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Car sales have seen a big slowdown as a result of the COVID-19 pandemic. That is especially true for the Tesla Model 3 electric vehicle.
From February to March, that model has experienced a drop of almost 25 percentage points for its inventory selling within 30 days of being listed.
That is according to iSeeCars’ latest study, titled, “Cars with the Greatest Slowdown in Sales Due to COVID-19,” which it released on Wednesday.
According to the study, a mix of alternative-fuel vehicles along with cars and SUVs of varying sizes make up the list of the top 15 cars experiencing the greatest slowdown in sales between February and March.
Honda is the most represented car brand on the list with five vehicles, followed by Toyota with four.
But regarding Tesla, iSeeCars chief executive officer Phong Ly said the vehicle is typically in high demand. Because of that, it is the used vehicle with the best resale value, Ly said.
“However, because they are lingering on lots, now is the time when dealers may offer more deals than usual,” Ly said in a news release.
The Tesla Model X also made the list, showing the fifth-greatest slowdown in sales.
“Like the Model 3, the Model X is also in high demand,” Ly said.
Ly continued, “The Model X is the most expensive vehicle on the list, with an average price of $70,162 for three-year-old versions. Demand may additionally be lowered because potential buyers could be waiting for the release of the lower-priced Model Y SUV that started deliveries in March 2020.”
For the study, iSeeCars analyzed more than 1.8 million used cars for sale in February and March to determine the models with the most significant slowdown in sales, or models with the largest drop in the percentage of cars sold within a month of being listed.
iSeeCars says that for consumers in the market for a used car, those vehicles present prime negotiation opportunities.
“Overall car sales have plummeted as a result of stay-at-home orders and the economic downturn,” Ly said.
Ly continued, “But for those fortunate enough to be able to make a car purchase, now is an opportune time as dealers increasingly need to move inventory, and these slow-selling models could present great deals.”
Four Toyota SUVs making the list include the second-ranked RAV4 Hybrid, the seventh-ranked RAV4, the eighth-ranked CH-R, and the 12th-ranked Highlander. Ly noted that the RAV4 and Highlander are two of America’s top-selling SUVs, and the RAV4 Hybrid was so popular it experienced supply shortages in 2019.
“The popularity of these vehicles is largely due to Toyota’s reliability, which makes these vehicles smart buys,” Ly said.
One luxury vehicle made the list: The GX 460 from Toyota’s luxury extension, Lexus.
“Those who want a luxury off-road SUV can likely get a great deal on the Lexus GX 460,” Ly said.
Honda vehicles making the list include the 10th-ranked HR-V, the 11th-ranked Pilot, the 13th-ranked Civic, the 14th-ranked Odyssey, and the 15th-ranked CR-V.
“These vehicles are all leaders in their classes thanks to their safety and proven longevity,” Ly said.
Ly continued, “It shows that popular models across all vehicle types are seeing significant changes in selling times, which could bring deals to those who want a reliable used car.”
The Mitsubishi Eclipse Cross and the Volkswagen Atlas are a pair of newer SUVs that debuted for the 2018 model year and comprise the third and fourth position on the list, respectively.
“The Mitsubishi Eclipse Cross is one of the most affordable SUVs in the compact class, while the Volkswagen Atlas midsize SUV is among the best SUVs for families thanks to its cargo space and safety ratings,” Ly said.
The sixth-ranked Chevrolet Spark subcompact car rounds out the list, and Ly mentioned its low starting price and a “long list of standard features.” Ly said for those looking for a small car, the Spark is a good value.
“Consumers looking for a used version can likely get a great deal on the already-affordable vehicle,” Ly said.
iSeeCars showed the top 15 vehicles with the greatest sales slowdown in the area of used-car prices. The most expensive vehicle on that list? The Tesla Model X, with an average price of $88,114 for one-year-old models.
The least expensive? The Chevrolet Spark. A five-year-old version of that vehicle shows an average price of $7,692.
To determine the difference in percentages of cars sold within a month between February and March in the 20 most populous metropolitan areas, iSeeCars analyzed the data geographically.
New York City was the most impacted of the 20 largest metro areas. Ly said because New York City was the epicenter of the Coronavirus, the fact that shoppers would not want to visit dealerships makes sense. In addition, Ly noted the state of New York’s ban on test drives and said that could have played a major role.
The least impacted area? San Francisco.
|Vehicle||% sold within 30 days, Feb. 2020||% sold within 30 days, March 2020||2020 Feb – Mar % Sold difference|
|1. Tesla Model 3||71.5%||47.4%||-24.2%|
|2. Toyota RAV4 Hybrid||62.2%||41.3%||-20.9%|
|3. Volkswagen Altas||64.7%||45.3%||-19.4%|
|4. Mitsubishi Eclipse Cross||53.9%||34.9%||-19.0%|
|5 Tesla Model X||57.9%||40.4%||-17.5%|
|6. Chevrolet Spark||62.6%||45.4%||-17.1%|
|7. Toyota RAV4||60.0%||43.2%||-16.8%|
|8. Toyota C-HR||54.0%||37.2%||-16.8%|
|9. Lexus GS-460||58.4%||41.7%||-16.7%|
|10. Honda HR-V||53.0%||36.4%||-16.6%|
|11. Honda Pilot||59.7%||43.4%||-16.2%|
|12. Toyota Highlander||64.1%||47.9%||-16.1%|
|13. Honda Civic||65.1%||49.1%||-15.9%|
|14. Honda Odyssey||63.4%||47.6%||-15.8%|
|15. Honda CR-V||57.8%||42.1%||-15.7%|
Originally Published on Auto Remarketing (https://www.autoremarketing.com)