They just don't want to pay so much to buy them.
Automotive research site iSeeCars has published an interesting study looking at the fastest-selling late-model used cars in America after analyzing over four million one- to three-year old used cars sold from January through July 2018. The biggest surprise is that not a single SUV, crossover, or pickup truck made the list.
Topping the list is the Toyota Prius C, which only stays on the used car market for an average of 29.6 days. In second place is the Tesla Model S, spending an average of 32.4 days on used car dealer lots. Since it’s in high demand, buying a new Model S means waiting at least a month for delivery, but buying a used model cuts out the wait time.
The BMW i3 plug-in hybrid ranks third at 33.4 days, which iSeeCars attributes to its affordable price. A used late-model i3 usually sells for $23,964 on average compared to a new model that costs an average of $53,503. Rounding off the top five fastest-selling used cars is the Toyota Prius (33.4 days) and Chevrolet Volt (34.3 days). You may have noticed a trend here – all five of the best-selling used cars are either hybrid or fully electric, despite the strong demand for new SUVs and trucks and slow sales of electrified models on the new car market. It suggests consumers are interested in hybrid and electric cars but can’t afford to buy a new one.
“When buying a new car, hybrids on average are 20 percent more expensive than conventional gasoline-fuel cars, so buying them used is an effective way to offset that added cost,” said iSeeCars CEO Phong Ly. “The performance of hybrid and electric cars, especially the Prius, has helped consumers abandon their initial concerns about battery life, and this perception change has contributed to the rising popularity of these vehicles.”
According to iSeeCars, the average late model used vehicle takes 46.4 days to sell, but some take a lot longer. The slowest-selling late-model used car is the Porsche Cayenne, which typically stays on the market for 67.8 days before being sold.