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This month heralded the publication of latest annual Used Car Safety Ratings (UCSR) report from the widely respected Monash University Accident Research Centre (MUARC). The 2023 UCSR report covers vehicles with a 2021 model year and older, the rating of each vehicle being formed from statistical analysis of more than nine million vehicles across Australia and New Zealand involved in accidents.

With 2023 coming to a close, we’ve been reflecting on the positive territory that EV’s have made in a relatively short period. Since 2020, Battery Electric Vehicles (BEV) have grown from 0.8% share of the total vehicle market to being on track for 8-9% share by year end. Whilst Tesla holds the lions share, recent market entrant BYD and Volvo offshoot, Polestar, have gained a foothold quickly, with expectations for the former to rival and topple Tesla has the #1 EV brand in volume in 2024.

When will used car prices start trending down and by how much?

This is the question on the lips of anyone and everyone that has some form of exposure to the movement in used car prices. While the answer to that question remains to be seen, what is certain is that volatility in the Australian market is here to stay and isn’t projected to be equal across all vehicle types or segments.