ReDriven makes the case that the Australian used EV market is the best-kept secret going. Some vehicles have lost more than half their value in just a couple of years, which is painful if you bought one new and a serious opportunity if you are buying now.
Premium and luxury EVs have fallen the hardest in absolute dollar terms. BMW iX models that were asking over $150,000 when new can now be found on the used market around $50,000. BMW i7s and XM models have dropped well over $100,000. The Mercedes-Benz EQS 53 AMG, which retailed near $400,000 in 2022, is showing up used for a little over $90,000. The Mercedes-Benz EQC, which was a $150,000-plus car new, now kicks off from around $45,000. The Audi e-tron, loaded with tech and once asking close to $180,000, starts from around $50,000 used.
Among the more premium options, ReDriven flags the Lexus RZ and Genesis GV60 as their picks. The RZ, often overlooked, has dropped from around $130,000 new to $60,000 to $75,000 used, meaning a near-new top-spec model can be found for the same price as a new mid-spec Tesla. The Genesis GV60 brings ultra-fast 800V charging and an interior owners describe as feeling significantly more expensive than rivals asking thousands more. These were $105,000 to $115,000 new and are now available for well under half that. The Genesis GV70 EV is also highlighted for its 800V charging and stronger depreciation resistance than the Mercedes EQC or Jaguar I-Pace.
Teslas are flooding the used market thanks to a large supply of ex-fleet vehicles and ended leases. A used Model 3 is available from under $30,000, down from over $75,000 new. A used Model Y can be had for just over $30,000. ReDriven advises caution on older Model S and Model X examples, noting there are better options for the same money at this point.
For Kia and Hyundai, the EV6 and Ioniq 5 are described as the gold standard for non-Tesla EVs at their price point, largely because of their 800V architecture allowing 10-to-80% charging in under 20 minutes on a compatible charger. The Ioniq 5 has dropped from around $70,000 new to $35,000 used. The EV6 starts around $40,000. A used EV6 GT, originally close to $100,000, can be found from around $50,000. One note of caution: there have been issues with the integrated charging control unit on some examples. Make sure any recall work or software updates have been completed before buying.
The Toyota BZ4X, which was a sales flop new, has depreciated significantly and can be found at around half its new price. The Ford Mustang Mach-E is flagged as an underrated option, starting around $45,000 used for a car that was $65,000 to over $100,000 new. For Chinese brands, BYD, MG, and GWM all have used deals worth considering, but ReDriven recommends sticking to brands that are factory-backed in Australia rather than distributor-only operations that may not be around long-term.
Key advice regardless of which car you choose: check the accident history carefully since EV repair costs can be extreme and corners sometimes get cut, confirm all open recalls and software updates are completed, and verify that all servicing and maintenance is up to date. A comprehensive vehicle history report is recommended for any used purchase.