Does your ride make the list of shame?
While new car sales have been strong for the past two-plus years, there’s no denying a downward trend is eroding demand. Meanwhile, used sales are picking up, shocking some who thought they would be falling by now. What’s truly surprising about these trends is some of the former market darlings appear on a list of the slowest-selling new and used vehicles for July 2023 showing things are changing and fast. Among them are Teslas, Mustangs, and Jeeps, reflecting shifting consumer behavior.
There are a few shockers in the list of 10 slowest-selling new cars as measured by iSeeCars. While number one is the Jeep Cherokee, that actually isn’t a surprise considering the crossover consistently pulls atrocious sales numbers. It spends an average 128.7 days sitting on dealer lots, showing the Cherokee has become a dog.
More surprising is the Ford Mustang coming in fourth on the list at 108.6 days on the market before selling. We think this has something to do with Ford pushing the pony car far upmarket from its humble roots, with an average transaction price in July of a whopping $56,670. As people feel the financial pinch, they’re cutting back on such extravagances.
The Mazda Miata came in fifth at 107.3 days on the market, even though it’s significantly cheaper at an average price of $34,543. When times are tough a little two-seat roadster isn’t a necessity and thus can be skipped.
Most other cars in the top ten are fairly expensive but less enthusiast-focused, like the Lincoln Navigator, Nissan Murano, Ford Edge, and Infiniti QX80.
As far as the slowest-selling used cars, iSeeCars found the Tesla Model S was number one at 88.3 days on the market. Considering the price breaks on the Model 3, this makes sense. The Ford Mach-E, which we keep getting told is supposedly a Mustang, came in third at 75.8 days on average.
Other notable inclusions on the used list are the Tesla Model X in sixth place at 71.4 days and the Chrysler 300 at ninth with 64.7 days on the market. Luxury models also populated the list of slow-selling used rides, including two Land Rovers, a Cadillac, and two Buicks.
Consumers seem to be going for cheaper and more practical vehicles with the quickest-selling used options dominated by Hondas, Toyotas, Acuras, etc. The fastest-selling new vehicles do include some luxury models like the Range Rover, which sits at number two, but Toyota boasts nine models in the top 20, showing many shoppers are aiming for more practical rides.
As the economy and market continue to shift, especially with interest rates possibly climbing again, we might see a continued transition in used and new vehicle shopping habits.
Check out the iSeeCars study for yourself here.
Images via Facebook