Since listings began, prices for popular EV models have risen: the Tesla Model Y up about 6.3% and the Model 3 up around 4.9%, with only the Fiat 500 among top petrol vehicles rising slightly.

Analysts say surging interest and prices in EVs, amid petrol-price volatility and reliability concerns, could accelerate adoption beyond the current trajectory.

The combination of reduced EV supply and higher petrol prices is altering consumer behavior, echoing COVID-era shifts in used-car buying patterns toward electrified options.

Rental demand for EVs and hybrids in Australia is rising, with EV bookings on car-sharing platform Turo up about 70% year on year, highlighting growing consumer interest.

EV supply is tightening dramatically, with days of stock on hand shrinking to just a few days for models like Polestar 2, MG ZS, and BYD Atto 3, versus a long historical norm of about 75 days.

Rising petrol prices in Australia are shifting demand away from traditional petrol and diesel cars toward electric vehicles, with price declines for ICE models while used EV inventory tightens.

Used EV stock is tightening even as substantial discounts—up to about 20%—appear on used petrol/diesel vehicles, signaling a clear market tilt away from ICE toward EVs.

USed EVs such as the Model Y, Model 3, MG4, and Polestar 2 have risen in price in late March, indicating dealers expect higher demand and tighter stock.

Australia’s EV adoption is accelerating, with more than 454,000 BEVs and PHEVs on the road by end-2025 and EVs accounting for roughly 13% of new-vehicle purchases, a share expected to rise with more models and charging infrastructure.

Over a two-week period, used EV prices led gains in the market, with the Tesla Model Y up 3.63%, Renault Kangoo electric up 3.13%, and Tesla Model 3 up 1.39%.

Economists view the oil shock as potentially catalyzing a lasting shift to EVs, solidifying EVs as a credible option for mainstream transport.

The sharpest price declines are in petrol/diesel models such as the Haval H6GT, Lexus LX diesel, and Genesis GV80, while some petrol options like the Mahindra XUV300 and Haval petrol H6GT also show notable price decreases.