Used car prices have been rising in recent months in the United States due to increased demand and a limited supply of new cars, and EVs make no exception.
However, high prices don’t seem to stop customers from buying them, and it looks like electric vehicles spend the least amount of time in the classifieds. If we’re looking at July 2021 used car sales data for vehicles from model years 2016 to 2020, the three fastest-selling models were all EVs.
According to a study from iSeeCars.com that bases its methodology primarily around the aggregation of more than one million new and used car inventory listings, the Tesla Model 3 topped the charts taking an average 15.7 days to sell, despite a $46,982 average transaction price across model years. Even Model 3s from the 2018 model year (the first for the compact sedan) sold for $45,291 on average.
Gallery: 2018 Tesla Model 3
That’s crazy considering that a brand-new Model 3 will set you back $41,190 in Standard Range or $51,190 in Long Range form. July 2021 was the fifth consecutive month the Model 3 appeared on the list of fastest-selling used cars.
Moving on, the Chevrolet Bolt EV came in second place with an average of 20.8 days to sell and an average transaction price of $22,005. The price is certainly the Bolt EV’s main selling point, but it’s still quite surprising to see GM’s electric car in high demand on the used car market despite fire issues that triggered several recalls and the recent introduction of the facelifted 2022 Bolt EV and new Bolt EUV models.
Third place went to the Tesla Model S, which spent an average 21.3 days to sell for an average transaction price of $64,205. Despite the launch of the refreshed Model S which brings the latest features and performance upgrades, demand for older models stays strong on the used market. If anything, the introduction of the Model S Plaid may have generated more interest in the big electric sedan as a used car.
The top 10 fastest-selling used cars list also includes the Tesla Model X (7th place, 24.7 days, $76,268) and the Honda Clarity Plug-In Hybrid (8th place, 24.7 days, $23,519).
Read more about used EVs
Source: iSeeCars.com via Green Car Reports