2023 The Tesla "Model Y "$35.039.

Tesla Model Y Becomes Fastest Selling Used EV In July 2023

Electric cars spend more time in used car lots than ICE-powered vehicles

The time it takes for used electric vehicles to find a new owner has more than doubled since last year, according to iSeeCar.com's latest market study, which shows used electric vehicles spent an average of 57.8 days on the market in July 2023. sold, compared with 26.4 days in July last year.

 

But on the bright side, the average price of a used electric vehicle has dropped to $39,156, down 38.9 percent compared to last year.

In the category of fastest-selling used 1- to 5-year-old EVs, the Tesla Model Y crossover ranked highest, with an average of 47.6 days on the market and an average price of $46,067. The Nissan Leaf is in second place, with 51.3 days on the market and an average price of $20,473, while the Tesla Model 3 – the American EV brand's most affordable model – is in third place with an average of 51.8 days spent on the market in average price $35,039.

As you can see, even though the Model Y is more expensive than the Model 3 on the used market – the same as when bought new – the crossover is still more desirable. Therefore, according to iSeeCars.com, internal combustion engines are selling faster than electric cars, with the average used ICE vehicle remaining on the market for 38.9 days, a 26 percent increase over last year, with an average price of $32,249 , down from $38,839 last year.

“Used car prices were initially driven by a lack of new car inventory,” said iSeeCars Executive Analyst Karl Brauer. “Now there are a lot of new cars in dealers, but consumers are not rushing to buy them. The average time to sell for new cars fell more than 25 percent even though used cars sold 6.1 percent faster. This shows buyers continue to look for value in the used car market – even though there are many new car options.”

“The good news for EV buyers is that EVs will be cheaper and harder to sell in 2023, putting pressure on automakers and dealers to move them into a market that appears to be losing interest,” Brauer added. “Both new and used electric vehicles take more than 50 days to sell on average, meaning it is taking twice as long for dealers to find buyers for electric vehicles compared to last year.”

To get these results, iSeeCars analyzed more than 228,000 new and used car sales (used cars 1 to 5 years old) from July 2023. The number of days each car was listed for sale on iSeeCars.com was aggregated at the model level, and the average of days in the market for each model is modeled mathematically. Heavy-duty vehicles, models no longer in production before the 2022 model year (for used cars), and low-volume models were excluded from further analysis.

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