The recent findings from iSeeCars.com reveal that the Tesla Model Y currently holds the title of the fastest-selling used electric vehicle in the United States. These results were highlighted in a recent study conducted by the car search and research company.
The study involved a meticulous examination of over 228,000 transactions, encompassing both new and pre-owned cars, all taking place in July 2023. The analysis centered around aggregating the number of days each vehicle remained listed for sale on iSeeCars.com, providing insight into the average duration each vehicle spent on the market.
The study’s outcomes suggest a general increase in the time it takes for used vehicles to be sold. According to Karl Brauer, the Executive Analyst at iSeeCars, these findings indicate a shift in consumer behavior. Initially, a scarcity of new car inventory led to higher prices for used cars. However, even with new cars now abundantly available at dealerships, consumers are not rushing to make purchases. The data indicates that new cars are selling 25% faster on average, whereas used cars are experiencing a 6.1% increase in the speed of their sales. This suggests that buyers continue to lean towards the used car market in search of value, despite the array of new car options.
This trend is also evident in the electric car market. In comparison to the previous year, used electric vehicles took approximately 26.4 days to sell. In contrast, the current average time for their sale has extended to 57.8 days, marking a significant 120% increase in the time required to sell a used electric car. Despite this trend, the prices of used EVs have dropped by 38.9% over the past year.
Among the used electric vehicles tracked in the study, the Tesla Model Y emerged as the leader in terms of quick sales. According to the data from iSeeCars.com, a used Tesla Model Y spent an average of 47.6 days on the market and sold at an average price of $46,067. The Nissan Leaf claimed the second spot, typically taking around 51.3 days to sell at an average price of $20,483. The Tesla Model 3 secured the third position, with an average time on the market of 51.8 days and an average price of $35,039.
Brauer also pointed out that the extended time taken to sell used electric vehicles might work in favor of consumers. He explained that in 2023, EVs are both more affordable and more challenging to sell, exerting pressure on automakers and dealers to drive sales in a market that seems to have waned in interest. Both new and used EVs now take over 50 days on average to sell, indicating that dealers now require more than double the time compared to a year ago to find buyers for EVs.
It’s important to acknowledge that Brauer’s observations about new electric cars are relevant. However, it’s worth noting that the study’s results for new EVs exclude Tesla, a dominant player in battery electric vehicles. Tesla’s Model Y crossover, recognized as the best-selling car of the year, regardless of electric or conventional, isn’t factored into the study’s findings for new electric vehicles. Consequently, while the study’s outcomes for new electric vehicles might imply a decline in EV demand, the situation could differ significantly if Tesla’s new car sales were part of the analysis.
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