Although average prices for used cars dipped in January for the first time in months, the price tags are still high.
In January, used vehicle prices were 36.9% higher than they were a year ago according to a recent report from car research website iSeeCars.com on the fastest-selling cars in January 2022.
According to the data, the average new car takes 36.3 days to sell; the average used car takes 46.2 days to sell.
Which Used Cars Are Selling the Fastest?
Here are some key findings from the report:
- The Tesla Model Y is the #1 fastest-selling used car.
- Honda has the most models on the list (six).
- The list includes nine hybrids and three electric vehicles.
Let’s take a look at the fastest-selling used cars, according to iSeeCars.com.
|Vehicle||Average Days To Sell||Average Price|
|Tesla Model Y||24.7||$67,121|
|Toyota Prius Prime||25.8||$28,844|
|Tesla Model 3||26.5||$50,996|
|Toyota Corolla Hybrid||27.6||$27,472|
|Ford Mustang Mach-E||27.7||$58,744|
|Toyota GR Supra||27.8||$57,545|
The report says the increased prices in the used car market are having a direct effect on the new car market.
According to iSeeCars Executive Analyst Karl Brauer, “Buyers who don’t want to pay inflated used car prices are turning to the new car market which is leading to further inventory constraints as the market struggles to keep up with pent-up demand from the ongoing microchip shortage.”
But given today’s inflated prices on used vehicles, he’s tweaked that advice a bit.
“If you can buy that three-year-old vehicle for a third less than what a new one would be, then go ahead and buy the three-year-old used vehicle,” Clark says. “On the other hand, if the gap is less than that, that would push you more toward buying a new one.”
Clark says he expects used car prices to decrease throughout 2022.