• As new vehicles spend longer and longer on dealers’ lots, used cars are selling faster and faster.
  • Honda and Lexus models are selling the fastest, while premium vehicles struggle to find their second buyers.
  • Consumers are happy to buy used EVs, but hybrids are selling like hotcakes right now.

During the pandemic, prices surged in both the new and used vehicle markets, placing consumers in a challenging position. However, as vehicle volumes and prices normalize in the used car segment, an increasing number of buyers are lining up to purchase a secondhand car.

While the number of days new cars spend on the market crept up slowly over the last six months, rising from 44.4 days on the lot in October to 54 days in March, used vehicles are flying out of the showrooms. The average secondhand vehicle spent 49.2 days looking for a buyer in October 2023, but it took just 34.2 days to find one in March 2024.

Read: EVs Among The Worst Vehicles On The Market For Depreciation

And shoppers were happy to spend their money on any kind of powertrain, according to data gathered by iSeeCars. In March, new EVs spent an average 70 days on the market, 21 days more than hybrids. Meanwhile, the average used EV spent just 36.4 days waiting for a buyer, as compared to 30.4 days for the average hybrid.

Still, buyers demonstrated a voracious appetite for hybrids in both the new and used segments in March. Indeed, the hybrid Lexus RX 350h emerged as the fastest-selling one- to five-year-old secondhand vehicle in America in March, spending an average of just 12.3 days on the market before being sold.

In fact, Lexus models dominated the used vehicle sales charts. Four of the five fastest-moving secondhand vehicles in March were made by Lexus, and nine of the 20 fastest-selling vehicles were made by Toyota’s premium brand.

Fastest-Selling Used Vehicles, March 2024
RankModelAvg. Days on MarketAvg. Price
1Lexus RX 350h12.3$57,229
2Lexus NX 350h15.8$44,419
3Lexus NX 25019.8$38,772
4Kia Niro Plug-In Hybrid20.0$24,276
5Lexus IS 50021.4$59,489
6Toyota Highlander Hybrid21.4$39,409
7Lexus NX 35021.6$43,328
8Toyota Corolla Hybrid22.8$23,016
9Mazda MX-5 Miata22.5$27,237
10Honda CR-V Hybrid22.9$31,591
Source: iSeeCars
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That achievement was made all the more impressive because premium vehicles were disproportionately represented among the slowest-selling secondhand vehicles in March. Models from Genesis, Mercedes, Lincoln, Audi, and Maserati were all languishing on the used car lot.

More: New EVs Pile Up While Hybrids Fly Off Dealer Lots

Intriguingly, despite its dominance in the vehicle charts, Lexus was only the second-fastest selling brand in America in March. The top spot went to Honda, whose vehicles spent just 26.1 days on the market, 0.2 fewer days than Lexus’ vehicles.

However, to illustrate the rapid sales pace of some EVs in the second-hand market, Tesla ranked as the fourth-quickest selling brand last month. It took used car dealerships just 27.6 days to find buyers for vehicles from the American EV manufacturer, representing a 19.4 percent faster turnover than the industry average.

Slowest Selling Used Cars, March 2024
RankModelAvg. Days on MarketAverage Price
1Genesis GV60149.9$53,986
2Chrysler Pacifica PHEV78.0$44,180
3Mercedes-Benz EQS SUV77.4$98,147
4Lincoln Corsair73.4$41,111
5Audi S870.2$79,400
6Maserati Ghibli69.8$43,870
7Hyundai Ioniq 669.7$37,635
8Hyundai Santa Fe PHEV65.6$37,275
9Audi RS 5 Sportback64.6$59,735
10Ford Escape PHEV63.2$28,731
11Mercedes-Benz EQE (sedan)63.2 $72,596
12Audi RS Q862.5 $100,000
13Maserati Quattroporte62.1$62,191
14Chrysler Voyager61.2 $23,393
15Volvo S9058.9 $38,594
16Mercedes-Benz EQS (sedan)58.5$81,603
17Subaru Solterra58.4 $37,738
18Volvo C40 Recharge57.5 $39,124
19Audi R856.4 $186,719
20Maserati Levante56.1 $48,370
Overall Average34.2 $31,920
iSeeCars
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Unsurprisingly, Tesla’s models were well represented in the EV charts, and were four of the 10 fastest selling secondhand battery-powered vehicles on the market. Audi’s Q4 e-tron and the Rivian’s R1S were also quick to move.

The speed with which these vehicles are selling may have to do with falling prices for new EVs. As automakers cut prices, the market for used electrics is depressed. That might not be great for owners, but it does suggest that consumers are interested in EVs, even used ones, as long as the price is right.

Fastest-Selling Used EVs, March 2024
RankModelAvg. Days on MarketAvg. Price
1Tesla Model 326.2$29,154
2Tesla Model Y28.1$35,584
3Audi Q4 e-tron29.1$40,121
4Tesla Model X29.6$61,293
5Rivian R1S31.0$83,690
6Chevrolet Bolt EUV31.7$24,295
7Kia EV631.9$35,148
8Tesla Model S32.0$58,527
9MINI Hardtop 2 Door33.9$23,376
10Porsche Taycan34.6$86,738
Used EV Average36.4$37,644
Source: iSeeCars
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Slowest-Selling Used EVs, March 2024
RankModelAvg. Days on MarketAvg. Price
1Genesis GV60149.9$53,986
2Mercedes-Benz EQS (SUV)77.4$98,147
3Hyundai Ioniq 669.7$37,635
4Mercedes-Benz EQE (sedan)63.2$72,596
5Mercedes-Benz EQS (sedan)58.5$81,603
6Subaru Solterra58.4$37,738
7Volvo C40 Recharge57.5$39,124
8Ford Mustang Mach-E52.8$36,336
9Nissan LEAF52.0$17,508
10Hyundai Kona Electric50.9$23,070
Used EV Average36.4$37,644
iSeeCars
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Fastest And Slowest Selling Used Car Brands, March 2024
RankBrandAvg. Days on Market% Faster or Slower than Avg.
1Honda26.123.8%
2Lexus26.323.1%
3Toyota27.420.0%
4Tesla27.619.4%
5Acura27.818.8%
6Mazda27.918.5%
7Subaru30.99.8%
8Volkswagen31.28.7%
9Kia32.25.9%
10BMW32.54.9%
11Rivian32.74.3%
12Nissan33.32.7%
13Audi33.42.2%
14Jeep34.00.7%
15Jaguar34.10.4%
Overall Used-Car Average34.2
16GMC34.4-0.4%
17Ram34.7-1.3%
18Cadillac34.9-2.0%
19Polestar35.1-2.7%
20MINI35.1-2.7%
21INFINITI35.2-2.9%
22Hyundai36.0-5.2%
23Mitsubishi36.0-5.4%
24Chevrolet36.3-6.1%
25Mercedes-Benz36.4-6.4%
26Porsche36.6-6.9%
27Chrysler37.8-10.5%
28Land Rover38.9-13.6%
29Dodge40.9-19.7%
30Buick40.9-19.7%
31Volvo41.5-21.3%
32Genesis42.2-23.3%
33Ford43.1-25.9%
34Alfa Romeo43.1-26.0%
35Lincoln48.1-40.6%
36Maserati58.7-71.7%
iSeeCars
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