Fleet Managers watching the used EV market have reason for cautious optimism, with data from Pickles Auctionsshowing that electric vehicle resale values have stabilised after two years of volatility. However, recent price cuts by Hyundai on its electric models are expected to test that stability — particularly for fleets holding early EV entrants like the Kona and Ioniq.
According to Brendon Green, General Manager – Automotive Solutions at Pickles, “Over the past 12 months, around a quarter of all used EVs sold through Pickles have been Hyundai models – primarily on behalf of fleet and government customers.”
Data provided by Datium Insights highlights the resale performance of Hyundai’s key EV models sold through Pickles.
| Vehicle Type | Avg Retail Price (New) | Avg Age | Avg Odometer | Avg Resale Price | Resale Value (% of Retail) |
|---|---|---|---|---|---|
| Kona | $60,000 | 3.5 years | 33,000 km | $26,000 | 43% |
| Ioniq | $49,000 | 4.5 years | 40,000 km | $19,000 | 39% |
| Ioniq 6 | $71,500 | 2 years | 20,000 km | $36,000 | 50% |
| Ioniq 5 | $72,000 | 3 years | 30,000 km | $41,000 | 57% |
“These figures show that Hyundai EVs, as early fleet entrants, have now established clear resale benchmarks in the market,” Green said.
Hyundai’s price realignment
Hyundai recently dropped retail prices across several of its electric vehicles to help move older stock and stay competitive in an increasingly crowded market. While this move may attract new buyers, Green noted that manufacturer price cuts can create short-term pressure on residual values.
“Used EV prices have been remarkably stable for the past 15 months, following a two-year correction from the COVID-era price spike,” he explained. “Historically, when a manufacturer makes a significant MSRP cut, we do see used buyers recalibrate their expectations. That effect is likely here too, though tempered by the broader stabilisation trend we’re now seeing.”
For fleet operators, this means timing of disposal and understanding the depth of market demand are more important than ever. The used EV sector has matured significantly, but rapid technology shifts still make long-term residual forecasts challenging.
Battery health drives buyer confidence
One of the biggest developments shaping resale performance is the growing importance of battery condition.
“Battery health is now the biggest factor influencing resale,” Green said. “Nearly every used EV sold through Pickles is now accompanied by a Battery State of Health certificate. In just three months of data, EVs sold with certificates have consistently attracted more bidders, higher prices, and stronger clearance rates, and encouraged more traditional dealers to participate in EV resales.”
This insight underlines a major shift in the used EV market — where technical transparency and verified data are now critical to buyer confidence and resale success.
Fleet replacement cycles shifting
Pickles data also suggests fleets are adjusting replacement cycles for EVs compared to internal combustion engine (ICE) vehicles.
“Fleets are currently turning over EVs faster than ICE vehicles – on average 2.5 years and around 30,000 km compared with 4–5 years for ICE,” Green said. “With technology improving rapidly, earlier turnover ensures vehicles retain longer battery warranty cover, which provides confidence to cautious first-time used EV buyers and supports stronger returns.”
For Fleet Managers, that shift may require rethinking whole-of-life cost models and aligning disposal strategies with technology cycles rather than traditional kilometre-based triggers.
Tips for Fleet Managers
To maximise EV resale values, fleets should:
- Monitor OEM pricing: Sudden new-vehicle price cuts can temporarily reset used-market expectations.
- Verify battery health: Always include a Battery State of Health certificate before disposal to attract more buyers and higher bids.
- Review replacement cycles: Retain vehicles within battery warranty coverage to reassure buyers and protect returns.
- Track market benchmarks: Use auction data from Pickles and Datium Insights to stay informed about depreciation patterns and evolving buyer sentiment.
For fleets planning their next EV procurement or replacement cycle, the message from Pickles is clear: Australia’s used EV market is entering a more predictable phase — but attention to detail around timing, data, and vehicle condition will be critical to protecting residual values.
