EV's are suddenly the flavour of the month!
For years, a significant portion of the Australian motoring public, potential EV Buyers have been sitting on the fence. They’ve watched charging stations pop up in their neighbourhood and listened to friends rave about the benefits of going electric – but, they have remained undecided. Caught in a petrol fuelled conundrum, asking the same questions over and over again:
Is the range enough? Will the battery last? Is it really cheaper?
The time for asking questions has officially ended, it’s now buy, buy, buy. In a shift that has caught many EV market analysts off guard, the EV Undecided are now making decisions faster than a Model S Plaid in ludicrous mode. If you are looking at the current landscape and wondering if now is the right time to buy, the answer is complex: the urgency is real, but the Australian EV market has never had more models, it has also never been more competitive.
The "Shock at the Pump" kicked things off
The primary driver of this sudden shift isn’t just environmental consciousness – it’s the hip pocket. As recently reported by The Driven, a dramatic surge in interest in used EVs was sparked by a shock at the petrol pump.
When fuel prices hit record highs and stay there, the maths of EV ownership suddenly makes sense. For many, the weekly cost of internal combustion engine (ICE) commuting has crossed a threshold and is no longer sustainable. This hasn’t just increased interest in new EV’s; it has sent buyers sprinting toward the used EV market.
A Shifting Narrative of Mainstream Media
Until recently, most mainstream media led with dangerously misleading headlines:
EV Battery Fires, Charging Lines & Range Issues.
However, we are suddenly seeing a profound message pivot.
The narrative has become decidedly pro-EV, focusing on how cheap they are to run and how the rising cost of petrol is hurting ICE car owners, who are now looking for EV alternatives
People who were planning to buy an EV in two or three years are moving their timelines up to NOW, fearing that if they don’t act, they will be left behind with a depreciating petrol asset, that they cannot afford to drive anywhere. There’s fear that, with limited EV supply they will simply miss ou
The Supply Squeeze and Market Sensitivity
The challenge for buyers today is that while demand for EVs has skyrocketed, supply remains uncertain. We are operating in a relatively small market, particularly when it comes to used EVs.
Unlike the traditional used car market, which has millions of units in circulation, the used EV pool in Australia is still maturing. This makes it incredibly sensitive to small shifts in demand.
When a few thousand extra buyers suddenly take the plunge in a single month, it creates a massive vacuum. This spike in demand, coupled with global supply chain inconsistencies for new models, has driven prices up across the board.
In the used sector, we are seeing cars that were depreciating suddenly holding their value. While many used EV models are actually appreciating (increasing in cost) as buyers compete for the limited stock available right now.
High Demand: New vs. Used
● New EVs: While more brands are entering the Australian market than ever before -bringing exciting models from BYD, MG, and the traditional European giants – wait times remain a factor. For those who can’t wait six months for a factory order, the immediate delivery of a used vehicle becomes the next best option.
● Used EVs: A used EV offers the dual benefit of a lower entry price and an immediate exit from the petrol price panic. However, with the current rush, the best-value used EVs are disappearing from dedicated used EV marketplaces like AmazingEV within hours of being listed.
Is Now the Right Time?
While supply will eventually catch up, the era of cheap, abundant used EVs is still a few years away.
But, if you’ve decided to say goodbye to petrol pump panic forever, then now is the time to start enjoying the performance and tech of an electric vehicle. Take the plunge now – even with slightly higher market prices, an EV will often make better financial sense when you calculate the Cost of Delay (the hundreds of dollars spent on petrol for every day you wait.)
The EV Undecided have Decided. The marketplace is moving fast and for those ready to electrify, the era of cost driving real changes has just begun.