From ‘Zoom’ to zoom: Used sports cars bring ‘joy’ amid pandemic, fly off dealer lots
It may only be a coincidence that the fastest-selling used vehicles in April were also, quite simply, the fastest vehicles.
Or maybe not.
It was warming up outside — great for driving a sports car — and as iSeeCars.com executive analyst Karl Brauer said in an analysis, “High-performance vehicles have been popular during the pandemic as a source of joy.”
These “joy” rides (though not the type that might get a teenager with their parents or Johnny Law) were atop the list of what iSeeCars found to be the 20 fastest-selling used vehicles last month.
Leading The Fast and The Joyful was the BMW 2 Series, which had an average days to sell of 21.9 days in April, according to iSeeCars.
It was followed by the Mazda MX-5 Miata (22.2 days) as the second-fastest seller and Chevrolet Corvette (23.2 days) in the No. 3 spot.
And the Corvette was actually the fastest-selling new vehicle, the company said, taking just 9.2 days to sell.
“The new mid-engine Corvette is the fastest-selling new car for the third consecutive month,” Brauer said in the analysis. “The Corvette C8 has been in short supply since its 2020 debut due to overwhelming demand and multiple production setbacks, forcing General Motors to stop taking orders for the 2021 model.”
Meantime, the MINI Convertible (No. 7 with 26.2 days) was the next sports car on the used-car list.
(Perhaps used-car buyers have gotten into rewatching “The Italian Job.”)
The BMW 4 Series also cracked the top 10 with days to sell at 28, and the Kia Stinger was another pre-owned sports car on iSeeCars fast seller with an average time to sell of 29.3 days.
Elsewhere in the top half of iSeeCars list of 20 fastest-selling pre-owned vehicles, the Hyundai Palisade came in at No. 4, with an average days to sell of 25.5 last month. Its corporate cousin, the Kia Telluride, was No. 5.
“These vehicles debuted for the 2020 model year and have sustained their popularity, and while they aren’t yet widely available in the used-car marketplace, they had an increase in inventory in May over April,” Brauer said in the analysis. “Given the markup and scarcity of new Kia Tellurides, used versions are appealing to consumers unable to locate a new model or who want to save money.”
Following those similar rides was the Tesla Model 3 in the No. 6 spot, with 25.7 days to sell.
“The Tesla Model 3 is the most popular EV in the world and has sustained popularity since its high-profile debut,” said Brauer. “Rising gasoline prices, as well as recent price increases for new Model 3 vehicles likely, contributed to the popularity of used Model 3 vehicles, which also have stellar value retention.”
Side note: It will be interesting to see if and where the Model 3 or other electrics move in May, given the current gas shortage in the Southeast.
Honda had two vehicles crack the top 10, including the Civic hatchback at No. 8 (26.8 days to sell) and the Civic sedan at No. 10 (28.2 days to sell).
Overall, used cars took 37.4 days to sell in April, according to iSeeCars. New cars took 48.3 days to sell.
But as the new and used data shows, some cars are flying off the lots – both in terms of days-to-sell and the speed of the vehicles themselves.
“Car buyers who are making a new or used-car purchase might have difficulty finding the most in-demand vehicles, and may end up paying a premium for them in the used car marketplace,” said Brauer. “While automakers are prioritizing their more popular vehicles and continuing production in the wake of the microchip shortage, demand for these vehicles is still likely to outpace supply in the coming months."
Used vehicles in the study included vehicles from the 2016 to 2020 model-years. The full iSeeCars analysis can be found here.