The same goes if your EV still suits your day-to-day driving and continues to deliver the running-cost savings that made it appealing in the first place.

Sometimes, holding on is less about the market and more about avoiding a compromise you’re not comfortable making.

If you’re still on the fence, a bit of research can go a long way.

Checking what similar electric vehicles are selling for can help you understand where your EV sits in today’s market, without committing to a sale. Tools on carsales make it easy to compare recent listings or get a rough valuation based on your car’s age, kilometres and specification.

You can also explore options like Instant Offer to see what your EV might be worth right now, even if you’re only gathering information.

Think of it as a temperature check rather than a decision – one more data point to help you work out whether selling now, later or not at all makes the most sense for you.

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