EVs Sell the Slowest, Sitting on Dealer Lots 21 Days Longer Than Hybrids

Highlights:

• In both the new and used car markets, EVs sell the slowest while hybrids sell the fastest
• The Toyota Highlander Hybrid is the fastest-selling new car at 14.2 days on market, followed by the Mercedes-Benz G-Class and Land Rover Range Rover
• The Lexus RX 350h is the fastest-selling used car at 12.3 days on market, followed by the Lexus NX 350h and Lexus NX 250
• Six of the 20 fastest-selling new cars are hybrids, with one EV making the list
• Eight of the 20 fastest-selling used cars are hybrids, with no EVs on the list
• Toyota, Alfa Romeo, Cadillac, Honda, and Jaguar are the fastest-selling new car brands
• Honda, Lexus, Toyota, Tesla, and Acura are the fastest-selling used car brands

After years of limited supply and rapid turnover, new cars are now languishing on dealer lots. The average new car sells in 54 days, while new EVs take 70.6 days and new hybrids sell in 49.5 days, according to a recent study by iSeeCars.

The analysis  463,000 new and used car sales between October 2023 and  March 2024 found a 21.6 percent slowdown in average days on market for new cars compared to a 30.5 percent increase for used cars. The study also identified which automakers had the fastest- and slowest-selling new and used cars.

“Between the gradual drop in new car pricing and consistent slow-down in their sales pace, it’s like watching a giant machine slowly wind down,” said Karl Brauer, iSeeCars Executive Analyst. “New cars are still more expensive than before Covid, and they’re still selling at a reasonable rate, but the pendulum has clearly swung the other direction.”

 

The Fastest- and Slowest-Selling New Car Brands

For car brands, Toyota, Alfa Romeo, Cadillac, Honda, and Jaguar are all ahead of the average days on market for new cars, averaging between 39 and 44 days as the five fastest-selling brands. Ram, Audi, Buick, Infiniti, and Lincoln are the slowest selling new vehicle brands, averaging between 69 and 83 days to sell. “Fast-selling brands like Toyota and Honda represent mainstream consumers seeking maximum value for their new-car dollar,” said Brauer. “Conversely, high-ranking luxury, low-volume brands like Alfa Romeo, Cadillac, and Jaguar reflect both their limited supply as well as high demand from affluent buyers willing to snap these models up shortly after they arrive on dealer lots.”   * Excluding Tesla.

Luxury automakers represent the bulk of slow-selling new car brands, but Ram and Ford showing up near the bottom of the ranking suggest large truck sales have fallen off dramatically in recent months, likely due to rising fuel prices.

 

The Fastest- and Slowest- Selling Used Car Brands

As with the new car market, premium automakers are consistently among the slowest selling used cars, reflecting the higher price-sensitivity of used car shoppers. It’s interesting to see Alfa Romeo shift from among the fastest-selling new brands to to among the slowest-selling used brands. Ford’s low ranking again suggests a slow-down in truck sales, which make up a large portion of that brand's market activity.

“Price-sensitive used car shoppers prefer brands offering both value and reliability, as seen in the dominance of Japanese brands selling fastest among used car buyers,” said Brauer. “Teslas are also among the fastest-selling used cars, likely reflecting the massive drop in their prices over the past year.”

The fastest-selling used car brands are Honda, Lexus, Toyota, Tesla, and Acura, averaging between 26 and 28 days to sell. The slowest-selling used car brands are Maserati, Lincoln, Alfa Romeo, Ford, and Genesis.

 

Days on Market By Fuel Type

New Car Days To Sell Over the Past Six Months

The new car sales pace continues to slow, a reflection of rising interest rates and reduced consumer spending power due to inflation. These same forces have had an even bigger impact on the electric vehicle sales pace, even as hybrids maintain a roughly 20-day advantage over EVs. * Excluding Tesla

 

“The average new car and new hybrid have stabilized at around 50 days to sell over the past 4 months,” said Brauer. “But fading electric vehicle demand is reflected in a slowing sales rate that’s now passed 70 days, despite EV production cuts across several automakers.”

Used Car Days To Sell Over the Past Six Months

In stark contrast to new cars, used cars are picking up speed, selling in 34.2 days which is nearly twice as fast two months ago, likely spurred by tax returns as the used car buying season ramps up. As with new EVs, used EVs are selling slower than average, but only slightly slower at 36.4 days. Used hybrids are once again outpacing the average used car, selling in 30.4 days. “While used cars and used EVs track closely in sales pace, hybrids again hold an advantage,” said Brauer. “Their lower fuel costs and lack of range anxiety make hybrids a desirable option for consumers looking to reduce post-purchase operating costs without altering their driving habits.”

Days on Market for New Cars

 

The 20 Fastest-Selling New Cars

Consumers are slower to buy new cars, but those buying are seeking maximum value.  With 12 of the 20 fastest-selling new cars being Toyotas, and eight of the 20 being hybrids, it’s clear buyers are favoring cars that promise long-term reliability, strong residual value, and low operating costs. 

Interspersed among the logical Toyotas are three luxury SUVs, including the Mercedes-Benz G-Class, Land Rover Range Rover, and Cadillac Escalade, confirming common knowledge – affluent buyers aren’t letting macroeconomic concerns slow them down. One electric vehicle, the Volvo’s XC40 Recharge, makes the top 20 list.

“It’s interesting to see the Toyota Sienna Hybrid, GMC Canyon, and Chevrolet Colorado among the top 10 fastest-selling models,” said Brauer. “A minivan and two midsize pickups further illustrate the demand for practical vehicles to help new car buyers justify their purchase.” 

 

The 10 Fastest-Selling New Electric Vehicles

EVs are among the slowest selling vehicles right now, but when broken out from overall new car sales we see the market again favoring compact and midsize SUVs, even when the powertrains involve motors and batteries. * Excludes Tesla sales

“Nearly all of these electric vehicles cost more than $50,000, which puts them beyond the reach of most consumers,” said Brauer. “Until electric cars can compete with gasoline-powered models on price they will continue to sell at a slow rate and in small volumes.”

 

The 20 Slowest-Selling New Cars

All of the slowest-selling used cars take 90 or more days to sell, with the top-ranked Jeep Cherokee taking more than three times the 54-day average, at 169.7 days. “Many of the slowest-selling models have been available for years in their current form and are due for a redesign,” said Brauer. “We also see a high number of electric models like the Mercedes-Benz EQS and Ford Mustang Mach-E, which are still relatively new to the market but are not generating the same demand they did when introduced.”

 

The 10 Slowest-Selling New Electric Vehicles

Taking between 81 and 130 days to sell, most of the slowest-selling electric vehicles have been available for only a few years, yet they can’t generate strong interest among new car buyers.

“With the limited number of new electric models available we’re seeing most of them on either the fastest or slowest selling lists,” said Brauer. “Many of these models have seen reduced production in recent months due to slow sales.”

* Excluding Tesla

 

Days on Market for Used Cars

The 20 Fastest-Selling Used Cars

The fastest-selling used cars range between 12 to 25 days on market, below the used car average of 34.2 days and notably quicker than the new car average of 54 days. Just as Toyota dominates the fastest-selling new car list, its premium brand Lexus is all over the fastest-selling used car list. With nine total models (five in the top 10), Lexus is appealing to consumers who want both solid value and a premium driving and ownership experience. 

The prominence of hybrids, as well as a compact truck and two minivans, further validates the power of value paired with functionality. 

“Most of the fastest-selling used models scream practical thinking, but the Mazda Miata and Hyundai Elantra N manage to bring a bit of fun to the value equation” said Brauer.

 

The 10 Fastest-Selling Used Electric Cars

All four of Tesla’s models are among the fastest-selling used EVs, with three of its cars in the top four slots. The recently introduced Rivian R1S is one of the most expensive used EVs you can buy, yet it edges out the Chevrolet Bolt EUV, which is one of the least expensive.

“With an average price of $37,644, the fastest-selling used electric vehicles are $20,000 cheaper than the fastest-selling new EVs,” said Brauer. “This is the pricing gulf manufacturers need to bridge to engage mainstream new-car shoppers.”  

The 20 Slowest-Selling Used Cars

These used models take between 56 and 150 days to sell, with premium brands making up 13 of the 20 slowest selling used cars. “While premium brands dominate the slowest-selling used car list, we also see six mainstream brands, six electric cars, and three hybrids,” said Brauer. “Many of these cars are older designs available for a substantial savings off their new-car equivalent.”

 

The 10 Slowest-Selling Used Electric Cars

  While slow to sell, many of these used EVs can be purchased for less than $40,000, making them a cost-saving alternative to a new car. “An electric vehicle has to serve your driving needs,” said Brauer, “but if the range and charging aspects of these models work with your lifestyle, some of them offer an inexpensive path into EV ownership.”

 

Methodology

iSeeCars analyzed over 463,000 new and used car sales (1- to 5-year-old used cars) from March 2024. The number of days that each car was listed for sale on iSeeCars.com was aggregated at the make and model levels, and the average days on market for each was mathematically modeled. Heavy-duty vehicles, models no longer in production prior to the 2023 model year (for used cars), and low-volume models were excluded from further analysis.

 

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