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.