Car inventories are at an all-time low, which makes people pay higher prices for vehicles new and used. It also makes the used-car market to become glowingly hot. A recent study by iSeeCars shows that Tesla Model Y and other EVs were the fastest-selling used cars in the U.S. last month.
It’s not uncommon to see older cars selling for more than their new price. In the case of electric vehicles, this has become the norm rather than the exception. But both new and used cars have become more expensive in the past month, a new study by iSeeCars has revealed. The analysis took into account 224,000 new and used cars sold in June 2022 and found out that both time to sell and prices have increased.
On average, a new car takes 37.2 days to sell, whereas a used vehicle takes 52.1 days, which is somehow longer compared to both May 2022 and June 2021. The used-car prices rose 10.5% over May 2022 to an average of $34,154. We’re still not sure about the new-car statistics, considering that many models are sold out. There’s no way a Ford Bronco to wait for 21.5 days on a dealer’s lot to sell when some customers wait more than a year to take delivery of a Bronco.
As for the used vehicles, iSeeCars statistics are more dependable, as they analyzed actual listings on their website. We see that electric vehicles dominate the top of the fastest-selling used cars in June. The Tesla Model Y is in the first spot with an average of 24.9 days to sell and an average selling price of $69,784. Toyota brake the EV ranks with the Prius Prime (25.1 days) and Prius (27 days), but other than that, it’s an EV fiesta. The Tesla Model 3 and Model X ranked fifth and sixth with 27.7 days and 28 days, respectively.
“The earliest delivery time for a new Tesla Model Y is January 2023 for the base model and August 2022 for the performance version, which is further elevating the demand for the used versions that just entered the used car marketplace,” said iSeeCars Executive Analyst Karl Brauer. “The Model X and Model 3 have waitlists for their new versions as well, which include April 2023 for the base Model X and October 2022 for the base Model 3.”
Ford Mustang Mach-E takes third place with an average time to sell of 26.8 days. This is expected since Ford stopped taking orders for the EV crossover after wait times exceeded 32 weeks. Going forward, iSeeCars analysts expect car inventories to remain tight through 2022 as microchip shortages persist.
On average, a new car takes 37.2 days to sell, whereas a used vehicle takes 52.1 days, which is somehow longer compared to both May 2022 and June 2021. The used-car prices rose 10.5% over May 2022 to an average of $34,154. We’re still not sure about the new-car statistics, considering that many models are sold out. There’s no way a Ford Bronco to wait for 21.5 days on a dealer’s lot to sell when some customers wait more than a year to take delivery of a Bronco.
As for the used vehicles, iSeeCars statistics are more dependable, as they analyzed actual listings on their website. We see that electric vehicles dominate the top of the fastest-selling used cars in June. The Tesla Model Y is in the first spot with an average of 24.9 days to sell and an average selling price of $69,784. Toyota brake the EV ranks with the Prius Prime (25.1 days) and Prius (27 days), but other than that, it’s an EV fiesta. The Tesla Model 3 and Model X ranked fifth and sixth with 27.7 days and 28 days, respectively.
“The earliest delivery time for a new Tesla Model Y is January 2023 for the base model and August 2022 for the performance version, which is further elevating the demand for the used versions that just entered the used car marketplace,” said iSeeCars Executive Analyst Karl Brauer. “The Model X and Model 3 have waitlists for their new versions as well, which include April 2023 for the base Model X and October 2022 for the base Model 3.”
Ford Mustang Mach-E takes third place with an average time to sell of 26.8 days. This is expected since Ford stopped taking orders for the EV crossover after wait times exceeded 32 weeks. Going forward, iSeeCars analysts expect car inventories to remain tight through 2022 as microchip shortages persist.