The second-hand Tesla Model 3 vehicles are now more expensive than the brand new ones. This is what the residents in Australia experience.
A Tesla Model Y charges at a EV charge station in Lane Cove on January 19, 2021 in Sydney, Australia. Share prices for lithium miners and battery makers continue to rise as global demand for electric vehicles continues to grow. Lithium is a key component for batteries in electric cars.
Now, EV experts claim that the sudden used Tesla EV price hike is happening because the Australian government failed to maintain a functional electric car market.
Lloyd's Auctions, a public sale company created by Lloyd's Auctioneers and Valuers, said that the ongoing fuel hike and the increasing EV demand affect the sudden used Tesla vehicle cost increases.
Second-Hand Tesla Model 3 Price Hike in Australia
According to The Driven's latest report, Lee Hames, the Lloyd's Auctions Chief Operations, explained that people now realize that owning an EV can save them a lot of money.
Tesla cars are displayed at a showroom in the Meatpacking district in Manhattan on June 6, 2018 in New York City. Tesla stock had its best day since November 2015 on Wednesday rising more than 9.5 percent after the company revealed it is nearing its Model 3 weekly production rate. Also, in a vote shareholders backed Elon Musk as chairman and CEO.
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"With the current fuel prices, people are realizing how much they can save in fuel per year by owning an electric vehicle, where savings could be up to 70% on fuel alone," said Hames.
He added that second-hand Teslas are among the best options for Australians since most of these used EVs are still in good condition.
However, Australia's Electric Vehicle Council said that the dysfunctional market in the country makes second-hand electric cars more expensive.
The agency added that the Australian government has allowed the EV demands to dominate the electric vehicle supplies in the market.
Tesla Price Hike in China, US as Well
Aside from Australia, the United States and China are also experiencing Tesla price hikes. But, these sudden cost increases affect brand new Model Y and Model 3 vehicles.
Reuters reported that Model Y Long-Range EVs are now more expensive, having a 20% cost increase from January 2021. On the other hand, Tesla Model 3 and Model Y in China also experience price hikes, making their value thousand-dollar more expensive.
If you want to see further details about the Tesla EV price hikes in China and U.S., you can visit this link.
This week, the Tesla Gigafactory in Berlin finally opened, thanks to Elon Musk's efforts.
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Written by: Griffin Davis
