Consumers Cautious During Pandemic, Much Slower to Buy New, Used Cars

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Cars for sale. Photo by Helgi Halldórsson via Wikimedia Commons

Worries over the economy have spread to car sales, according to a new study.

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iSeeCars.com analyzed 9 million recent vehicle purchases and overall, found that the average time it takes a dealer to sell a new car has jumped to more than three months since the pandemic began. That’s up from 58 days.

It took 50 days to sell a used car from late last year through February. But for the period from March to June, that number rose to 69 days.

“The effective demand for these vehicles has slowed in the wake of the COVID-19 pandemic due to lockdowns and downturns in the economy, but the change was much more dramatic for new vehicles than for used vehicles,” said iSeeCars CEO Phong Ly.

Meanwhile, a Hyundai and a Toyota stand out in San Diego as the vehicles that continue to move off dealer lots fast, according to the study.

Here are the fastest-selling new cars in San Diego, and the average days they take to sell:

  • Hyundai Palisade – 19.4
  • Kia Telluride – 21.9
  • Toyota RAV4 Hybrid – 24.3
  • Chevrolet Traverse – 29.3
  • Mazda CX-5 – 32.5

And, the fastest-selling used cars locally, with their average days on the lot:

  • Toyota 4Runner – 23.7
  • Kia Niro – 24.3
  • Ford Fusion Hybrid – 27.7
  • Dodge Journey – 28.6
  • Subaru Crosstrek – 28.8

To compare, the average new car remains on a dealer lot in San Diego for nearly four months before being purchased. The average used car takes almost 42 days to sell.

Various factors play a role in fast sales, from buzz surrounding a new model to established popularity with consumers. Covid-19 even may have a further influence because of production shutdowns during the pandemic.

Nationwide, the fastest seller among new vehicles is the Chevrolet Trailblazer, while among used cars, the standout is more high end – the Tesla Model 3.

– Staff reports

Consumers Cautious During Pandemic, Much Slower to Buy New, Used Cars was last modified: August 12th, 2020 by Editor

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