Your #1 source for auto industry news and content

Report shows, EVs are the slowest selling section of the used vehicle market

On average, new and pre-owned vehicles are selling more slowly and for less money than in 2022.

There’s no doubt that the 2020 pandemic has caused a significant decline in vehicle pricing and sales times. On average, new and pre-owned vehicles are selling more slowly and for less money than in 2022.

A recent iSeeCars analysis shows that the average price of used electric vehicles has decreased the most, falling 33.7%. In comparison, the overall average price of used cars was reduced by 5.1%, while the average price of a used hybrid vehicle declined by 9.6%. Meanwhile, EVs are the slowest-selling section of the pre-owned market, which reflects the overall decline in EV demand. Nevertheless, EVs take almost three times as long to sell as opposed to a year ago.

Three EVs—the Maserati Quattroporte, the Kia EV6, and the Jeep Grand Cherokee—were listed in the report as having been on the used car market for more than 90 days. However, hybrids and sports cars are among the fastest-selling vehicles on the market right now, with the BMW X5, Toyota Highlander, and Cadillac XT6 all selling in less than 32 days.

Compared to the new car market, the data reflects that the demand continues to exceed supply. Despite rising interest rates and inflation over the last year, the average new vehicle still sells for $3,567 more than the manufacturer’s suggested retail price, or MSRP.

Karl Brauer, executive analyst at iSeeCars, states that the ongoing supply shortage has caused dealers to sell new cars above their sticker price. However, dealers are pricing EVs closer to the MSRP than hybrid and gasoline vehicles. Additionally, eight models are currently selling for less than their MSRP, with the Kia EV6 offering the most significant savings at 3.1% below sticker price.

In October 2023, iSeeCars analyzed approximately 2.3 million new and used cars that dealers sold between one to five years old. The study compared and aggregated each car model’s average list prices and days-to-sell. For used vehicles, the study compared the list prices to those from October 2022, while for new cars, it compared the list prices to the MSRP. The analysis excluded low-volume models, heavy-duty vehicles, and models that manufacturers discontinued before the 2022 model year.

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

Related Articles

Manufacturers In This Article

More Manufacturer News

Latest Articles

From our Publishing Partners