Despite the steady increase in used car prices, drivers are still swooping in and taking these cars home relatively quick. Electric cars are now the first to go from used lots according to a study from iSeeCars, with the Tesla Model 3, Model S and the Chevy Bolt selling the fastest among 2016-2020 model years in the U.S.
The car sales analyst reports that as of this July, EVs top the used car sales charts. The study from iSeeCars groups combustion-equipped cars, hybrid cars and fully-electrified cars together. On average, the three used EV models mentioned above sit on the lot for about two to three weeks, and sell at the following prices:
- Tesla Model 3 – sold in 15.7 days, for $46,982
- Tesla Model S – sold in 20.8 days, for $22,005
- Chevrolet Bolt EV – sold in 21.3 days, for $64,205
The closest ICE car is the BMW 4 Series, which sits on the lot for just about 23 days and sells for a little over $40,000. That’s two more days than the Chevy Bolt EV. For reference, the “Average for All Used Vehicles” cited in the study is 35.4 days until sold, at a price just over $31,000.
There are a couple of surprises here, other than the fact that used EVs are selling so quickly. The first is that drivers are buying used Bolts at this rate, even with the recalls in place.
GM has had a hard time lately with its EVs, which have been recalled yet again to fix bad battery cells in 2017-19 model year Bolts. The recall is proving to be expensive, already costing GM around $800 million, but it looks like that recall is having the opposite effect for drivers. The Bolt EV is the cheapest electric car among the top three. Even though many drivers may be wary of the recalls, it seems like an electric car coming in around the low $20,000 mark is too good to pass up — spontaneous combustion be damned.
The other surprise is that the Model 3 is so popular that drivers will not only buy these faster than any other used car, but they’ll actually pay more for a used one than a new one sometimes, according to analyst Karl Brauer:
“The Tesla Model 3 has remained popular since its high-profile debut, thanks to impressive technology and performance, plus a relatively affordable price compared to Tesla’s earlier vehicles,” said Brauer. “Used Model 3’s are so popular that consumers are willing to purchase used versions at higher prices than new versions .”
Tesla’s Model 3 has appeared on the list of the fastest-selling used cars for the fifth consecutive month, too. And it’s not like the study is so narrow that it would skew favorably for electric cars. It takes four model years into account, and still the EVs are outpacing the rest.
The sales study is worth taking a look at in its entirety, and I’m also glad to see hybrids and PHEVs make the list. Brauer notes that the increased popularity could be due to rising gas prices.