Prices have been falling for new and used vehicles over the past few months, although not as much as money expert Clark Howard wants them to drop, but the market is improving.
Nowhere is this more obvious than in how fast some vehicles are selling off dealer lots. Car research site iSeeCars recently listed some of the fastest-selling new and used cars.
What New and Used Vehicles Are Selling the Fastest?
To arrive at its numbers, iSeeCars analyzed more than 463,000 new and used car sales from March 2024. For used cars, the site only looked at vehicles from one to five years old.
In this article, we’ll take a look at the fastest-selling new and used cars.
Here are some key findings from the report:
- The fastest-selling new vehicle is the Toyota Grand Highlander Hybrid, which takes on average only 14.2 days to sell.
- The fastest-selling used vehicle is the Lexus RX 350h, which takes only 12.3 days to sell.
- The average new car sells in 54 days, which is 21.6% slower than a year ago, but used car sales have sped up by 30.5%.
Now let’s take a look at the fastest-selling new cars and then we’ll look at their used counterparts.
Top 10 Fastest-Selling New Cars
Vehicle Model Average Days To Sell Average Price
Toyota Grand Highlander Hybrid 14.2 $55,224
Mercedes-Benz G-Class18.7 $206,737
Land Rover Range Rover19.3 $158,893
Toyota Sienna Hybrid 22.9 $53,894
GMC Canyon 23.0
$49,687
Chevrolet Colorado 23.8 $42,158
Toyota Grand Highlander 24.4 $52,933
Cadillac Escalade 26.2 $110,947
Toyota Highlander Hybrid 28.3 $50,646
Toyota Corolla 28.5 $25,359
“Between the gradual drop in new car pricing and consistent slow-down in their sales pace, it’s like watching a giant machine slowly wind down,” iSeeCars Executive Analyst Karl Brauer says in a news release. “New cars are still more expensive than before Covid, and they’re still selling at a reasonable rate, but the pendulum has clearly swung the other direction.”
Top 10 Fastest-Selling Used Cars
Vehicle Model Average Days To Sell Average Price
Lexus RX 350h 12.3 $57,229
Lexus NX 350h 15.8 $44,419
Lexus NX 250 19.8 $38,772
Kia Niro Plug-In Hybrid 20.0 $24,276
Lexus IS 500 21.4 $59,489
Toyota Highlander Hybrid 21.4 $39,409
Lexus NX 350 21.6 $43,328
Toyota Corolla Hybrid 21.8 $23,016
Mazda MX-5 Miata 22.5 $27,237
Honda CR-V Hybrid 22.9 $31,591
Read the full report from iSeeCars.com.
Money expert Clark Howard’s general rule on purchasing a car is to buy a two or three-year-old vehicle in order to avoid taking the brunt of the depreciation.
But given today’s slowing demand for new vehicles, he’s tweaked that advice a bit in the wake of sweeter deals from auto dealers and manufacturers who need to offload their bulging inventories.
“What’s important to know is that brands who have an excess supply – both the brand and the branded dealer – are really trying to sell those vehicles big time,” Clark says.
Many top car brands – except for Toyota and Subaru – have more than 100-day supplies on dealer lots, which is good for buyers, Clark says, “because that means a lot more manufacturer incentives and rebates, special financing offers.”
“These brands that are over a 100-day supply, for most models they sell, you have maximum buying power right now looking to buy a new version,” Clark says. “Because of specific disruptions in the used vehicle market, you’ll likely find that a brand new model from these brands will be cheaper to buy than a two-year old version of these brands.”
