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NewsElectric Vehicles Linger Longer According to Current Car Sales Trends

Electric Vehicles Linger Longer According to Current Car Sales Trends

Extended Wait Times for EVs Highlight Market Dynamics


Stories of slowing or stagnating EV sales have made numerous headlines since the beginning of the year. Tesla, Ford, GM, and others including Toyota have all renewed or updated their commitments to electrification based on market trends.

Recent data indicates a notable shift in the sales velocity of different car types, with electric vehicles (EVs) now remaining on dealer lots substantially longer than their hybrid counterparts. According to a comprehensive study by iSeeCars covering the past six months, electric vehicles are experiencing slower sales rates compared to other car types.


Extended Market Days for EVs

The study reveals that as of March 2024, electric vehicles take an average of 70.6 days to sell in the US—marking a 13.1-day increase from October 2023 when the average was 57.5 days. This contrasts with hybrid vehicles, which currently average 49.5 days on the market, showing a slower increase in days from 37.2 in October 2023. This slowdown is evident despite overall new car sales slowing, with the average days on the market rising from 44.4 days in October 2023 to 54.0 days in March 2024.


2024 Toyota Grand Highlander

Fast Sellers Versus Slow Movers

The study identifies which models are moving fastest off lots and in brief, if there’s a Toyota logo on it, it’s moving. No less than five of the top 10 fastest-selling new cars are Toyotas, starting with the Grand Highlander Hybrid, finding owners in just 14.2 days on average. Contrastingly, the fastest-selling new EV, the Volvo XC40 Recharge, takes more than double that time at 30.2 days. On the slower end, the Mercedes-Benz EQS sedan takes an astounding 129.7 days to sell.

10 Fastest-Selling New Cars, March 2024

Rank

Model

Average Days on Market

Average Price

1

Toyota Grand Highlander Hybrid

14.2

$55,224

2

Mercedes-Benz G-Class

18.7

$206,737

3

Land Rover Range Rover

19.3

$158,893

4

Toyota Sienna Hybrid

22.9

$53,894

5

GMC Canyon

23.0

$49,687

6

Chevrolet Colorado

23.8

$42,158

7

Toyota Grand Highlander

24.4

$52,933

8

Cadillac Escalade

26.2

$110,947

9

Toyota Highlander Hybrid

28.3

$50,646

10

Toyota Corolla

28.5

$25,359

Overall Average

54.0

$44,476

2024 Volvo XC40 Recharge at a Circuit Électrique charging station | Photo: Germain Goyer
10 Fastest-Selling New EVs: March 2024
RankModelAverage Days on MarketAverage Price
1Volvo XC40 Recharge30.2$59,532
2Chevrolet Blazer EV34.2$55,365
3Volvo C40 Recharge36.4$59,570
4Kia EV937.8$69,438
5Cadillac LYRIQ40.5$66,482
6Hyundai Kona Electric47.3$37,727
7BMW iX48.2$99,224
8Toyota bZ4X48.3$48,742
9BMW i552.1$82,847
10Hyundai Ioniq 555.5$52,433
EV Average70.6$57,900

 


Used Car Market: A Faster Pace

The scenario shifts when looking at used cars. Overall, used vehicles are selling 30.5 percent faster than six months ago, now taking an average of 34.2 days to sell compared to 49.2 days. The fastest-selling used car is the Lexus RX 350h, which typically sells in just 12.3 days.In fact, a full seven out of ten are Toyota Group vehicles, and all are from Japanese automakers.

Pre-owned EVs are moving quickly as well. Once more, one brand stands out and, in this case, it’s Tesla with three of the top 4 fastest-selling used EVs.

10 Fastest-Selling 1- to 5-Year-Old Used Cars: March 2024
RankModelAverage Days on MarketAverage Price
1Lexus RX 350h12.3$57,229
2Lexus NX 350h15.8$44,419
3Lexus NX 25019.8$38,772
4Kia Niro Plug-In Hybrid20$24,276
5Lexus IS 50021.4$59,489
6Toyota Highlander Hybrid21.4$39,409
7Lexus NX 35021.6$43,328
8Toyota Corolla Hybrid21.8$23,016
9Mazda MX-5 Miata22.5$27,237
10Honda CR-V Hybrid22.9$31,591
Overall Average34.2$31,920
2021-Tesla-Model-3
2021 Tesla Model 3 | Photo: Tesla

10 Fastest-Selling Used EVs: March 2024

Rank

Model

Average Days on Market

Average Price

1

Tesla Model 3

26.2

$29,154

2

Tesla Model Y

28.1

$35,584

3

Audi Q4 e-tron

29.1

$40,121

4

Tesla Model X

29.6

$61,293

5

Rivian R1S

31.0

$83,690

6

Chevrolet Bolt EUV

31.7

$24,295

7

Kia EV6

31.9

$35,148

8

Tesla Model S

32.0

$58,527

9

MINI Hardtop 2 Door

33.9

$23,376

10

Porsche Taycan

34.6

$86,738

Used EV Average

36.4

$37,644

 


Economic Factors at Play

Karl Brauer, Executive Analyst at iSeeCars, notes that economic pressures such as inflation and higher interest rates are prompting consumers to opt for used cars, which are generally less expensive than new models. This trend is expected to intensify during the tax return season, historically a peak time for car buying in the US.

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Matt St-Pierre
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

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