These Are The Fastest and Slowest-Selling New and Used Cars on the Market

These days, the marketplace for buying new or used cars is either hit or miss. Demand and prices are high, supply chains for certain models are low, and many prospective buyers are holding onto their current vehicles longer than before instead of replacing them with newer ones.

According to data compiled by iSeeCars, the prices for new and used cars are causing many potential buyers to turn away, directly impacting overall sales rates. Some of the best-selling new models are leaving dealerships 29.2% slower than they were in 2022, and used cars are being sold at a 26% slower rate when compared to last year as well.

“Used car prices were initially driven up by a lack of new car inventory,” says iSeeCars Executive Analyst Karl Brauer. “Now there are plenty of new cars on dealer lots, but consumers aren’t rushing out to buy them.”

The same can be said for electric vehicles, in which many shoppers feel fatigued for not seeing the value in converting from an ICE to EV. On average, new EVs are taking twice as long to sell in 2023 than in 2022. Today it takes an average of 50 days for a new EV to leave the lot, which is double that of last year when the average turnover rate was 25.2 days. Used EVs are selling even slower, despite dealers lowering prices for the course of the year. Many dealerships are plagued with so many EVs in their inventory that they are taking up space at a greater pace than they are leaving.

“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,“ adds Brauer. “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.”

As an interesting state that the auto market is in, there are some notable patterns being noticed across both the new and used car markets. Certain new and used models are selling at higher-than-average rates. But then there are also other new and used models taking longer-than-usual to leave the dealership lot like the kid that gets picked last in gym class.

The Top 20 Fastest-Selling Used Cars

You will notice that the top-selling used cars these days spend between 30 and 40 days on the lot, as well as have an average price in the mid-$20k range. But considering that many used cars have prices nearly matching that of its new counterparts, it may explain why many potential buyers are hesitant about pulling the trigger.

“It’s interesting that used cars, overall, are selling 6.1 percent faster than a year ago, but the most popular models are selling 26 percent slower,” says Brauer. “This suggests consumers are considering a wider range of used cars and seeking the best value wherever they can find it. Essentially, the strong grip previously held by popular used models is loosening.”

The Top 20 Slowest-Selling Used Cars

The slowest selling used cars are nearly all SUVs, though the Tesla Models S sedan tops the list.  “Many of the slowest-selling vehicles, including both Teslas, are older models in need of a redesign,” said Brauer. “But some, like the Ford Mustang Mach-E and Land Rover Range Rover, are new to the market, making it surprising to see them languishing on dealer lots.”

The Top 20 Fastest-Selling New Cars

These days, the auto market is so competitive that many vehicles are already bought and paid for before they even arrive at the lot. But for those looking to find the most value in a new car for the right price, many customers have been flocking to the Toyota Grand Highlander Hybrid, which spends an average of 9.2 days on the lot. Trailing behind it is the Land Rover Range Rover at 10.4 days, despite having an average price nearly three times that of the Grand Highlander Hybrid. But the standard Toyota Grand Highlander takes the third place spot with an average 10.7 days on the lot with an average price a few grand less than its hybrid sibling.

The Top 20 Slowest-Selling New Cars

We just saw some new models barely last a week on the dealership floor before being sold. So when compared to a new Jeep Cherokee, you’ll find yourself saying “ooof” considering that a new unit spends an average of 128.7 days before closing a sale. All while having a decently average price of $39,238. This is pretty rough since the industry’s threshold for a new car to sell is 60 days. Unfortunately for the Jeep Cherokee, Land Rover Discovery Sport, Buick Envision, and the 17 other vehicles on this list, they are well beyond that mark.

“The lack of new car production during Covid ensured whatever cars did arrive on dealer lots moved quickly,” said Brauer. “But new car production is essentially back to normal, and we’re seeing plenty of cars sitting on dealer lots for an extended period.”