- In March, electric vehicles were in dealer showrooms significantly longer than their competitors with combustion engines or hybrid drives.
- Buyers seem to be looking for low maintenance costs and good value for money, meaning Toyota models stand out from the crowd.
- Some premium automakers are seeing rapid sales while others are struggling.
Dealers have been unable to find enough vehicles to satisfy their customers in recent years. But now that supply has more or less stabilized, the pendulum is swinging in the other direction and selling new cars is taking longer and longer. Electric vehicles in particular are selling more slowly than other types of vehicles.
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In March, the average new vehicle spent 54 days on the market, while the average electric vehicle spent 70.6 days on the market. On the other hand, consumers do not seem to be able to find enough hybrid vehicles to buy, as electrified vehicles were on the market for an average of only 49.5 days.
Read: Global electric vehicle sales will break records in 2024 despite sluggish demand, energy experts say
However, according to data collected by iSeeCars, all cars are staying in dealer parking lots longer. In October 2023, the average vehicle was on the market 44.4 days, almost 10 days fewer than the average new car today. However, combustion engine and hybrid vehicles appear to be stagnating, while electric vehicles are taking longer and longer to find a buyer.
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In fact, of the 20 fastest-selling new models in America in March 2024, only one is electric: the Volvo XC40 Recharge. Last month, it was the 14th fastest-selling vehicle in the country, spending an average of 30.2 days on the market.
The 20 Fastest Selling Vehicles in America, March 2024
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This made the and the Cadillac Lyriq (40.5 days).
The fastest-selling new model overall was the Toyota Grand Highlander Hybrid, which took just 14.2 days to find a buyer. This seems to reflect two trends. First, eight of the 20 fastest-selling vehicles were hybrids and 12 of them were Toyotas, suggesting that reliability and low running costs are priorities for buyers.
No wonder Toyota was the fastest-selling brand in March 2024. The Japanese models only waited an average of 39.6 days to go on sale. Toyota is followed by Alfa Romeo (41.8 days), Cadillac (43.4 days), Honda (44.2 days) and Jaguar (44.4 days).
The best-selling brands, March 2024
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“Fast-selling brands like Toyota and Honda represent mainstream consumers looking for the most value for their new car price,” said Karl Brauer, executive analyst at iSeeCars. “Conversely, high-profile, low-volume luxury brands such as Alfa Romeo, Cadillac and Jaguar reflect both their limited supply and high demand from affluent buyers willing to purchase these models shortly after they arrive on dealer lots.”
But it wasn’t all good news for premium brands, some were among the worst-selling automakers in America. Lincoln, whose vehicles were on the market an average of 82.6 days, took the top spot as the country’s slowest-selling brand last month, followed by Infiniti (79.8 days), Buick (79 days), Audi (75.1 days). ), and Ram (69.7 days).
Among the country’s 20 slowest-selling new vehicles, 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 begun responding to slow sales by offering ever-deeper discounts. Therefore, it will be interesting to track the development of both the EV segment and the broader market over the course of the year.
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The 20 Slowest Selling Cars in America, March 2024
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