(iSeeCars) — The latest iSeeCars.com analysis found the fastest-selling new car during the month of March was the Honda CR-V, while Toyota is the most-represented automaker on the list. The fastest-selling used car is the Tesla Model X, topping a list that is dominated by alternative-fuel vehicles.
Analyzing over 150,000 new and used cars sold in March 2022, iSeeCars.com found that overall, the average new car takes 35.5 days to sell and the average used car takes 52.9 days to sell. Both new and used cars took longer to sell in March compared to February when new cars took 34 days to sell and used cars took 49.4 days.
“While used car prices saw slight declines in March over February, they are still well above average, while other economic factors like inflation and high gasoline prices slowed the demand for used cars during what is typically a high-volume sales month,” said iSeeCars Executive Analyst Karl Brauer. “Inventory constraints have persisted for new cars due to supply chain issues in Asia and Europe, and the new car market is struggling to keep up with pent-up demand.”
Fastest-Selling New Cars
iSeeCars identified the top 20 fastest-selling new cars, which sell 1.5 to 4.7 times faster than the average new vehicle and average 19.3 days on dealers’ lots. SUVs comprise the majority of the top 20 list, with 13 vehicles. The list includes 10 small SUVs, four sedans, and three hybrid vehicles.
“The surge in gas prices has heightened the demand for fuel-efficient vehicles, which include small SUVs, sedans, and hybrids,” said Brauer.
|Top 20 Fastest-Selling New Vehicles In March 2022 – iSeeCars Study|
|Rank||Vehicle||Average Days To Sell||Average Price|
|3||Lexus RX 350||13.0||$55,467|
|6||Toyota RAV4 Hybrid||15.3||$36,647|
|18||Hyundai Elantra Hybrid||23.2||$28,304|
|Average For All New Vehicles||35.5||$41,447|
The fastest-selling new vehicle is the Honda CR-V compact SUV, which spends an average of 7.6 days on dealer lots. “Honda is among the automakers that have the tightest inventory, and sales of the CR-V in the first quarter decreased by 37.5 percent compared to the previous year due to supply constraints,” said Brauer. “The demand for the popular small crossover is likely exacerbated by high gas prices as demand outpaces supply.”
Seven Toyota vehicles and one from its Lexus luxury division make the list. The vehicles include
the Lexus RX 350 midsize SUV, the Toyota Highlander midsize SUV, the Toyota Camry midsize sedan, the Toyota RAV4 Hybrid compact SUV, the Toyota Tacoma midsize pickup, the Toyota Corolla compact sedan, the Toyota RAV4 compact SUV, and the Toyota Tundra full-size pickup. “Despite having some of the lowest inventory of all automakers, Toyota sold the most vehicles in the first quarter, confirming that demand is still greatly outweighing supply,” said Brauer. “Demand has been high for Toyota’s fuel-efficient and hybrid vehicles, as well as for Toyota’s pickups, including the newly redesigned Tundra.”
Three Hyundai vehicles and one from its luxury Genesis division make the list, including the Genesis GV70 compact SUV, the Hyundai Tucson compact SUV, the Hyundai Elantra hybrid compact sedan, and its non-hybrid counterpart. “The Genesis GV70 is an all-new model for 2022, and its soaring demand has made it one of the new cars priced the highest over MSRP,” said Brauer. “Meanwhile, Hyundai reported a decrease in inventory for March over February while demand increased for these fuel-efficient models.”
Three small Subaru SUVs make the list, including the Forester compact SUV, the Crosstrek subcompact SUV and the Outback compact sports wagon. “Limited inventory of Subaru models led to a 34.1 percent reduction in sales in March compared to 2021,” said Brauer. “Both the Crosstrek and Forester were refreshed for 2022, and dealers have limited inventory of these popular models, forcing them to pause orders of the Forester to help stabilize inventory.”
Two recently-released Ford vehicles make the list including the hybrid version of the Ford Maverick compact pickup truck and the Ford Bronco compact off-road SUV. “The Ford Maverick and the Ford Bronco are in such high demand that dealerships stopped taking retail orders for the vehicles for the 2022 model year, and the limited versions on dealer lots are commanding a premium over MSRP,” said Brauer. “The demand for the Maverick represents the public’s fervor for the newly created compact pickup truck segment, which provides the function of pickup at a more affordable price, while offering excellent fuel efficiency.”
Two BMW SUVs round out the list: the compact BMW X3 and the midsize BMW X5. “BMW’s sales rose by 3.2 percent in the first quarter of 2022, while overall luxury vehicle sales declined by 10 percent,” said Brauer. “BMWs X model SUVs comprise more than half of the brand’s sales, and demand for these vehicles soared while inventory remained lean.”
Fastest-Selling Used Vehicles
iSeeCars also analyzed the top 20 fastest-selling used vehicles. The average used car takes 52.9 days to sell, while the top 20 fastest-selling vehicles average 35.0 days and sell 1.4 to 1.9 times faster than the average used vehicle. The list of fastest-selling used vehicles is dominated by alternative-fuel vehicles and includes eight hybrids and five fully-electric vehicles.
|Top 20 Fastest-Selling Used Vehicles in March 2022 – iSeeCars Study|
|Rank||Vehicle||Average Days to Sell||Average Price|
|1||Tesla Model X||28.0||$90,406|
|3||Hyundai Ioniq Hybrid||29.4||$24,098|
|4||Tesla Model Y||29.5||$65,949|
|5||Toyota Prius Prime||32.8||$29,163|
|6||Mazda Mazda3 Sedan||34.3||$25,157|
|7||Tesla Model S||34.4||$85,103|
|8||Tesla Model 3||34.7||$49,394|
|10||Ford Mustang Mach-E||35.1||$58,984|
|12||Toyota Highlander Hybrid||35.7||$45,416|
|14||Toyota RAV Hybrid||36.9||$37,596|
|Average for All Used Vehicles||52.9||$35,297|
The fastest-selling used vehicle is the Tesla Model X electric crossover, which takes an average 28.0 days to sell. It’s joined by three additional Tesla Models, the Model Y, the Model S, and the Model 3. “The earliest delivery time for a new Tesla Model X is December 2022 for the base model and August 2022 for the high-performance Plaid version, which is further elevating the demand for the used versions,” said Brauer. “All Tesla vehicles have long waitlists for their new versions, and used versions of the highly-anticipated Tesla Model Y are just entering the used car marketplace,” said Brauer.
An additional electric vehicle, the Ford Mustang Mach-E also makes the list. “The Ford Mustang Mach-E has been in high demand since it debuted in 2021, and Ford recently stopped taking orders for new versions of the Mach-E after wait times exceeded 32 weeks,” said Brauer.
Eight hybrid vehicles make the list including the Honda Insight, the Hyundai Ioniq Hybrid, the Toyota Prius Prime plug-in hybrid, the Chevrolet Volt plug-in hybrid, the Toyota Highlander Hybrid, the Toyota Sienna, the Toyota RAV4 Hybrid, and the Toyota Prius. “Just as in the new car marketplace, hybrid and plug-in hybrids are hot sellers as fuel prices reached record highs in March,” said Brauer. “Many of these hybrid vehicles like the Honda Insight, Hyundai Ioniq, and the Toyota Prius cost considerably less than the average used car, which helps them appeal to price-conscious consumers.”
Four luxury vehicles make the list including the Audi Q7 midsize SUV, the Jaguar XE compact car, the Audi Q3 subcompact SUV, and the Audi A6 midsize car. “Demand for small luxury SUVs and luxury sedans has increased in the wake of high gas prices, which has increased the demand for these vehicles,” said Brauer.
Two sedans round out the list: the Kia K5 midsize sedan and the Mazda MAZDA3 compact car. “The Kia K5 was new for the 2021 model year, and demand for new versions has steadily risen, causing new models to be consistently priced above MSRP,” said Brauer. “With an average price of $25,157 the Mazda Mazda3 is popular with shoppers who want a relatively affordable and fuel-efficient used car amid current used car price hikes.”
“New car inventory is expected to remain tight for at least the beginning of 2022 as automakers struggle to meet pent-up demand, especially with popular vehicles,” said Brauer. “New and used car shoppers should act quickly if they see their desired vehicle for sale, and buyers will likely need to be flexible on color and trim options for in-demand models.”
iSeeCars.com analyzed over 150,000 new and used car sales (model years 2016-2020 for used cars) from March 2022. The number of days that each car was listed for sale on iSeeCars.com was aggregated at the model level, and the average days on market for each was mathematically modeled. Heavy-duty vehicles, models not in production prior to the 2021 model year, and low-volume models were excluded from further analysis.
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports and Best Cars rankings. iSeeCars.com has saved users over $339 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
This article, the Fastest-Selling New and Used Cars in Today’s Market, originally appeared on iSeeCars.com.