Highlights:

  • Used EV prices are down 33.7 percent while the average used car price is only down 5.1 percent
  • Teslas have had some of the biggest price drops for used cars, ranging from a $21,775 decrease for the Model X, $18,596 for the Model S and $14,716 for the Model 3
  • New electric vehicles take almost three times as long to sell compared to a year ago
  • Seven of the top 10 fastest-selling new cars are hybrids, including the Ford Maverick, Kia Sportage and Toyota Grand Highlander
  • Three of the top 10 slowest selling used cars are EVs, including the Kia EV6, Ford F-150 Lightning and Polestar 2
Car prices and selling times have come off their pandemic-induced highs, with the average new and used car selling slower and at a lower price compared to a year ago. But used electric vehicle prices have fallen the most, down 33.7 percent compared to the 5.1 percent drop in overall average used car pricing and a 9.6 percent drop in the average used hybrid price. Electric vehicles are the slowest-selling segment of the used car market, further reflecting their drop in EV demand. 

iSeeCars analyzed over 2.3 million new and 1- to 5-year-old used cars to evaluate the market for EVs relative to other segments. The analysis compared EVs to hybrids and conventional fuel vehicles and found substantial weakness in measures of demand for EVs.

Used electric vehicle demand nosedives 

Used EV price reductions from a year ago are far outpacing the drops in price for gasoline and hybrid models, confirming a shift in demand throughout the used car market. 

Average used EV prices in October 2022 were over 60 percent higher than other used cars, at $52,821 compared to $32,627, but by 2023 they had dropped to within 13 percent, $34,994 compared to $30,972.

Year-over-Year Used Car Price Comparison By Segment, October 2023 – iSeeCars Study
Segment Year-over-Year Price Comparison Average Price October 2023 Average Price October 2022
All Used Cars -5.1% $30,972 $32,627
EVs -33.7% $34,994 $52,821
Hybrids -9.6% $31,511 $34,850
“Used car prices started to contract about midway through 2022,” said Karl Brauer, iSeeCars executive analyst. “The average used car price has stabilized around 5 percent below previous-year levels, but used electric vehicle prices dropped much farther and faster, with EVs currently down more than 33 percent compared to a year ago.”

Used car average days on market by segment

Despite their falling prices, used EVs are selling slower than gasoline or hybrid models. The average EV takes 52.4 days to sell versus 49.2 days for the average used car. A year ago, the average EV sold in 37.5 days, further reflecting a big drop in EV demand across the used car market.
Average Days on Market By Used Car Segment, October 2023 – iSeeCars Study
Segment Average Days on Market, Oct. 2023 Average Days on Market, Oct. 2022
All Used Cars 49.2 54.9
EVs 52.4 37.5
Hybrids 46.7 34.3
“Even with massive price drops, electric vehicles are selling slower than gasoline and hybrid vehicles,” said Brauer. “This combination of lower prices and slower sales suggests EVs have hit a market demand threshold that will be difficult to break through. Everything from economic concerns to growing competition among electric vehicles is contributing to their downward trend.”

Three EVs in the Top 10 Slowest-Selling Used Cars

Luxury models dominate the slowest-selling used car list, but three electric cars also make the top 10 list for slow sales.
Top 10 Slowest-Selling Used Cars, October 2023 – iSeeCars Study
Rank Model Average Days on Market Compared to Average for All Used Cars
1 Maserati Quattroporte 137.8 2.8x
2 Kia EV6 95.9 2.0x
3 Jeep Grand Cherokee 93.4 1.9x
4 Land Rover Discovery Sport 83.1 1.7x
5 Audi A5 83.0 1.7x
6 Maserati Ghibli 82.4 1.7x
7 Mercedes-Benz C-Class (convertible) 80.7 1.6x
8 Ford F-150 Lightning 78.4 1.6x
9 Infiniti Q60 75.6 1.5x
10 Polestar 2 73.4 1.5x
Average for All Used Cars 49.2
“Most of today’s slowest selling used cars are premium models or electric vehicles, with the Maserati Quattroporte, Kia EV6, and Jeep Grand Cherokee taking over twice as long to sell as the average used vehicle,” said Brauer. "The F-150 Lightning, Ford's electric truck based off the best-selling vehicle in the U.S., is also struggling to find buyers."

Three hybrids in the Top 10 Fastest-Selling Used Cars 

Hybrids and sports cars are among the fastest-selling used cars right now. The top-ranked BMW X5 hybrid’s average time to sell is 26.8 days, which is about twice as fast as the average for all used cars. One electric vehicle, Rivian’s R1T midsize truck also makes the list and is under the overall average at 35.5 days on market. Rivian's truck is produced in relatively limited quantities and still has strong demand.
Top 10 Fastest-Selling Used Cars, October 2023 – iSeeCars Study
Rank Model Average Days on Market Compared to Average for All Used Cars
1 BMW X5 (hybrid) 26.8 0.5x
2 Toyota Highlander Hybrid 29.0 0.6x
3 Cadillac XT6 30.1 0.6x
4 Lexus NX 350 31.8 0.6x
5 Toyota GR Supra 31.8 0.6x
6 Hyundai Elantra Hybrid 31.8 0.6x
7 Porsche 718 Boxster (convertible) 32.4 0.7x
8 Cadillac CT5 33.3 0.7x
9 BMW M2 34.4 0.7x
10 Rivian R1T 35.5 0.7x
Average for All Used Cars 49.2
“The fastest-selling used cars represent the dual nature of today’s car market,” said Brauer. “You have a large contingent of consumers looking to cut fuel costs, thus the popularity of hybrids. But you also have shoppers who aren’t – yet – feeling the crunch of higher interest rates and inflation and these buyers want something fun like a BMW M2 or Porsche 718 Boxster.”

Used EV average days on market: Teslas and the Chevrolet Bolt still selling quickly

When ranked by days on market, three of Tesla’s four models are selling faster than the 52.4 days it takes for the average electric vehicle to sell. The Model Y is selling fastest at 43.1 days, which is 10 days quicker than the languishing Model X at 53.3 days. The Chevrolet Bolt, Audi e-tron Sportback and Rivian R1T are also beating the average EV days on market.
Average Days on Market for Used EVs, October 2023 – iSeeCars Study
Rank Model Average Days on Market Compared to Used EV Average
1 Kia EV6 95.9 1.8x
2 Ford F-150 Lightning 78.4 1.5x
3 Polestar 2 73.4 1.4x
4 Volkswagen ID.4 73.3 1.4x
5 Kia Niro EV 72.2 1.4x
6 Hyundai Ioniq 5 67.2 1.3x
7 Ford Mustang Mach-E 66.7 1.3x
8 Nissan LEAF 62.3 1.2x
9 Audi e-tron 61.7 1.2x
10 Hyundai Kona Electric 61.4 1.2x
11 Tesla Model X 53.3 1.0x
12 Porsche Taycan 53.3 1.0x
Used EV Average 52.4
13 Tesla Model S 49.2 0.9x
14 Audi e-tron Sportback 47.9 0.9x
15 Tesla Model 3 45.3 0.9x
16 Chevrolet Bolt EV 43.4 0.8x
17 Tesla Model Y 43.1 0.8x
18 Chevrolet Bolt EUV 42.1 0.8x
19 R1T 35.5 0.7x
“It’s ironic to see the Chevrolet Bolt among the fastest-selling electric vehicles just as GM is killing it,” said Brauer. “The Bolt has set a high bar for demand and value that the automaker’s next-generation of EVs must match as they come to market.”

Used cars with the biggest price drops: Electric vehicles lead the charge on falling prices

Five of the top 10 vehicles with the largest price drops are electric models, including the Nissan LEAF, three Teslas, and the Chevrolet Bolt, which are all down 25 percent or more. “Only Tesla’s Model Y doesn’t make the top 10 list for price drops, while its other three vehicles all make the top 5,” said Brauer. Two hybrids also saw big price reductions and, like the EVs in this list, are older models in need of a redesign.
Top 10 Used Cars With the Largest Price Drops (YoY), October 2023 – iSeeCars Study
Rank Model Year-over-Year Price Comparison Average Price October 2023 Average Price October 2022
1 Nissan LEAF -30.6% $19,649 $28,304
2 Tesla Model 3 -30.5% $33,455 $48,171
3 Chevrolet Bolt EV -28.7% $20,398 $28,625
4 Tesla Model X -26.2% $61,424 $83,199
5 Tesla Model S -24.7% $56,655 $75,251
6 Chrysler Pacifica Hybrid -20.0% $33,272 $41,571
7 BMW 5 Series (hybrid) -18.7% $30,757 $37,812
8 Land Rover Range Rover -18.3% $69,650 $85,298
9 Land Rover Discovery -17.9% $37,131 $45,242
10 Land Rover Range Rover Velar -17.7% $42,511 $51,631
Average for all used cars -5.1% $30,972 $32,627
“It’s common for old models to drop in price when the market contracts,” said Brauer.” Most of the models on this list were introduced several years ago and need a redesign to remain competitive.”

New car average days on market: Hybrids selling faster, EVs selling slower 

The new car data reflects the same market demand curve as used, with new hybrids selling faster than the average model and new electric cars selling slower. A year ago new EVs were leaving dealerships in just over 20 days. Now it takes 57.5 days, or almost three times as long, for the average electric vehicle to sell.
Average Days on Market By New Car* Segment, October 2023 – iSeeCars Study
Segment Average Days on Market, Oct. 2023 Average Days on Market, Oct. 2022
All New Cars* 44.4 32.6
EVs* 57.5 20.5
Hybrids 37.2 20.0
*Excluding Tesla

“It took years for the car-buying public to understand and appreciate the benefits of hybrid technology,” said Brauer. “But enough people have figured it out that hybrids now sell faster than the average new car and much faster than new EVs. Electric car technology remains unfamiliar to most consumers and that lack of comfort, combined with their overall higher prices, is enough to reduce demand and slow EV sales compared to the average new gasoline or hybrid car.” 

The Top 10 Slowest-Selling New Cars: Electric cars selling slowly 

The top 10 slowest-selling new cars take from 89.9 to 119.6 days to move off dealer lots, which is more than twice as long compared to the new car average of 44.4 days. 
Top 10 Slowest-Selling New Cars*, October 2023 – iSeeCars Study
Rank Model Average Days on Market Compared to Average for All New Cars
1 Mercedes-Benz EQS (sedan) 119.6 2.7x
2 Mitsubishi Outlander PHEV 116.1 2.6x
3 Mercedes-Benz C-Class (coupe) 100.6 2.3x
4 Mazda MX-5 Miata 98.0 2.2x
5 NIssan Armada 95.5 2.1x
6 Volvo XC40 Recharge 95.5 2.1x
7 Lincoln Aviator 92.7 2.1x
8 Mercedes-Benz GLS 90.7 2.0x
9 Ford Ranger 90.5 2.0x
10 Land Rover Discovery Sport 89.9 2.0x
Average for All New Cars 44.4
*Excluding Tesla

“The slowest-selling new cars are a combination of electric vehicles and luxury models, with nearly all of the non-EVs being older designs in need of a refresh,” said Brauer. 

Hybrids dominate the Top 10 Fastest-Selling New Cars

Hybrid vehicles make up seven of the 10 fastest selling new cars, reflecting their combination of affordability and fuel efficiency when gas prices are near historic highs.
Top 10 Fastest-Selling New Cars*, October 2023 – iSeeCars Study
Rank Model Average Days on Market Compared to Average for All New Cars
1 BMW X6 10.0 0.2x
2 Kia Rio 12.7 0.3x
3 Ford Maverick (hybrid) 14.3 0.3x
4 Kia Sportage Hybrid 15.5 0.3x
5 Toyota Grand Highlander Hybrid 17.9 0.4x
6 Lexus RX 350h 19.8 0.4x
7 Toyota Camry Hybrid 21.4 0.5x
8 BMW X7 21.6 0.5x
9 Ford Escape Hybrid 21.9 0.5x
10 Lexus NX 350h 21.9 0.5x
Average for All New Cars 44.4
*Excluding Tesla

“Hybrid drivetrains have migrated from small hatchbacks to nearly every vehicle category over the past decade,” said Brauer. “Today’s buyers can find hybrid technology in almost every new-car showroom. Their lower price and lack of range anxiety, when compared against EVs, is clearly resonating with consumers.”

New EV average days on market: Luxury models lagging 

Luxury models are prominent among the slowest-selling new electric cars, with many of them losing the federal tax incentive when the Inflation Reduction Act passed last year.
Average Days on Market for New EVs*, October 2023 – iSeeCars Study
Rank Model Average Days on Market Compared to New EV Average
1 Mercedes-Benz EQS (sedan) 119.6 2.1x
2 Volvo XC40 Recharge 95.5 1.7x
3 Mercedes-Benz EQS (SUV) 86.0 1.5x
4 Mercedes-Benz EQE (sedan) 86.0 1.5x
5 Kia Niro EV 85.9 1.5x
6 Mercedes-Benz EQE (SUV) 77.1 1.3x
7 Volvo C40 Recharge 72.5 1.3x
8 Volkswagen ID.4 68.8 1.2x
9 Lexus RZ 450e 67.9 1.2x
10 Kia EV6 65.7 1.1x
11 Audi Q8 e-tron Sportback 64.6 1.1x
12 Genesis GV60 63.8 1.1x
13 Nissan Ariya 61.3 1.1x
14 Chevrolet Bolt EV 60.0 1.0x
New EV Average* 57.5
15 Hyundai Ioniq 5 56.6 1.0x
16 Nissan LEAF 56.3 1.0x
17 Hyundai Kona Electric 56.0 1.0x
18 Subaru Solterra 55.3 1.0x
19 Cadillac LYRIQ 55.0 1.0x
20 Hyundai Ioniq 6 54.9 1.0x
21 GMC Hummer EV 54.4 0.9x
22 Toyota bZ4X 52.9 0.9x
23 Audi Q4 e-tron 49.7 0.9x
24 Mercedes-Benz EQB 49.2 0.9x
25 BMW iX 47.6 0.8x
26 BMW i4 46.3 0.8x
27 Audi Q8 e-tron 46.1 0.8x
28 Genesis Electrified GV70 43.6 0.8x
29 Ford Mustang Mach-E 43.4 0.8x
30 Ford F-150 Lightning 41.2 0.7x
31 BMW i7 40.6 0.7x
32 Chevrolet Bolt EUV 33.1 0.6x
*Excluding Tesla

“The electric vehicle market has been flooded with new entries over the past 12 months,” said Brauer. “It appears the aggressive investment in EV production capacity has surpassed the consumer appetite for these models, at least in the near term.”

New car price vs. MSRP by segment

New car demand continues to outpace supply. Even with higher inflation and interest rates over the past year, the average new vehicle still sells for $3,567 over MSRP.

“An ongoing lack of supply has kept new cars selling at above sticker price, but electric vehicles are priced closer to MSRP than hybrid and gasoline vehicles,” said Brauer.

New Car Price* vs. MSRP By Segment, October 2023 – iSeeCars Study
Segment % Price vs. MSRP Average Price Average MSRP
All New Cars* 8.4% $46,077 $42,510
EVs* 7.1% $63,878 $59,622
Hybrids 8.2% $47,505 $43,898
*Excluding Tesla

New cars available below MSRP

Even in this high-demand environment for new cars there are eight models selling for below MSRP, with the biggest savings on the Kia EV6 at 3.1 percent below sticker price. Half of the list is electric vehicles, along with one hybrid.
New Cars Priced Below MSRP, October 2023 – iSeeCars Study
Rank Model % Price vs. MSRP Average Price Average MSRP
1 Kia EV6 -3.1% $52,151 $53,844
2 Ford F-150 (hybrid) -2.8% $82,489 $84,870
3 Hyundai Ioniq 6 -2.7% $49,131 $50,507
4 Nissan Armada -1.8% $62,025 $63,150
5 Hyundai Ioniq 5 -0.9% $51,022 $51,489
6 Volkswagen ID.4 -0.6% $49,431 $49,729
7 Kia Niro EV -0.3% $41,596 $41,734
8 Infiniti QX80 -0.2% $83,235 $83,397
Average of All New Cars* 8.4% $46,077 $42,510
*Excluding Tesla

“There are still very few ‘deals’ in the new car market,” said Brauer. “Shoppers looking to pay below MSRP for a new car will have to do their research, but a small number of models can be bought below sticker price.”

 

Methodology

iSeeCars analyzed over 2.3 million new and 1- to 5-year-old used cars sold in October 2023. The average list prices and days-to-sell for each model were aggregated and compared. For new cars, list prices were compared to MSRP, and for used cars, list prices were compared to prices from October 2022. Heavy-duty vehicles and low-volume models were excluded from further analysis. For the used car analysis, models no longer in production prior to the 2022 model year were also excluded.

 

About iSeeCars.com

iSeeCars.com is a data-driven car search and research company that helps shoppers find the best car deals by providing key insights and valuable resources, including the iSeeCars VIN Check report and Best Cars Rankings. iSeeCars has saved users over $414 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.