Buying a used automobile could be an excellent technique to save a couple of bucks over buying latest, however the used market hasn’t been probably the most accommodating place for value shoppers over the previous couple of years. Things are still a bit wonky heading into late 2023, as a brand new iSeeCars study shows that buyers are flocking to used models over the ocean of latest models, keeping prices high for famous brands and slowing sales of some latest vehicles.
Karl Brauer, iSeeCars’ executive analyst, said that used automobile sales have sped up as buyers look to the preowned market to get monetary savings. “This shows buyers are continuing to hunt value within the used automobile market despite a wide selection of latest automobile options,” he noted. Buyers have waited until prices come back to reality, and sales have sped up as prices fall. Brauer expects demand to stay regular over the following six months to a 12 months as prices proceed to drop.
Used cars sold in a median of 49.2 days in July, 6.1 percent faster than in 2022. Average prices dropped to $33,240 from $34,376 a 12 months ago, representing a 3.6 percent decline. The fastest-selling used models include:
- Honda HR-V: 34.4 days
- Acura ILX: 35.3 days
- Toyota Highlander Hybrid: 36.6 days
- Acura RDX: 36.8 days
- Hyundai Venue: 38 days
- Honda Insight: 38.3 days
- Honda CR-V: 38.5 days
- Honda Civic: 38.8 days
- Toyota C-HR: 38.9 days
- Toyota Sienna: 39.1 days
That much of the list is Hondas and Toyotas shows that buyers look to trusted brands when shopping used. Each Toyota and Honda have strong pre-owned vehicle programs, and Hyundai offers a 100,000-mile powertrain warranty on latest models, making a used purchase less of an unknown factor.
The study separated used EVs, finding that the Tesla Model Y sold fastest at 47.6 days. The Nissan Leaf was second fastest, moving in a median of 51.3 days, followed by the Tesla Model 3 with a median of 51.8 days.
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This Article First Appeared At www.autoblog.com
