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, according to iSeeCar.com's recent market study. In July 2023, second-hand EVs 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.

Despite this, there is some positive news for potential buyers. The average price of used EVs has dropped by 38.9 percent compared to last year, now standing at $39,156.

In the category of 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, ranks third with an average of 51.8 days on the market and an average price of $35,039.

Interestingly, even though the Model Y is more expensive than the Model 3 on the used market, it remains more desirable. However, it is worth noting that internal combustion cars are still selling at a faster rate than EVs. Used ICE vehicles now spend an average of 38.9 days on the market, 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, explained that the initial increase in used car prices was due to a lack of new car inventory. However, even with ample new cars available, consumers are still favoring the used car market, which is reflected in the average time-to-sale. New cars are selling 25 percent faster, while used cars are selling 6.1 percent faster.

According to Brauer, this indicates that buyers are continuing to seek value in the used car market, despite the wide range of new car options available. He added that for electric vehicle buyers, the current market situation is advantageous. EVs are both cheaper and harder to sell in 2023, putting pressure on automakers and dealers to move them.

iSeeCars conducted their study by analyzing over 228,000 new and used car sales from July 2023. They aggregated the number of days each car was listed for sale on iSeeCars.com at the model level and mathematically modeled the average days on the market for each car. Heavy-duty vehicles, models no longer in production before the 2022 model year, and low-volume models were excluded from the analysis.

FutureCar Staff