These are 10 of the slowest selling used cars on the market

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The pandemic has thrown every economic sector into a tailspin, but the auto industry has been hit hard as supply-related shutdowns have slowed global assembly lines and made new vehicles scarce and expensive. Subsequently, the used car market was hit hard and became just as puzzling and unpredictable as the new ones.

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Now, as the industry as a whole tries to slowly adjust, a new study by online marketplace iSeeCars.com found that while used cars are selling 6.1 percent faster than last year overall, top-selling models are selling at 26% slower.

Here are the 10 slowest-selling used vehicles right now, according to the survey, with their average days in stock and listed sales prices:

The 10 slowest selling used cars on the market

  1. Tesla Model S: 88.3 (average days on market), $65,216 (average price)

  2. Buick Envision: 82.3, $29,057

  3. Ford Mustang Mach-E: 75.8, $42,503

  4. Land Rover Discovery Sport: 73.6, $30,206

  5. Cadillac XT4: 71.9, $31,650

  6. Tesla Model X: 71.4, $70,835

  7. Land Rover Range Rover: 68.4, $75,060

  8. Chevrolet Blazer: 65.9, $31,644

  9. Chrysler 300: 64.7, $25,021

  10. Buick Enclave: 64.3, $32,075

In case you’re wondering, popular new cars sell for an average of 29% more, and a bunch of models take more than 100 days to leave the lot. Here are the five slowest-selling new cars according to a study by iSeeCars.com:

The 5 slowest selling new cars on the market

  1. Jeep Cherokee: 128.7 (average days on market), $39,238 (average price)

  2. Land Rover Discovery Sport: 119.4, $53,422

  3. Buick Envision: 117.0, $39,917

  4. Ford Mustang: 108.6, $56,670

  5. Mazda MX-5 Miata: 107.3, $34,543

Commenting on these results, iSeeCars executive analyst Carl Brauer said: “This suggests that consumers are considering a wider range of used cars and looking for the best value wherever they can find it. Essentially, the strong grip previously held by popular used models is loosening.”

Sales rates for used electric vehicles (EVs) have lagged even worse, with the average daily supply of used EVs (the measure used to express the average inventory for any given vehicle) rising from 26.4 days last year to 57, 8 days now, 120% increase.

“Initially, used car prices were driven by the lack of new car inventory,” Brauer added. “There are a lot of new cars on dealerships now, but consumers aren’t rushing to buy them.”

For the purpose of the study, iSeeCars.com analyzed 228,000 new and 1- to 5-year-old used car transactions from July 2023 and found that as inventory expands and prices finally fall, used car buyers may finally finally manage to find a good deal sit a lot (which has not been the case in the last few years).

According to a separate, older iSeeCars.com report on used car affordability, average used car prices have risen 47.7% since 2019, and market share has fallen from 49.3% to 12.4 %.

“Among the many casualties of the pandemic is the affordable used car, which has all but disappeared from the used car market,” Brower noted. “In 2019, used car buyers with a budget of $15,000 could afford over 20 percent of the late-model used car market. Today, that budget gives them access to just 1.6 percent of the market.

Not only are there less used cars available for under $20,000, but the ones that can be found are older and have higher mileage. According to the survey, the fastest-selling used cars are well-known models in the $20,000 to $45,000 price range, with Honda and Toyota easily leading the way.

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Used EV prices are down 38.9% over the past 12 months, but they’ve doubled their days on sale. The slowest selling used car on the market is Tesla’s Model S with an average of 88.3 days on the market.

“Many of the slowest-selling cars, including both Teslas, are older models in need of a redesign,” Brauer said. “But some, like the Ford Mustang Mach-E and Land Rover Range Rover, are new to the market, making it surprising to see them disappear from dealer lots.”

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This article originally appeared on GOBankingRates.com: These are 10 of the slowest selling used cars on the market

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