ACV Auctions Inc.
10/17/2024 | Press release | Distributed by Public on 10/17/2024 14:47
Fastest Selling Used Cars in 2024
Investing in quality used or certified pre-owned inventory is crucial for any dealership, but keeping a car on the lot for an extended period is expensive. So, what used cars sell the fastest in 2024?
iSeeCars studied used car sales in March 2024 to answer that question¹. Compared to 2023, used cars are selling faster on average, while new car sales have remained flat². Although there are plenty of new car options to choose from, pricing remains too high for many consumers³. In turn, more people are on the lookout for used vehicles, which have decreased in price significantly since the end of the pandemic⁴.
Industry reports showed a significant shift in consumer preferences towards more fuel-efficient vehicles, especially hybrids. This has led to a decline in demand for the previously popular, larger gas-powered vehicles. Several SUV and truck models that were top sellers in 2023 have either fallen a few places or have descended into the slowest selling category.
That said, there are potential price reductions for these vehicles that can make them attractive to buyers on a budget. It should also be noted that while there is interest in electric vehicles, many eco-friendly consumers still find them to be too expensive.
Hop in, and let's cruise through the top ten fastest-selling used cars in March 2024. This way, you can buy used cars online and start stocking.
Which Used Cars Are Selling the Fastest in 2024?
10. Honda CR-V Hybrid
The Honda CR-V Hybrid balances fuel efficiency and performance, making it an economical choice, whether you're taking long trips or just heading out to the grocery store. Its spacious interior provides excellent versatility for families or those who frequently transport cargo. Best of all, CR-V Hybrids boast advanced safety features to ensure a safe and comfortable ride.
- Vehicle type: SUV
- Engine type: Hybrid
- Drive type: Front-wheel or all-wheel
- Average days on lot: 22.9
- Average price: $31,591
9. Mazda MX-5 Miata
Who says you can't have fun on a budget? The MX-5 is a timeless roadster that never goes out of style without putting too much of a dent in your wallet. Not only that, but the Miata's excellent fuel efficiency and reliability can also increase your savings over time.
- Vehicle type: Sport
- Engine type: Gas
- Drive type: Rear-wheel
- Average days on lot: 22.5
- Average price: $27,237
8. Toyota Corolla Hybrid
The Corolla's legacy of reliability and fuel efficiency continues with this Toyota hybrid. AWD drivers enjoy 47 City / 41 Hwy MPG, and AWD drivers have 50 City/43 Hwy MPG. Whichever version you decide, you'll also have access to the advanced safety features that will give you peace of mind for years to come.
- Vehicle type: Compact sedan
- Engine type: Hybrid
- Drive type: Front-wheel drive (FWD) or all-wheel drive (AWD)
- Average days on lot: 21.8
- Average price: $23,016
7. Lexus NX 350
Style, speed, and security--what else do you want out of a vehicle? The Lexus NX 350's turbocharged engine provides exciting acceleration, all while exuding sophistication with its beautiful exterior and interior design. The NX 350 also offers advanced safety features at the standard level, making it the best of both worlds for many drivers.
- Vehicle type: Luxury SUV
- Engine type: Gas
- Drive type: All-wheel drive
- Average days on lot: 21.6
- Average price: $43,328
6. Toyota Highlander Hybrid
The Toyota Highlander Hybrid is a three-row SUV with versatile seating configurations, so you'll always have room for your family and your cargo. All this and an exceptional fuel economy make the Highlander an ideal choice for families that are on the go but still want to save on fuel costs.
- Vehicle type: SUV
- Engine type: Hybrid
- Drive type: front-wheel drive (FWD) or all-wheel drive (AWD)
- Average days on lot: 21.4
- Average price: $39,409
5. Lexus IS 500
A "sport performance luxury sedan" seems like a series of contradictions, but everything fits the description in this exciting contribution from Lexus. The IS 500 balances a sporty aesthetic with a luxurious interior. Best of all, the high-performance eight-speed transmission gives you confidence and comfort as the miles fly by.
- Vehicle type: Sedan
- Engine type: Gas
- Drive type: Rear-wheel drive
- Average days on lot: 21.4
- Average price: $59,489
4. Kia Niro Plug-In Hybrid
Efficiency is the name of the game for the Kia Niro Plug-In Hybrid. Potential buyers will appreciate running on electric power for short trips and the seamless switch to hybrid for longer drives. Meanwhile, the Niro's compact crossover design provides practical cargo space without sacrificing fuel efficiency.
- Vehicle type: SUV
- Engine type: Gas
- Drive type: All-wheel drive
- Average days on lot: 20.0
- Average price: $24,276
3. Lexus NX 250
You'll notice that Lexus dominates the top three positions on this list, and the NX 250 is a great example of why: It's affordable, stylish, and balances economy with performance. These features make the NX 250 ideal for city driving, weekend getaways, and trips to the store. All that and a healthy dose of luxury, too.
- Vehicle type: SUV
- Engine type: Gas
- Drive type: Front- or all-wheel drive
- Average days on lot: 19.8
- Average price: $38,772
2. Lexus NX 350h
The Lexus NX 350h has all the great features of the NX 350 (listed at no. 7), but what sets the 350h apart is its advanced hybrid powertrain. Enjoy the enhanced fuel economy from the quiet comfort of the cabin, which is as luxurious as we've come to expect from one of today's leading car brands. If you're a tech-savvy buyer, the Lexus NX 350h is the car for you.
- Vehicle type: SUV
- Engine type: Hybrid
- Drive type: All-wheel drive
- Average days on lot: 15.8
- Average price: $44,419
1. Lexus RX 350h
It's a Lexus world, and we're all just living in it! Whether you're driving for yourself or need a car for the whole family, the RX 350h is everything you need and more. The hybrid drivetrain makes for a quiet driving experience and still delivers some of the best fuel economy for its class. As a midsize luxury SUV, you can't beat the space the RX 350h provides, so everyone can stay comfortable, even on long road trips.
- Vehicle type: SUV
- Engine type: Hybrid
- Drive type: Front-wheel drive
- Average days on lot: 12.3
- Average price: $57,229
Stock Used Car Inventory That Sells Fast
It's no secret that we're in tough economic times. High interest rates and restrictive new car prices have put affordable sedans and SUVs in high demand. To get the most bang for your buck, buyers should be looking at used cars with great resale value.
Take this trend and car list into account as you stock your dealership's inventory and start looking at online car auctions. We look forward to helping your dealership stay competitive in this evolving automotive industry! Start searching for these vehicles and more by registering for ACV Auctions.
Sources
- Fastest-Selling New and Used Cars in Today's Market. iSeeCars. Retrieved September 26, 2024, from https://www.iseecars.com/fastest-selling-cars-study
- Tucker, S. (23 September 2024). Is Now the Time to Buy, Sell, or Trade-in a Car? Kelly Blue Book. Retrieved September 26, 2024, from https://www.kbb.com/car-advice/is-now-the-time-to-buy-sell-or-trade-in-a-used-car/
- Preston, B (3 September 2024). How to Navigate Today's Elevated New-Car Prices. Consumer Reports. Retrieved September 26, 2024, from https://www.consumerreports.org/cars/car-pricing-negotiation/how-to-navigate-surging-new-car-prices-a1120422679/
- Subramanian, P (14 August 2024). Used car prices fall again in July, down nearly 20% from pandemic highs. Yahoo! Finance. Retrieved September 26, 2024, from https://finance.yahoo.com/news/used-car-prices-fall-again-in-july-down-nearly-20-from-pandemic-highs-162244164.html