Americans all across the country are getting in line these days to purchase new and used cars at an astounding rate. Computer chip shortages and supply chain problems helped to create a definite lack of new vehicles in dealerships and caused many buyers to be willing to wait several months while they stood by for "Special Order" cars to be built for them. Likewise, the shortage of new cars caused an up-tick in used car prices due to increased demand. Despite high prices for new cars and an increase of 10.5 percent on prices of used cars, consumers are buying new and used cars fast! A recent report from iseecars shows a list of today's top 20 selling new and used vehicles from this summer.
Study Shows New and Used Cars Selling Fast
Top Ten Fastest Selling New Cars
Soaring gasoline prices have caused many Americans to purchase a new fuel-efficient hybrid or a used hybrid or electric car. According to iseecars.com, the top selling and fastest selling new car this year is the faithful Subaru Crosstrek. The adventure SUV spent an average of just 12.9 days on dealer lots. The plug-in hybrid version gets an amazing EPA-estimated 90 MPGe in all-electric mode and EPA-estimated 35 miles per gallon combined in gas/electric hybrid travel.
In second place, the ever-dependable Honda Civic gets an EPA-estimated 33 miles per gallon in the city and an EPA-estimated 42 miles on the highway. It generally gets swiped up within two weeks of hitting dealer lots and is, on average, four thousand dollars less expensive than the Crosstrek.
Other vehicles on the top ten fastest selling list include: Subaru Forester, Honda CR-V, Subaru Impreza, Kia's Telluride and Forte, BMW X3, Ford Bronco and Hyundai's Tucson Hybrid. As you can see, six of these vehicles fall in the category of compact crossover SUVs that are great family movers and get excellent fuel economy. Three of the top ten are fuel efficient sedans.
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The average cost of these new vehicles was $42,706 according to the study. The average price of a used car sold during the same time period was less than $10,000 lower, with an average price of $34,629.
Top Ten Fastest Selling Used Cars
Looking at the top ten list of fastest selling used cars this summer, we find a higher ratio of all-electric vehicles, plug-in hybrids and gas/electric hybrids that use less gasoline, or in the case of an EV, no gas at all.
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The fastest selling car this year is the all-electric Tesla Model Y which averaged just 24.9 days on dealer lots. The compact sport utility vehicle has all-wheel drive and is capable in snow or off-road. It will take you an EPA-estimated 330 miles before it needs a charge. It is also one of the more affordable used Teslas, with an average used price of around $69,790. That's still a whole bunch of moolah for a used car.
Coming in at second place for fast selling used cars is the extremely dependable Toyota Prius Prime that averaged 25 days on dealer lots. According to the EPA, this plug-in hybrid can take you an estimated 133 MPGe and manage a combined fuel economy average estimate of 54 miles per gallon on the gasoline engine alone. Average price on a used Prius Prime is $31,900. Another all-electric car is in third place. The extremely sought-after Ford Mustang Mach-E is being snatched off dealer lots in just 26 days at an average price of $60,800. One of the reasons why is that you have to be on a twenty-eight-week waiting list for a new Mach-E. Like the Tesla, the Mach-E will take you an EPA-estimated 312 miles before it needs a charge.
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The rest of the top ten fastest selling used cars is as follows: the Toyota Prius hybrid, the Tesla Model 3 and X, followed by the Mazda3 sedan, Kia's K5, Toyota's Highlander Hybrid, and the Acura ILX. Seven of these top ten are hybrids or all-electric and Tesla takes three of the top six used car slots.
Other used vehicles included in the top 20 of the iseecars study include the Ford F-150 Hybrid pickup truck, the Honda Accord Hybrid, Toyota's RAV4 Hybrid, and the extremely efficient Chevy Spark mini-car. The Spark is also a bargain with the average used price going for just sixteen grand and change.
About the Study
For this report, iseecars.com analyzed over 224,000 new and used cars sold in June of 2022. You can learn a lot about buying trends by examining how many days a car sits on a dealer's lot. The cars mentioned in this article zoomed off lots and into garages the fastest. The average used car spends around 50 days on a dealer lot these days, but the fastest selling, most sought-after vehicles spend less than two weeks.
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According to iseecars.com Executive Analyst Karl Brauer, Tesla vehicles are at the top of the fastest selling used car list because of the waitlist for new Teslas. This is especially true because new versions of the Model X and Model 3 are coming in 2023. Brauer says that waitlists for these new models are stretching delivery well into 2023 and that used models are being snapped up quickly.
Should you Buy New or Used?
Generally speaking, consumers often purchase a three-year-old used car to avoid the high cost of new car depreciation. But according to consumer expert and radio host Clark Howard, "If you can buy that three-year-old vehicle for a third less than what a new one would be, then go ahead and buy the three-year-old used vehicle." On the other hand, he adds that if the gap is less than that, you might want to consider buying a new vehicle. Especially in a market where you can have the car you want special ordered and built right down to the color, trim level, and special features you desire.
Let Lithia Help
Whether you're considering buying a new or used car, truck, or SUV, let Lithia Motors help to get you on the road. With over 75 years of experience in personal transportation and over 280 dealerships across the country and Canada, Lithia has the expertise to make purchasing or leasing your next vehicle easy. You can even find a vehicle online and pick out your new ride right from your laptop or smartphone.
