Buyers turn to mood-enhancing used luxury vehicles

Seven sports cars and luxury sport sedans make iSeeCars’ list of the fastest-selling used vehicles for March. The pandemic played a role in the sales success for those vehicles.

“High-performance vehicles have been popular during the pandemic to combat boredom and bring joy,” iSeeCars executive analyst Karl Brauer said in a news release.

Those seven vehicles are the Mazda MX-5 Miata, the Chevrolet Corvette, the Kia Stinger, the BMW 4 Series, the Porsche 911, the Jaguar F-Type and the BMW 2 Series.

But earning the top spot of the top 20 fastest-selling used vehicles in March is the mid-size Kia Telluride, with 25.9 average days to sell and an average price of $39,676.

Low interest rates boost used luxury SUVs

Six luxury SUVs of varying sizes that make the list include the midsize Land Rover Range Rover Velar, the compact Lexus NX 300, the full-size BMW X7, the full-size Lexus LX 570, the midsize Land Rover Range Rover Sport and the hybrid midsize Lexus RX 450h.

Brauer said luxury SUVs continued as a popular vehicle segment in March because more consumers have been taking advantage of lower interest rates and buying larger and more expensive vehicles.

The Tesla Model 3 makes its first appearance on the fastest-selling used-car list, replacing the Tesla Model X, which appeared on the list in January and February.

“The Tesla Model 3 sold a week faster in March compared to February, while the Tesla Model X maintained the same selling time but fell off the list due to other cars’ shorter times on dealers’ lots,” Brauer said.

He said the Tesla Model 3 is probably selling faster than the Tesla Model X because of its affordability. The Model 3, Brauer said, is attracting more buyers who are switching to EVs because of higher gas prices.

Two body types of the Honda Civic debut on the list.

Those are the hatchback at No. 10 and the sedan at No. 19.

“The Honda Civic has been one of the most popular vehicles in the country for decades thanks to its reliability and affordability,” Brauer said. “Even though large SUVs comprise the majority of the list, the fast selling time of the Civic shows there is still high demand for practical passenger cars.”

BMW in spotlight among fastest-selling used AFVs

iSeeCars also showed the  fastest-selling used alternative-fuel vehicles. Those include hybrids and electric vehicles. Used alternative fuel vehicles sell in an average of 38.1 days.

That is just over one day faster than the average used vehicle.

The top two fastest-selling used alternative fuel vehicles — the Tesla Model 3 and the Lexus RX 450h — appeared on the overall list, but 12 additional vehicles sell faster than the overall average for all vehicles.

Out of 14 of the fastest-selling used alternative-fuel vehicles, four BMW vehicles make the list. Those include the electric i3, the plug-in hybrid 3 Series, the plug-in hybrid 5 Series, and the plug-in hybrid X5.

“The BMW 3 Series and 5 Series plug-in hybrids debuted for the 2018 model year, so used versions are just starting to appear in the used-car marketplace,” Brauer said. “The all-electric i3 is the best-selling premium supermini car, and used versions provide tremendous value due to their steep depreciation and low operating costs.”

Four Toyota hybrids join the second-ranked Lexus RX 450h. Those include the Toyota RAV4 Hybrid, the Toyota Prius, the Toyota Highlander Hybrid, and the Lexus NX 300h.

“Just like its new hybrids, Toyota’s used hybrids are also in high demand, undoubtedly due to their reliability and value retention,” Brauer said.

Another Tesla model, the Model X, ranks seventh, joining the top-ranked Model 3.

“The Tesla Model X maintains its high demand due to sustained popularity and a relatively short supply in the used-car marketplace,” Brauer said. “Although people may be passing up used versions of the Model X for a new version of the more affordable Model Y, it remains a hot seller.”

Brauer said car buyers making a new- or used-car purchase might have trouble finding the most in-demand vehicles, and they could pay a premium for them in the used-car marketplace.

He said, “Many of the hot sellers that are in short supply now will likely be in even higher demand in the coming months due to current and recent plant shutdowns, driven by the semiconductor shortage, along with the start of popular summer car-buying season.”

The study also highlighted the fastest-selling new cars in March, and leading the way were the Chevrolet Corvette, the Toyota RAV4 Prime and the Kia Telluride.

Below is the top 10 fastest-selling used cars last month, per iSeeCars.

Fastest-selling used cars in March

SOURCE: iSeeCars.com