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 the latest market study by iSeeCar.com. In July 2023, a second-hand EV spent an average of 57.8 days on the market before being sold, which is more than double the 26.4 days in July of the previous year.

However, there is some positive news in terms of pricing. The average price of used EVs has dropped to $39,156, representing a 38.9 percent decrease compared to last year.

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

Despite the Model Y being more expensive than the Model 3 on the used market, it remains more desirable. However, internal combustion cars are still selling at a faster rate than EVs. According to iSeeCars.com, used ICE vehicles spend an average of 38.9 days on the market, which is a 26 percent increase compared to last year. The average price for used ICE vehicles is $32,249, down from $38,839 in the previous year.

Karl Brauer, iSeeCars Executive Analyst, explains that initially, used car prices were driven up due to a lack of new car inventory. However, even with ample new cars available, consumers are not rushing to buy them. The average time-to-sale for new cars has decreased by over 25 percent, while used cars are selling 6.1 percent faster. This indicates that buyers are still seeking value in the used car market, despite the availability of new options.

Brauer adds that the good news for electric vehicle buyers is that EVs are both cheaper and harder to sell in 2023. This puts 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 double the time it took to find buyers a year ago.

In order to obtain these results, 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 was calculated. Heavy-duty vehicles, models no longer in production before the 2022 model year (for used cars), and low-volume models were excluded from the analysis.

FutureCar Staff