Consumer fatigue with new and used car pricing is impacting their sales rate, with top-selling new models selling 29.2% slower and popular used cars selling 26% slower than last year. According to a recent report by iSeeCars.com, used vehicle sales are growing overall by 6.1%, while sales of new cars are declining by 25.7%.
iSeeCars Executive Analyst Karl Brauer says, “A lack of new car inventory initially drove up used car prices.” “Although there are a lot of new cars on dealer lots right now, few people are making rushed purchases. Even while used cars sell 6.1% more quickly, the average time to sell new vehicles has decreased by more than 25%. This demonstrates that despite having a large selection of new car options, buyers are still looking for value in the used car market.
Top fastest-selling used cars:
- Honda HR-V– 34.3 average days on the market.
- Acura ILX – 35.3 average days on the market.
- Toyota Highlander Hybrid– 36.6 average days on the market.
In addition, new electric vehicle sales have decreased dramatically over the past year, going from 25.2 days to 50 days before being sold. The average time it takes to sell a used EV has increased from 26.4 days a year ago to 57.8 days today, a 120 percent climb. Despite significant price cuts over the previous year, these EVs are selling slower.
Top three fast-selling used EVs:
- Tesla Model Y- 47.6 average days on the market.
- Nissan LEAF- 51.3 days on the market.
- Tesla Model 3- 51.8 days on the market.
Top fastest-selling New cars:
- Toyota Grand Highlander Hybrid- 9.2 days on the market.
- Land Rover Range Rover- 10.4 days on the market.
- Toyota Grand Highlander- 10.7 days on the market.