New car inventory continued to be low in May driving up used car values.
The average time to sell a new car in May was 47.1 days.
Believe it or not, the Mercedes-Benz G-Class needed only 9.4 days…
The global microchip shortage’s effects are still quite evident. New car inventories are, for the most part, still quite low. This is sending consumers to used car lots for a nicer newer set of wheels. Combined with the lifting of lockdowns everywhere and the arrival of summer has everyone dreaming of the open road.
New car shoppers are still SUV-hungry as demonstrated by the top 10 fastest-selling new cars in May. For the first time in four months, the Chevrolet Corvette is not tops as it’s been narrowly beaten in the rankings by the Mercedes-Benz G-Class, 9.4 vs. 9.5 days. Considering that the industry average is set at 47.1 days, they are moving fast.
Out of the top 10 new sellers, seven are SUVs, one is a pickup, and the final two are cars. Of the seven brands represented, three are of the premium kind.
iSeeCars’ monthly analysis always includes used car sales and in May, the Mazda MX-5 was quite the mover – we can’t really think of a better pre-owned car for summer. At an average of 19.5 days to sell, it just beat out the Tesla Model 3 (20.2 days) and the Chevrolet Corvette (21.8 days). The overall average currently sits at 34.8 days.
Here are the top 10 sellers in each category:
Fastest-Selling New and Used Cars in May 2021 | ||||
New Cars | Used Cars | |||
Rank | New Car | Days to Sell | Used Car | Days to Sell |
1 | Mercedes-Benz G-Class | 9.4 | Mazda MX-5 Miata | 19.5 |
2 | Chevrolet Corvette | 9.5 | Tesla Model 3 | 20.2 |
3 | Cadillac Escalade | 10.8 | Chevrolet Corvette | 21.8 |
4 | Hyundai Tucson Hybrid | 11.1 | Kia Telluride | 22.2 |
5 | Kia Telluride | 11.6 | Honda Insight | 22.7 |
6 | Toyota RAV4 Prime | 11.9 | Toyota Highlander Hybrid | 24.4 |
7 | Toyota Tacoma | 12.2 | Hyundai Palisade | 24.6 |
8 | Lexus IS 350 | 12.7 | Honda Civic | 24.8 |
9 | Cadillac Escalade ESV | 13.5 | Mitsubishi Eclipse Cross | 25.6 |
10 | Toyota 4Runner | 13.7 | Honda Odyssey | 25.9 |
New Car Average | 47.1 | Used Car Average | 34.8 | |
