New leader atop list of fastest-selling used vehicles
An alternative-fuel model once again topped the monthly iSeeCars.com list of fastest-selling used vehicles, but it was not the one that has led the rankings the past four months.
Snapping the Tesla Model 3’s streak in October was the Honda Insight hybrid sedan, which took an average of 20.5 days to sell.
It was one of six hybrids on the list of 20 fastest-selling used cars last month — all from Toyota or Honda — including the Toyota Prius Prime, which was No. 2, taking 21.2 days to sell.
Other hybrids on the list included the Honda Clarity Plug-In Hybrid (sixth, 23.9 days to sell), Toyota Prius (seventh, 24.8), Toyota Highlander Hybrid (12th, 27.6), the Honda Accord Hybrid (14th, 28.9) and the Toyota RAV4 Hybrid (20th, 30.2).
“The Honda Insight debuted in 2019, while the Honda Clarity debuted in 2018, meaning that most used versions are just now becoming available and are in high demand,” iSeeCars executive analyst Karl Brauer said in the analysis.
“Just as in the new car marketplace, Toyota’s used hybrid and plug-in vehicles are hot sellers due to their reliability and advanced technology, not to mention fuel prices that have shot up more than 25 percent over the past 12 months.”
The Model 3, which had been the fastest-selling used vehicle for four straight months, came in at No. 3, with a turn time of 21.5 days.
“The Tesla Model 3 has remained popular since its highly anticipated debut, thanks to impressive technology and performance at a relatively affordable price compared to Tesla’s earlier vehicles,” said Brauer. “A new version of the Model 3’s Standard Range Plus variant is sold out for the remainder of 2021 to further add to the already-high demand for used versions, some of which are being sold at higher prices than new versions.”
To compile the rankings, iSeeCars examined more than 200,000 new- and used-car sale in October. The used cars it analyzed were from the 2016 through 2020 model years.
The average turn time for used cars in the study was 44.7 days, compared to 32.8 days in September. For new cars, the turn-time was 31.7 days, up from 24.6 in September.
“The demand for new and used cars has slowed in October, which is likely the result of increased inventory over September and because elevated car prices may have deterred consumers from buying a car until prices stabilize,” Brauer said. “Production halts and restricted inventory continue to beset the auto industry, but we did see an incremental improvement this past month.”