Auto sales are broadly down for the year, but these cars are in demand.
Auto sales are broadly down for the year, but these cars are in demand.
When new-car sales are down 25.7% year-to-date, it’s good to know that some deals are available and that some cars and trucks are moving off dealer lots at a rapid clip.
The larger problem is that new- and used-vehicle sales are leaking oil due to “consumer fatigue,” according to a new study by iSeeCars.com.
More Tesla:
- Why Tesla stock is going through the roof -- and where it could go next
- Elon Musk's latest Tesla announcement could shake up the entire EV industry
- Elon Musk has a 'purity' around motivation for a game-changing EV deal
“Used-car prices were initially driven up by a lack of new-car inventory,” said iSeeCars Executive Analyst Karl Brauer. “Now there are plenty of new cars on dealer lots, but consumers aren’t rushing out to buy them.
"The new-car average time-to-sale is down by more than 25% even as used cars are selling 6.1% faster. This shows buyers are continuing to seek value in the used-car market – despite a wide range of new-car options.”
When value meets an eager buyer, autos tend to sell faster – and that’s the case with the fastest-selling vehicles in the U.S., based on iSeeCars.com analytics. Here’s a quick “fastest selling” list with new vehicles:
Toyota Grand Highlander Hybrid, an average of 9.2 days on the market.
Land Rover Range Rover: 10.4 days
Toyota Grand Highlander: 10.7 days
GMC Yukon: 19.7 days
Lexus NX 350h: 19.7 days
More Tesla:
- Why Tesla stock is going through the roof -- and where it could go next
- Elon Musk's latest Tesla announcement could shake up the entire EV industry
- Elon Musk has a 'purity' around motivation for a game-changing EV deal
Here’s a snapshot of the fastest-selling used U.S. cars, SUVs and trucks on a year-to-date basis.
Honda HR-V, an average of 34.4 days on the market.
Acura ILX: 35.3 days
Toyota Highlander Hybrid: 36.6 days
Acura RDX: 36.8 days
Hyundai Venue: 38 days
Electric vehicles are taking moderately longer to sell so far in 2023, with the Tesla Model Y taking 47.6 days on average to find a buyer, followed by the Nissan Leaf (51 days( and the Tesla Model 3 (51.8) days.
“Used electric vehicles have more than doubled their days to sell even as prices dropped by 38.9% over the past year,” the iSeeCars study noted.
“The market shift away from electric vehicles can be attributed to several factors, including stabilized fuel prices, higher interest rates that make financing an EV more expensive than a similarly sized gasoline model, and ongoing concerns over charging options amid inadequate infrastructure.”
Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
What's Your Reaction?
