April’s fastest-selling used vehicles were led by the BMW 2 Series, according to iSeeCars. The 20 fastest-selling used vehicles averaged 28.7 days, 1.2-1.7 times faster than it took to sell an ordinary used vehicle. The fastest-selling used vehicles included a mix of sports cars, luxury vehicles, hybrids, and minivans.
“Earning the top spot is the BMW 2 Series small luxury car. It’s followed by the Mazda MX-5 Miata, Chevrolet Corvette, Mini Convertible, BMW 4 Series, and Kia Stinger. High-performance vehicles have been popular during the pandemic,” said Karl Brauer, iSeeCars executive analyst.
The Hyundai Palisade ranked fourth, followed by the Kia Telluride. “These SUVs debuted in 2020, and have sustained popularity. Not widely available used, they had an May inventory increase. Given the markup and scarcity, used versions are appealing to those unable to locate a new one, or who want to save money.”
The Tesla Model 3 made the list for the second consecutive month in sixth. “The Tesla Model 3 is the most popular EV, and has been popular since its debut. Rising gasoline prices, as well as new Model 3 price increases contributed to the popularity of used Model 3s, which great value retention.”
The Honda Odyssey and the Chrysler Pacifica minivans made the list. “The Odyssey and the Pacifica are modern minivans with premium features. More families are buying them as activities resume this spring and summer, creating a need for more spacious family haulers.”
“Car buyers may have difficulty finding the most in-demand vehicles, and end up paying a premium in the used car marketplace. While automakers prioritize their most popular vehicles in the wake of the microchip shortage, demand for these vehicles is still likely to outpace supply in the coming months,” said Brauer.
iSeeCars.com is a car search engine. Sales of 2016-2020 used cars in April were analyzed, and days listed and days on market for each model calculated. Excluded were heavy-duty vehicles, those no longer in production prior to the 2021, and low-volume models. Since when did a sedan, a four-door, become a Gran Coupe? Because BMW and a handful of other luxury carmakers deemed it so?
Dealers who subscribe to information like this will then scour the auto auctions, competing for the same vehicles and driving wholesale prices higher. While working retail, I typically bought popular vehicles not on the list, such as the Mustang. Less expensive to acquire, my margins would be greater due to these same dynamics. Unless you need to replace a vehicle now, I’d wait for the market to cool off.
[Images: BMW, iSee Cars, Kia, Tesla, Honda]