Consumers are lining up to buy used Honda and Lexus cars, but while EVs are desirable, it’s hybrids that sell the fastest
- As new vehicles spend longer and longer on dealers’ lots, used cars are selling faster and faster.
- Honda and Lexus models are selling the fastest, while premium vehicles struggle to find their second buyers.
- Consumers are happy to buy used EVs, but hybrids are selling like hotcakes right now.
During the pandemic, prices surged in both the new and used vehicle markets, placing consumers in a challenging position. However, as vehicle volumes and prices normalize in the used car segment, an increasing number of buyers are lining up to purchase a secondhand car.
While the number of days new cars spend on the market crept up slowly over the last six months, rising from 44.4 days on the lot in October to 54 days in March, used vehicles are flying out of the showrooms. The average secondhand vehicle spent 49.2 days looking for a buyer in October 2023, but it took just 34.2 days to find one in March 2024.
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And shoppers were happy to spend their money on any kind of powertrain, according to data gathered by iSeeCars. In March, new EVs spent an average 70 days on the market, 21 days more than hybrids. Meanwhile, the average used EV spent just 36.4 days waiting for a buyer, as compared to 30.4 days for the average hybrid.
Still, buyers demonstrated a voracious appetite for hybrids in both the new and used segments in March. Indeed, the hybrid Lexus RX 350h emerged as the fastest-selling one- to five-year-old secondhand vehicle in America in March, spending an average of just 12.3 days on the market before being sold.
In fact, Lexus models dominated the used vehicle sales charts. Four of the five fastest-moving secondhand vehicles in March were made by Lexus, and nine of the 20 fastest-selling vehicles were made by Toyota’s premium brand.
Fastest-Selling Used Vehicles, March 2024
That achievement was made all the more impressive because premium vehicles were disproportionately represented among the slowest-selling secondhand vehicles in March. Models from Genesis, Mercedes, Lincoln, Audi, and Maserati were all languishing on the used car lot.
More: New EVs Pile Up While Hybrids Fly Off Dealer Lots
Intriguingly, despite its dominance in the vehicle charts, Lexus was only the second-fastest selling brand in America in March. The top spot went to Honda, whose vehicles spent just 26.1 days on the market, 0.2 fewer days than Lexus’ vehicles.
However, to illustrate the rapid sales pace of some EVs in the second-hand market, Tesla ranked as the fourth-quickest selling brand last month. It took used car dealerships just 27.6 days to find buyers for vehicles from the American EV manufacturer, representing a 19.4 percent faster turnover than the industry average.
Slowest Selling Used Cars, March 2024
Unsurprisingly, Tesla’s models were well represented in the EV charts, and were four of the 10 fastest selling secondhand battery-powered vehicles on the market. Audi’s Q4 e-tron and the Rivian’s R1S were also quick to move.
The speed with which these vehicles are selling may have to do with falling prices for new EVs. As automakers cut prices, the market for used electrics is depressed. That might not be great for owners, but it does suggest that consumers are interested in EVs, even used ones, as long as the price is right.