Fastest-Selling Used EV in July 2023

author: FutureCar Staff    

The time it takes for a used electric vehicle to find a new owner has significantly increased compared to last year, according to iSeeCar.com's recent market study. In July 2023, a second-hand EV spent an average of 57.8 days on the market before being sold, compared to just 26.4 days in July of the previous year.

On a positive note, the average price of used EVs has dropped to $39,156, marking a 38.9 percent decrease compared to last year.

In the category of fastest-selling 1 to 5-year-old used EVs, the Tesla Model Y crossover takes the lead with an average of 47.6 days on the market and an average price of $46,067. The Nissan Leaf follows in second place, spending an average of 51.3 days on the market with an average price of $20,473. The Tesla Model 3, the most affordable model from the American EV brand, comes in third place with an average of 51.8 days on the market and an average price of $35,039.

According to iSeeCars.com, internal combustion cars are sold at a faster rate than EVs. Used ICE vehicles spend an average of 38.9 days on the market, representing a 26 percent increase compared to the previous year. The average price for used ICE vehicles is $32,249, down from $38,839 last year.

iSeeCars Executive Analyst Karl Brauer explains that the initial increase in used car prices was due to a lack of new car inventory. However, even though there are now plenty of new cars available, consumers are not rushing to buy them. New cars are selling 25 percent faster, while used cars are selling 6.1 percent faster, indicating that buyers are still seeking value in the used car market.

Brauer adds that the good news for electric vehicle buyers is that EVs are cheaper and more difficult to sell in 2023, putting pressure on automakers and dealers to move them in a market that seems to have lost interest. Both new and used EVs now take more than 50 days to sell on average, which is more than twice as long as it took a year ago.

To obtain these findings, iSeeCars analyzed over 228,000 new and used car sales (1- to 5-year-old used cars) from July 2023. The number of days each car was listed for sale on iSeeCars.com was aggregated at the model level, and the average days on the market for each model were calculated. Heavy-duty vehicles, models no longer in production before the 2022 model year (for used cars), and low-volume models were excluded from further analysis.

FutureCar Staff