Buying a used car can be a great way to save a few bucks over buying new, but the used market hasn’t been the most accommodating place for value shoppers over the last few years. Things are still a little wonky heading into late 2023, as a new iSeeCars study shows that buyers are flocking to used models over the sea of new models, keeping prices high for famous brands and slowing sales of some new vehicles.
Karl Brauer, iSeeCars’ executive analyst, said that used car sales have sped up as buyers look to the preowned market to save money. “This shows buyers are continuing to seek value in the used car market despite a wide range of new car options,” he noted. Buyers have waited until prices come back to reality, and sales have sped up as prices fall. Brauer expects demand to remain steady over the next six months to a year as prices continue to drop.
Used cars sold in an average of 49.2 days in July, 6.1 percent faster than in 2022. Average prices dropped to $33,240 from $34,376 a year 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. Both Toyota and Honda have strong pre-owned vehicle programs, and Hyundai offers a 100,000-mile powertrain warranty on new 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 an average of 51.3 days, followed by the Tesla Model 3 with an average of 51.8 days.