- 🚗 Tesla Model Y is currently the fastest-selling used electric vehicle in the United States, according to a study by iSeeCars.com.
- ⏱️ The study analyzed over 228,000 new and used car sales, revealing that used vehicles are taking longer to sell on average.
- ⚡ The average time it takes to sell a used electric car has increased by 120% compared to last year, while used EV prices dropped by 38.9%.
- 🏎️ The Tesla Model Y spent an average of 47.6 days on the market as the fastest-selling used EV, followed by the Nissan Leaf and Tesla Model 3.
- 💰 Longer selling times for used EVs could benefit buyers as prices are more competitive and automakers are motivated to move inventory.
According to a recent report by car search and research firm iSeeCars.com, the Tesla Model Y has claimed the title of the quickest-selling used electric vehicle (EV) in the United States.
In its study, iSeeCars.com examined over 228,000 new and used car sales from July 2023. The study focused on the duration each vehicle was listed for sale on the iSeeCars.com platform, tracking the average time each vehicle spent in the market. The analysis revealed a general trend of increased time to sell used vehicles.
Karl Brauer, Executive Analyst at iSeeCars, elaborated on the study’s findings.
“The scarcity of new car inventory initially drove up used car prices. Now, even though there’s an abundance of new vehicles available, consumers aren’t rushing to purchase them. While new car average time-to-sale has decreased by more than 25%, used cars are selling 6.1% faster. This indicates that buyers continue to seek value in the used car market, despite the variety of new car choices,” he explained.
This trend has significantly impacted the electric vehicle sector. In the previous year, used EVs typically took about 26.4 days to be sold. However, the figure has risen to 57.8 days today, reflecting a 120% increase in the time required to sell a preowned electric car. Interestingly, this rise in time occurred even as the prices of used EVs decreased by 38.9% over the past year. Among the range of used electric cars examined in the study, the Tesla Model Y demonstrated its distinction as the fastest-selling used EV on the market.
As per iSeeCars.com’s study, a used Tesla Model Y spent an average of 47.6 days on the market at an average price of $46,067. Following the Model Y was the Nissan Leaf, which spent an average of 51.3 days on the market at an average price of $20,483. The Tesla Model 3 ranked third, with an average of 51.8 days on the market and an average price of $35,039.
Brauer, for his part, noted that the longer times it takes to sell used electric cars could actually benefit consumers. “The good news for electric vehicle buyers is that EVs are both cheaper and harder to sell in 2023, putting pressure on automakers and dealers to move them in a market that appears to have lost interest. Both new and used EVs are taking more than 50 days to sell on average, meaning it takes more than twice as long for dealers to find EV buyers compared to a year ago, “he said.
While Brauer’s comments about new electric cars can be justified, it should be noted that the study’s results for new EVs excludes Tesla, the undisputed leader in battery electric vehicles. Tesla produces the Model Y crossover, which was hailed as the world’s best-selling car, electric or otherwise, this year. Thus, while the firm’s results for new electric vehicles may hint that a slowdown in EV demand is present, the story might be quite different if Tesla’s new car sales are included in the picture.