High fuel costs, new-car wait times push demand for fastest-selling used vehicles
You ever go to a restaurant, realize the waiting list is too long and decide to try the place next door, instead?
That was the case for some vehicle buyers in March, where wait times for certain new electric vehicles pushed them to used.
Granted, high fuel costs were a major and perhaps the largest influence on the list of used vehicles with the quickest turn times in March.
In fact, 13 of the 20 fastest-selling used vehicles last month were either hybrids or fully electric vehicles, according to an iSeeCars.com analysis.
But long wait times to acquire certain EVs also helped push demand for their used counterparts.
Five EVs on the list (including four Tesla models) each cracked the top 10, led by the top-ranked Tesla Model X. That vehicle took just 28.0 days to sell in March, compared to the industry average turn rate of 52.9 days, the iSeeCars data shows.
The Tesla Model Y (29.5 days to sell) was fourth, the Model S was seventh (34.4 days to sell) and the Model 3 was eighth (34.7 days), according to iSeeCars.
The Ford Mustang Mach-E (35.1 days) was No.10.
As iSeeCars explains, long lines for these EVs on the new-car side has driven demand for the used editions.
“The earliest delivery time for a new Tesla Model X is December 2022 for the base model and August 2022 for the high-performance Plaid version, which is further elevating the demand for the used versions,” iSeeCars executive analyst Karl Brauer said in a news release.
“All Tesla vehicles have long waitlists for their new versions, and used versions of the highly-anticipated Tesla Model Y are just entering the used car marketplace,” he said.
Similarly, the Mach-E is also seeing the impact of a long waiting period for a new edition, as Brauer notes: “The Ford Mustang Mach-E has been in high demand since it debuted in 2021, and Ford recently stopped taking orders for new versions of the Mach-E after wait times exceeded 32 weeks.”
Hybrids had an even larger presence among the fastest-selling used vehicles, with eight making the top 20 — including three of the top five.
The Honda Insight was No. 2, with an average turn time of 28.9 days, iSeeCars said, while the Hyundai Ioniq Hybrid was No. 3 (29.4 days) and the Toyota Prius Prime was fifth (32.8 days).
“Just as in the new-car marketplace, hybrid and plug-in hybrids are hot sellers as fuel prices reached record highs in March,” said Brauer. “Many of these hybrid vehicles like the Honda Insight, Hyundai Ioniq, and the Toyota Prius cost considerably less than the average used car, which helps them appeal to price-conscious consumers.”