Electric car prices slashed in Australia as demand eases

Buyers can save between $8000 and $20,000 on Nissan, Peugeot and BYD electric cars – but the massive discounts are a mixed blessing for electric-vehicle owners.

The three brands have announced unprecedented discounts to clear last year’s stock.

Chinese brand BYD was first to move, offering up to $8700 off its popular Atto3 small SUV – to $45,990 drive-away on 2023-built examples ($47,990 drive-away in Western Australia due to higher stamp duty).

Above: A screenshot of the current offer on the BYD Atto 3 electric car.

Then French brand Peugeot slashed more than $20,000 off the price of the soon-to-be-superseded Peugeot e-2008 GT SUV to $39,990 drive-away – making it the equal cheapest electric car in Australia.

However the Peugeot offer – on 2023 models – was so good, all remaining stock sold out within days as buyers snapped up the offer.

Above: A screenshot of the recent offer on the Peugeot e-2008 electric car.

Now the Nissan Leaf has limboed to a new low, starting from $39,990 drive-away for the base model and $49,990 for the top model.

Both Nissan Leaf prices represent savings up to $18,000 off the full RRP.

Above: A screenshot of the current offer on the Nissan Leaf electric car.

According to industry analysts, these three brands likely announced the unprecedented discounts to clear old stock ahead of a wave of cheaper Chinese alternatives.

Sales of new electric cars hit reverse last month – according to official data from the Federal Chamber of Automotive Industries – however deliveries for the first four months of this year are higher than they were for the same period last year.

Cheaper prices are a double-edged sword for electric-car owners – and it follows similar trends overseas.

The resale value of electric cars is among the weakest in the automotive industry, and that means people who buy new are paying thousands of dollars more in depreciation.

“What it means is, someone’s loss is someone else’s gain,” a long-standing car wholesaler told EFTM.

“If you’re buying a new electric car, with perhaps a few exceptions, be prepared to lose a lot of money at trade-in time.

“All cars lose money at trade-in time, but we are seeing overseas – and now in Australia – that electric car resale values are especially weak and uncertain.”

The wholesaler said electric car resale values would improve as the technology gained more acceptance in the wider motoring community.

“Right now, early adopters are driving sales of new electric cars, but that is not everyone.

“The majority of buyers still favour hybrid, petrol or diesel, so we may start to see electric-car demand plateau.

“What will change the current easing in demand is the arrival of more options, then you will see an uptick again.”