iSeeCars’ Study Reveals Disparity in Used Car Sales Performance
The used car market has experienced its fair share of turbulence in recent years, with fluctuating prices and supply chain disruptions. However, there seems to be a glimmer of hope on the horizon as new car inventory increases and supply chain issues begin to subside. Despite these positive developments, a recent study by iSeeCars has shed light on the fact that electric vehicles (EVs) are dominating the list of slowest-selling used vehicles. This article delves into the findings of the study, highlighting the reasons behind this trend and exploring the performance of different vehicle types in the used car market.
Slowest-Selling Used Cars in October 2023:
According to iSeeCars’ study, the slowest-selling used cars in October 2023 are predominantly premium models or EVs. Topping the list are the Maserati and Kia, which take two or more times the average number of days to sell. The Grand Cherokee follows closely, taking 1.9 times the average. Notably, the Ford F-150 Lightning, one of the few electric trucks available, is also selling at a much slower pace compared to its gas-powered counterparts.
Gas Vehicles Gain Traction:
In a positive turn of events for used car dealers, gas vehicles are selling faster in 2023 compared to the previous year. On average, gas vehicles took 49.2 days to sell, a decrease from almost 55 days in 2022. Meanwhile, hybrids and EVs have experienced slower sales performance this year, with hybrids taking an average of 46.7 days to sell and EVs taking 52.4 days. These figures represent a significant increase from the previous year, particularly for EVs, which only took 37.5 days to sell in 2022.
Hybrids and EVs with Strong Performance:
Although hybrids, as a category, are selling slower than in 2022, there are exceptions to this trend. The BMW X5 hybrid and Toyota Highlander Hybrid have shown strong sales performance in the used car market. Similarly, while many EVs are taking longer than average to sell, Tesla’s vehicles and the affordable Chevrolet Bolt are moving quickly. The success of Tesla can be attributed to price cuts and the eligibility of many of its cars for federal tax credits.
Conclusion:
The latest study by iSeeCars highlights the dominance of EVs on the list of slowest-selling used vehicles, with premium models also experiencing sluggish sales. While gas vehicles have gained traction in the used car market, hybrids and EVs continue to face challenges in terms of sales performance. However, there are exceptions within these categories, with certain hybrid models and Tesla’s vehicles bucking the trend. As the used car market continues to evolve, it will be interesting to see how the dynamics between different vehicle types unfold and whether the current trends persist or undergo further changes.
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