Despite improving used car market conditions, electric vehicles (EVs) are struggling to sell as quickly as gas-powered vehicles, according to iSeeCars’ latest study.
Over the past few years, the used car market has experienced significant fluctuations in prices and supply. However, with new car inventory increasing and supply chain issues gradually resolving, the situation appears to be improving. Nevertheless, iSeeCars’ recent study has revealed that EVs are dominating the list of slowest-selling used vehicles. While gas-powered vehicles are selling faster in 2023 compared to the previous year, hybrids and EVs are facing challenges in finding buyers.
Gas Vehicles Outperform Hybrids and EVs in Sales
Gas vehicles have shown promising sales performance in 2023, with an average of 49.2 days to sell compared to nearly 55 days in 2022. This indicates an improvement in the market for gas-powered vehicles. On the other hand, hybrids and EVs have experienced slower sales this year, taking an average of 46.7 and 52.4 days, respectively. These figures are significantly higher than the days to sell in 2022, particularly for EVs, which only took 37.5 days to sell last year.
Premium Models and EVs Struggle to Find Buyers
iSeeCars’ study reveals that the slowest-selling used cars in October 2023 are predominantly premium models or EVs. Among the slowest sellers are Maserati and Kia models, which take two or more times the average days to sell. Additionally, the Grand Cherokee takes 1.9 times the average to find a buyer. Notably, Ford’s F-150 Lightning, one of the few electric trucks on the market, is selling significantly slower than its gas-powered counterparts.
Hybrids and EVs with Strong Sales Performance
Although hybrids, as a category, are generally selling slower than in 2022, there are exceptions. The BMW X5 hybrid and Toyota Highlander Hybrid have shown strong sales performance. These models seem to resonate with buyers who are interested in the combination of fuel efficiency and luxury features. Similarly, while many EVs are taking longer than average to sell, Tesla’s vehicles and the affordable Chevrolet Bolt are moving quickly. Tesla’s success can be attributed to price cuts and the eligibility of many of its cars for federal tax credits.
Conclusion:
The used car market is gradually stabilizing, with gas-powered vehicles selling faster than hybrids and EVs in 2023. Premium models and EVs, in particular, face challenges in finding buyers, with some taking significantly longer to sell than the average. However, there are exceptions, such as the BMW X5 hybrid and Toyota Highlander Hybrid, which have shown strong sales performance. Tesla’s vehicles, along with the affordable Chevrolet Bolt, are also selling quickly, thanks to price cuts and federal tax credits. As the market continues to evolve, it will be interesting to see how the dynamics between gas-powered vehicles, hybrids, and EVs further develop.
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