Second-hand electric car sales have more than tripled over the past year, according to a major vehicle reseller, despite a recent slowdown in new EV sales.
Online auction house Pickles revealed the sales surge on Thursday in a report analysing Australia's second-hand vehicle market.
But the report also showed many more second-hand vehicles were being sold as the result of repossessions while another study, from the Australian Automotive Dealer Association, found second-hand cars were changing hands quickly.
Pickles’ quarterly automotive report revealed second-hand vehicles remained popular, with sales up 34 per cent over the past year and values about 20 per cent higher than before the COVID-19 pandemic.
But Pickles chief commercial officer Fraser Ronald said electric vehicles were the stand-out seller between April and June this year, with sales up 91 per cent compared to the first quarter, and up 246 per cent on last year.
“The surge in EV sales is particularly noteworthy as it reflects growing acceptance and demand for sustainable vehicles,” he said.
“Our data shows that EV buyers are well informed and comfortable with online purchases – a trend that is likely to continue.”
As in the new car market, Tesla represented the greatest number of electric vehicle sales at Pickles, followed by Hyundai, Nissan, Audi, Cupra and MG.
The report also noted that while second-hand electric car sales made up a small proportion of sales compared to petrol and diesel vehicles, their numbers were likely to grow as new EV sales had done over the past year.
The company also found sales of repossessed vehicles had risen by 13 per cent during 2024 as interest rates remained high.
Another analysis of Australia’s used car market released on Thursday, the Automotive Insights Report, also found more vehicles were listed for sale in June and had taken less time to sell.
The report from the AADA and AutoGrab showed second-hand vehicle listings had risen by 2.1 per cent compared to May, and vehicles were being sold in 43.8 days on average – their shortest time on the market in a year.
AADA chief executive James Voortman said the study also showed the second-hand market had an oversupply of light commercial vehicles, including utes and vans.
“Utes were the only segment which experienced a decline in sales in June,” he said.
Despite the sales drop, utes made up three out of the four best-selling second-hand vehicles in Australia, the report found, with the Ford Ranger topping the list, followed by Toyota's HiLux.
