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iSeeCars’ Latest Study Reveals the Market Dynamics of Used Car Sales in 2023
The used car market has experienced its fair share of ups and downs in recent years, with fluctuating prices and supply chain disruptions. However, there is finally some good news on the horizon as new car inventory grows and supply chain issues begin to subside. Despite this positive trend, a recent study by iSeeCars has shed light on the slowest-selling used vehicles, with electric vehicles (EVs) dominating the list. This article will delve into the findings of the study, highlighting the factors behind the slow sales of certain models and examining the contrasting performance of gas vehicles, hybrids, and EVs in the used car market.
Slowest-Selling Used Cars in October 2023:
According to iSeeCars’ study, the slowest-selling used cars in October 2023 include premium models and EVs. Topping the list are the Maserati and Kia, which take two or more times the average days to sell. The Grand Cherokee also lags behind, taking 1.9 times the average to find a buyer. Notably, the Ford F-150 Lightning, one of the few electric trucks on the market, is selling significantly slower than its gas-powered counterparts.
Gas Vehicles Show Improvement:
In a positive turn of events, 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. This improvement can be attributed to the growing new car inventory and the resolution of supply chain issues. However, it is essential to note that gas vehicles still outperform hybrids and EVs in terms of sales speed.
Hybrids and EVs Face Challenges:
While gas vehicles show signs of improvement, hybrids and EVs have faced challenges in the used car market. Hybrids took an average of 46.7 days to sell in 2023, compared to a shorter timeframe in 2022. Similarly, EVs experienced a significant increase in the average days to sell, with 52.4 days in 2023 compared to just 37.5 days in 2022. These figures indicate that both hybrids and EVs are struggling to attract buyers in the used car market.
Hybrid and EV Exceptions:
Despite the overall slower sales of hybrids and EVs, certain models have performed well. The BMW X5 hybrid and Toyota Highlander Hybrid have bucked the trend and achieved relatively faster sales. On the EV front, Tesla’s vehicles, known for their popularity and cutting-edge technology, continue to attract buyers. Additionally, the affordable Chevrolet Bolt has been a standout performer, likely due to price cuts and the eligibility of many Tesla models for federal tax credits.
Conclusion:
The latest study by iSeeCars sheds light on the dynamics of the used car market in 2023, highlighting the dominance of EVs among the slowest-selling used vehicles. While gas vehicles show signs of improvement, hybrids and EVs face challenges in attracting buyers. Premium models and EVs, in particular, experience significantly longer days to sell. However, exceptions exist, with certain hybrids and EVs performing well due to factors such as brand reputation, affordability, and incentives. As the used car market continues to evolve, dealers and buyers alike need to stay informed about these trends to make informed decisions.
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