The used car market is sluggish, with vehicles sitting on dealer lots 40% longer than last year. However, electric vehicles (EVs) are proving to be an exception, selling faster than gasoline-powered cars. This trend raises questions about consumer demand and the true pace of EV adoption beyond Tesla’s dominance.
Used Car Market Trends
A recent iSeeCars analysis of over 960,000 used vehicle transactions from February reveals the slowdown: the average used car now takes 53 days to sell, up from 37.7 days a year ago. The reasons are simple: high prices across the board, and consumers holding onto their existing vehicles longer. This stagnation is significant because slower turnover impacts dealer profitability and gives buyers more leverage.
EVs Buck the Trend, But With Caveats
Used EVs are moving at a comparatively faster pace, averaging 47.4 days on the market. This is an increase from 41.8 days last year, but the 13.4% rise is far less drastic than the broader market slowdown. However, this number is heavily skewed by Tesla’s dominance : the brand accounts for the vast majority of EV sales, and Teslas tend to resell quickly. Excluding Tesla, the average used EV takes 57.3 days to sell – a 15.1% increase year-over-year.
Fastest & Slowest Sellers
The Tesla Model X leads the pack at just 22.6 days, followed by the Mercedes-Benz EQS SUV (26.9 days) and the Tesla Cybertruck (27.4 days). Enthusiast vehicles such as the Mazda MX-5 Miata RF and Toyota GR Supra also sell quickly, likely due to limited supply and high demand.
At the opposite end, the Volvo XC60 languishes for an average of 170.2 days, followed by the BMW i5 (153 days) and Dodge Hornet (123.7 days). The stark contrast between fast and slow sellers shows a fragmented market, where certain models are desirable while others struggle to find buyers.
Tesla’s Influence & Broader Implications
Tesla’s higher-volume models, the Model 3 (33.1 days) and Model Y (34.9 days), still perform well but are further down the rankings. Their sheer sales volume influences the overall market figures, masking the slower pace of other EVs. The trend suggests that while Tesla continues to dominate resale markets, broader EV adoption is not yet driving a significant shift in used car turnover times.
The current market conditions underscore that EV demand is concentrated in certain brands and models, while many gasoline-powered cars continue to sit unsold for extended periods. This dynamic will likely persist until EV production diversifies, prices become more competitive, and infrastructure improves.
