After a year of experiencing a shortage in car supply, the market has started to ease in 2024. The sales velocity of different car brands varies, with Toyota being identified as the brand with the fastest selling new cars, followed by a top luxury car brand.
According to data from iSeeCars.com, the average time a new car spends on the market is currently 54 days, but some car brands have significantly shorter sales times. Toyota, Alfa Romeo, Cadillac, Honda, and Jaguar are leading in terms of days on market, with an average of 39 to 44 days, making them the top five fastest-selling brands. On the other hand, Ram, Audi, Buick, Infiniti, and Lincoln are among the slowest-selling new car brands, with average sales times ranging from 69 to 83 days.
Karl Brauer, an analyst at iSeeCars, stated, “Fast-selling brands like Toyota and Honda represent mainstream consumers seeking to maximize the value of their new car purchase.” He further explained, “Conversely, high-end luxury, low-volume brands like Alfa Romeo, Cadillac, and Jaguar reflect limited supply and high demand from affluent buyers who are willing to snap up these models shortly after they arrive at dealerships.”
If you are considering purchasing one of the best-selling new car brands, it may be necessary to act swiftly before your desired model gets snatched by other buyers. Based on iSeeCars.com’s website, here are the automotive brands that are selling faster than the average market speed, along with their average days on market:
– Average Days on Market: 39.6 days
Faster Than Average Sales Speed by: 26.6%
– Average Days on Market: 41.8 days
Faster Than Average Sales Speed by: 22.5%
– Average Days on Market: 43.4 days
Faster Than Average Sales Speed by: 19.6%
– Average Days on Market: 44.2 days
Faster Than Average Sales Speed by: 18.2%
– Average Days on Market: 44.4 days
Faster Than Average Sales Speed by: 17.8%
– Average Days on Market: 47 days
Faster Than Average Sales Speed by: 13%
– Average Days on Market: 47.1 days
Faster Than Average Sales Speed by: 12.8%
– Average Days on Market: 49 days
Faster Than Average Sales Speed by: 9.2%
– Average Days on Market: 49.1 days
Faster Than Average Sales Speed by: 9.1%
– Average Days on Market: 53.1 days
Faster Than Average Sales Speed by: 1.6%
Luxury car brands have consistently been among the slowest-selling in the used car market, suggesting that buyers of used cars are more price-sensitive. Interestingly, Alfa Romeo, once one of the fastest-selling new car brands, has transitioned into one of the slowest-selling used car brands. The lower rankings for Ford once again indicate a slowdown in truck sales, which constitute a significant portion of the brand’s market.
Brauer noted, “Price-sensitive used car shoppers prefer brands that offer both value and reliability, as evident from the quick sales of Japanese brands in the used car market.” He added, “Tesla is also one of the fastest-selling used cars, possibly reflecting a significant drop in its prices over the past year.”
Here are the top ten used car brands with the shortest time on market:
– Average Days on Market: 26.1 days
Faster Than Average Sales Speed by: 23.8%
– Average Days on Market: 26.3 days
Faster Than Average Sales Speed by: 23.1%
– Average Days on Market: 27.4 days
Faster Than Average Sales Speed by: 20.0%
– Average Days on Market: 27.6 days
Faster Than Average Sales Speed by: 19.4%
– Average Days on Market: 27.8 days
Faster Than Average Sales Speed by: 18.8%
– Average Days on Market: 27.9 days
Faster Than Average Sales Speed by: 18.5%
– Average Days on Market: 30.9 days
Faster Than Average Sales Speed by: 9.8%
– Average Days on Market: 31.2 days
Faster Than Average Sales Speed by: 8.7%
– Average Days on Market: 32.2 days
Faster Than Average Sales Speed by: 5.9%
– Average Days on Market: 32.5 days
Faster Than Average Sales Speed by: 4.9%