These are the fastest selling new cars of 2023

Fast-Selling Cars: What’s Driving the Trend

Shopping for a new car can sometimes be a frustrating experience, with certain models seemingly always out of stock and marked up by dealers. A recent study sheds light on the dynamics of the automotive market, revealing which new vehicles are selling faster than others. This phenomenon could potentially explain the challenges consumers face when trying to find their ideal car.

The average new car now takes 25.7 percent longer to sell compared to a year ago. Interestingly, electric vehicles (EVs), including used ones, are taking approximately twice as long to sell as they did last year. The buyer fatigue stemming from high prices and limited inventory. Brauer highlights that “Used cars were initially driven up by a lack of new car inventory. Now there are plenty of new cars on dealer lots, but consumers aren’t rushing out to buy them. The new car average time-to-sale is down by more than 25 percent, even as used cars are selling 6.1 percent faster. This shows buyers are continuing to seek value in the used car market despite a wide range of new car options.”

Swift Sellers: The Top Contenders

The list of new vehicles that have experienced the quickest sales over the past year is quite intriguing. Let’s take a closer look at these popular models:

Toyota Grand Highlander Hybrid: 9.2 days on the market

Land Rover Range Rover: 10.4 days

Toyota Grand Highlander: 10.7 days

GMC Yukon: 19.7 days

Lexus NX 350h: 19.7 days

Kia Forte: 21 days

Subaru Crosstrek: 21.8 days

BMW X1: 22.1 days

Toyota Corolla: 22.6 days

Toyota Sienna: 22.9 days

These vehicles have managed to capture buyers’ attention and quickly make their way off dealer lots.

Accelerating EV Sales: A Closer Look

How about the fastest-selling electric models, recognizing that they deserve a separate spotlight due to their distinct market dynamics. Here’s a breakdown of the ten swiftest-selling electric models:

Chevrolet Bolt EUV: 29.1 days

BMW i4: 30.5 days

Hyundai Ioniq 5: 47.6 days

Audi Q8 e-tron: 48.5 days

Mercedes-Benz EQE: 49.8 days

Ford Mustang Mach-E: 50.4 days

VW ID.4: 52 days

Toyota bZ4X: 53.5 days

While these electric models are indeed selling quickly, it’s important to note that they are still trailing behind the hottest gasoline-powered models in terms of sales speed. According to Brauer, this discrepancy can be attributed to the growing number of electric vehicle options available in the market. He explains, “There are far more new EVs to choose from today than there were a year ago, but this has rapidly elevated competition between electric vehicles, making it more challenging for each model to find a buyer.”

The Changing Landscape of Car Sales

The dynamics of the automotive market have been undergoing notable changes, driven by factors such as supply chain disruptions, consumer preferences, and the rapid expansion of the electric vehicle sector. Here are some additional insights to provide a comprehensive understanding of the evolving landscape:

Supply and Demand Imbalance

One of the key reasons behind the slower sales of new cars is the ongoing supply and demand imbalance. The automotive industry, like many others, has been grappling with supply chain disruptions caused by global events such as the pandemic. This has led to a shortage of essential components, affecting the production and availability of new vehicles. As a result, even when consumers are willing to buy, they often find limited options due to constrained inventory.

Shifting Consumer Priorities

Consumer preferences have been shifting in response to changing circumstances. With economic uncertainty lingering in the aftermath of the pandemic, many buyers are prioritizing value and affordability. This trend has propelled the demand for used cars, which tend to offer a more cost-effective option compared to their brand-new counterparts. The study observation that used cars are selling 6.1 percent faster indicates that consumers are actively seeking budget-friendly choices.

The Electric Evolution

The automotive landscape is undergoing a significant transformation with the rise of electric vehicles. While EVs are undoubtedly the future of transportation, their rapid proliferation has led to a competitive market environment. As more manufacturers introduce electric models, consumers are faced with a plethora of choices. This increased variety has had both positive and negative impacts. While it provides consumers with more options tailored to their preferences, it also intensifies competition among manufacturers, potentially leading to longer sales cycles for individual models.

The Dealer Dilemma

Dealers play a crucial role in the sales process, and their strategies can greatly influence how quickly cars are sold. In the case of high-demand models, some dealers might resort to markups, capitalizing on the scarcity to increase their profits. This can create an additional barrier for consumers who are already hesitant due to high prices. On the other hand, dealers who prioritize fair pricing and transparency are likely to attract more buyers, fostering faster sales.

Navigating the Market: Tips for Car Buyers

Given the current landscape, navigating the car market requires a strategic approach. Whether you’re eyeing a traditional gasoline-powered vehicle or considering the switch to an electric model, here are some tips to help you make an informed decision:

Research Extensively

Before making a purchase, invest time in thorough research. Understand the features, specifications, and pricing of the models you’re interested in. Consider both new and used options to evaluate the potential trade-offs between cost savings and the latest innovations.

Explore Alternative Brands

While popular models tend to sell quickly, they might not always align perfectly with your needs. Don’t hesitate to explore options from less mainstream brands. These vehicles often offer competitive features and pricing, along with the advantage of potentially shorter sales cycles due to lower demand.

Consider Used Vehicles

Given the current demand for used cars, opting for a pre-owned vehicle could be a smart choice. Used cars tend to depreciate more slowly than new ones, and you might find a well-maintained vehicle with modern features at a fraction of the cost of a new model.

Evaluate Electric Options

If you’re intrigued by electric vehicles, consider both established and newer EV models. Established models might have a smoother sales process due to existing demand, while newer models could offer unique features and potentially faster charging technology.

Negotiate Wisely

Whether you’re buying from a dealership or a private seller, effective negotiation can make a significant difference. Research the fair market value of the vehicle and be prepared to walk away if the terms don’t align with your budget.

Patience Pays Off

In a market characterized by varying sales speeds, patience can be a virtue. If you have your heart set on a specific model, don’t rush into a purchase. Waiting for the right timing, such as end-of-year sales events or promotions, could lead to a more favorable deal.

In Conclusion

The automotive market is in a state of flux, with various factors influencing the speed at which new cars are sold. From supply chain disruptions to changing consumer preferences, the landscape is evolving