- EVs were languishing in dealer showrooms much longer than their internal combustion or hybrid competitors in March.
- Buyers seem to be looking for low maintenance costs and good value, meaning that Toyotas were flying off the lot.
- Some premium automakers are seeing rapid sales, while others struggle.
Dealers have spent the last couple of years unable to find enough vehicles to satisfy their customers, but now that supply has been more or less stabilized, the pendulum is swinging the other way, and new cars are taking longer and longer to sell. In particular, electric vehicles are selling more slowly than other vehicle types.
In March, the average new vehicle spent 54 days on the market, while the average EV spent 70.6. By contrast, consumers can’t seem to find enough hybrids to buy, as the electrified vehicles spent an average of just 49.5 days on the market.
Read: Global EV Sales Will Break Records In 2024 Despite Sluggish Demand, Say Energy Experts
However, all cars are spending longer on dealer lots, according to data gathered by iSeeCars. In October 2023, the average vehicle spent 44.4 days on the market, nearly 10 fewer than the average new car today. Internal combustion and hybrid vehicles appear to be plateauing, though, while EVs continue to spend longer and longer looking for a buyer.
Indeed, of the 20 fastest-selling new models in America in March 2024, just one is electric: the Volvo XC40 Recharge. It was the 14th-fastest-selling vehicle in the country last month and spent an average of 30.2 days on the market.
20 Fastest-Selling Vehicles In America, March 2024
That made the XC40 Recharge the fastest-selling new EV on the market, followed by the Chevrolet Blazer EV, which spent 34.2 days on dealer lots, the Volvo C40 Recharge (36.4 days), the Kia EV9 (37.8 days), and the Cadillac Lyriq (40.5 days).
The fastest-selling new model overall was the Toyota Grand Highlander Hybrid, taking just 14.2 days to find a buyer. That seems to reflect two trends. Firstly, eight of the top 20 fastest-selling vehicles were hybrids, and 12 of them were Toyotas, suggesting that reliability and low operating costs are a priority for shoppers.
It will come as no surprise then that Toyota was the fastest-selling brand in March 2024. The Japanese models waited an average of just 39.6 days before being sold. Toyota is followed by Alfa Romeo (41.8 days), Cadillac (43.4 days), Honda (44.2 days) and Jaguar (44.4 days).
Fastest-Selling Brands, March 2024
“Fast-selling brands like Toyota and Honda represent mainstream consumers seeking maximum value for their new-car dollar,” said Karl Brauer, iSeeCars’ executive analyst. “Conversely, high-ranking luxury, low-volume brands like Alfa Romeo, Cadillac, and Jaguar reflect both their limited supply as well as high demand from affluent buyers willing to snap these models up shortly after they arrive on dealer lots.”
But it wasn’t all good news for premium brands, with some being among the slowest-selling automakers in America. Lincoln, whose vehicles spent an average of 82.6 days on the market, took the top spot as the slowest-selling brand in the country last month, followed by Infiniti (79.8 days), Buick (79 days), Audi (75.1 days), and Ram (69.7 days).
Among the 20 slowest-selling new vehicles in the country, six were electric: the Mercedes EQS sedan (129.7 days), the Ford Mustang Mach-E (105.6 days), the Mercedes EQS SUV (105.5 days), the Chevrolet Bolt EUV (93.9 days), the Lexus RZ 450e (93.2 days), and the Genesis GV60 (91.1 days).
Automakers have started responding to slow sales by offering higher and higher discounts. As a result, it will be interesting to track the progress of both the EV segment and the wider market, as the year progresses.