Karl Brauer, senior analyst at iSeeCars, said used car sales have accelerated as buyers look to the used market to save money. “This shows buyers are continuing to seek value in the used car market despite a wide range of new car options,” he noted. Buyers have been waiting for prices to return to reality, and sales have accelerated as prices have fallen. Brauer expects demand to remain steady over the next six months to a year as prices continue to drop.
Used cars sold in an average of 49.2 days in July, 6.1 percent faster than in 2022. Average prices fell to $33,240 from $34,376 a year ago, a 3.6 percent decrease. The fastest-selling used models include:
- Honda HR-V: 34.4 days
- Acura ILX: 35.3 days
- Toyota Highlander Hybrid: 36.6 days
- Acura RDX: 36.8 days
- Hyundai Venue: 38 days
- Honda Insight: 38.3 days
- Honda CR-V: 38.5 days
- Honda Civic: 38.8 days
- Toyota C-HR: 38.9 days
- Toyota Sienna: 39.1 days
The fact that the list is dominated by Hondas and Toyotas shows that buyers are looking for trusted brands when shopping for used cars. Both Toyota and Honda have strong pre-owned programs, and Hyundai offers a 100,000-mile powertrain warranty on new models, making a used purchase less of an unknown factor.
The study separated used EVs and found that the Tesla Model Y sold the fastest at 47.6 days. The Nissan Leaf was second fastest with an average of 51.3 days, followed by the Tesla Model 3 with an average of 51.8 days.
Source: iSeeCars