The used car market is starting to cool down a bit after months of strong demand, according to a recent report on the auto industry. But that doesn’t mean that used cars are exactly gathering dust on dealer lots.
The report, from vehicle research site iSeeCars.com, shows the hottest used cars in the market for October 2021.
The report analyzed more than 250,000 new and used cars (model years 2016-2020 ) sold in October and gauged how long it took them to sell.
Which Used Cars Are Selling the Fastest?
Here are some key findings from the report regarding used cars:
- The average used car took 44.7 days to sell, which is more than a week longer than September’s pace (32.8 days).
- Led by the Insight at #1, Honda has three models in the top six spots on the list.
- The most expensive vehicle on the “Top 20” list of fastest-selling used cars is the Porsche 718 Cayman at $70,819. The lowest priced vehicle on the list is the Mitsubishi Mirage G4 ($14,110).
Fastest-Selling Used Cars in October 2021
|Vehicle||Average Days To Sell||Average Price|
|Toyota Prius Prime||21.2||$26,310|
|Tesla Model 3||21.5||$48,282|
|Mitsubishi Eclipse Cross||23.2||$20,015|
|Honda Clarity Plug-In Hybrid||23.9||$24,792|
|Porsche 718 Cayman||25.4||$70,819|
The report says the used car market showed only “incremental improvement” for consumers last month. According to iSeeCars analyst Karl Brauer, “The demand for new and used cars has slowed in October, which is likely the result of increased inventory over September and because elevated car prices may have deterred consumers from buying a car until prices stabilize.”
Money expert Clark Howard says that before you buy a used car, it’s very important that you have the vehicle checked out by an independent mechanic.
“Have the car inspected by a certified diagnostic mechanic of your choosing as a condition of purchase,” Clark says. “You can leave a deposit if you wish, but specify in writing that the money must be returned to you if the car doesn’t check out. You can eliminate nine out of 10 used car buying disasters this way.”