BYD boss says EV resale values are ‘really increasing’ as demand grows

BYD New Zealand says electric vehicle (EV) resale values are improving, with strong demand and growing confidence in the used-car market helping some early models retain a greater share of their original purchase price.

Speaking with Newstalk ZB, BYD New Zealand general manager Warren Willmot said the price gap between electric and petrol-powered vehicles was continuing to narrow, particularly as more affordable EVs entered the market.

BYD’s cheapest EV, the BYD Atto 1, is priced from $30,990 plus on-road costs and offers a claimed 220km of driving range, putting it in direct competition with combustion-powered models such as the Suzuki Swift.

However, Mr Willmot said the more significant story was emerging at the other end of the ownership cycle, with resale values improving as the local EV market matures.

“We’re seeing price parity. That’s going to happen even further,” Mr Willmot said.

“But at the back end, when you consider resale value, that’s where we’re seeing the real story come now.”

Mr Willmot pointed to the BYD Atto 3, which launched in New Zealand in 2022 with pricing from $55,990.

He said examples now three or four years old, with around 50,000km to 60,000km on their odometers, were being advertised for approximately $40,000.

“Resale value for EVs has really, really increased,” he said.

Current listings on TradeMe broadly support the claim, though asking prices don’t necessarily reflect final transaction values.

At the time of writing, a privately listed 2022 Atto 3 Extended Range with more than 85,000km was advertised for $35,000, while a dealer-listed 2022 example with around 80,000km carried an asking price of $42,880.

The figures suggest some early Atto 3 models are retaining roughly 70 to 80 per cent of their original $55,990 purchase price, depending on mileage, condition, specification, and whether the vehicle is being sold privately or through a dealer.

That compares favourably with the steep depreciation experienced by some premium EVs, where rapid advances in technology, significant new-car discounts, and high original prices have contributed to substantial falls in used values.

Models such as the Audi e-tron GT and Porsche Taycan have, in some markets, reportedly lost more than 60 per cent of their value within three years.

BYD’s experience may also reflect its rapid growth in New Zealand, with strong demand supporting both new- and used-vehicle values.

The Chinese brand has delivered 2613 passenger vehicles year-to-date, according to Motor Industry Association data – an increase of 170 per cent compared with the same period last year.

That places BYD fifth in New Zealand’s passenger vehicle market, ahead of established brands including Suzuki, Mazda, and Ford.

BYD is also second in New Zealand’s battery-electric vehicle market year-to-date, recording 1726 EV registrations – up 172 per cent year-on-year. Its plug-in hybrid sales have also grown, with 887 registrations representing a 166 per cent increase.

The brand has made significant gains in the commercial vehicle market through the BYD Shark 6, which recorded 823 registrations year-to-date.

BYD’s growth comes as demand for electrified vehicles accelerates across the wider market. New-vehicle registrations were up 19 per cent during the first six months of 2026, while combined EV and plug-in hybrid registrations increased by 165 per cent compared with the same period last year.

The company has struggled to keep up with demand, with some models and variants selling out and customers facing delivery delays earlier this year.

BYD has since increased its New Zealand supply, with additional shipments expected to clear its customer order backlog and reduce wait times for new buyers.

The brand has also outlined an ambitious expansion plan, confirming it intends to launch 15 models in New Zealand during 2026 as it broadens its EV, plug-in hybrid, and ute lineups.