iSeeCars’ Latest Study Reveals Electric Vehicles Dominate the List of Slowest-Selling Used Vehicles
The used car market has experienced its fair share of ups and downs in recent years, with fluctuating prices and supply chain challenges. However, there seems to be a glimmer of hope 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 an interesting phenomenon – electric vehicles (EVs) are dominating the list of slowest-selling used cars. This raises questions about the demand and perception of EVs in the used car market.
Gas Vehicles Sell Faster, But EVs Lag Behind
According to iSeeCars’ study, gas vehicles are selling faster in 2023 compared to the previous year, with an average time of 49.2 days on the market, down from almost 55 days in 2022. However, hybrids and EVs have not fared as well, with average selling times of 46.7 and 52.4 days respectively. Both figures are notably higher than in 2022, particularly for EVs, which took just 37.5 days to sell on average.
Premium Models and EVs Top the Slowest-Selling List
The list of slowest-selling used cars in October 2023, as revealed by iSeeCars, is dominated by premium models and EVs. Notably, Maserati and Kia vehicles take two or more times the average days to sell, while the Grand Cherokee takes 1.9 times longer. Additionally, the Ford F-150 Lightning, one of only two electric trucks on the market, is selling significantly slower than its gas-powered counterparts.
Hybrid Success Stories and EV Exceptions
While hybrids, in general, are selling slower compared to 2022, some models are bucking the trend. The BMW X5 hybrid and Toyota Highlander Hybrid, for example, are performing well in the used car market. Similarly, although many EVs are taking longer than average to sell, Tesla’s vehicles and the affordable Chevrolet Bolt are exceptions to the rule. Tesla’s success can be attributed to price cuts and the eligibility of many of its cars for federal tax credits.
The slow-selling nature of EVs in the used car market raises important questions about consumer demand and perception. While gas vehicles are selling at a faster pace, hybrids and EVs are struggling to find buyers. The dominance of premium models and the Ford F-150 Lightning on the slowest-selling list further adds to this narrative. However, success stories among hybrids, such as the BMW X5 and Toyota Highlander, and the popularity of Tesla’s vehicles and the Chevrolet Bolt indicate that there are exceptions to this trend. As the used car market continues to evolve, it will be interesting to see how perceptions of EVs shift and whether their slow-selling status will be a temporary setback or a long-term challenge.