In the world of automakers, there is constant competition to sell new vehicles quickly and efficiently. Recently, iSeeCars conducted a study on the fastest- and slowest-selling new vehicles between October 2023 and March 2024, revealing some interesting trends in the industry. While some brands were able to move cars off dealers’ lots at an impressive pace, others struggled to keep up with consumer demand.
**Fastest-Selling New Cars of 2024**
Toyota emerged as the fastest-selling new car brand during the specified period, with vehicles staying on the market for an average of 39.6 days. Following closely behind was Alfa Romeo, averaging 41.8 days, and Cadillac at 43.4 days. Other brands that made the list of the top 10 fastest-selling new cars include Honda, Jaguar, Kia, Hyundai, Subaru, BMW, and Mazda.
**Factors Influencing Fast-Selling Brands**
The brands that were able to move inventory quickly displayed a strong value and desirability for consumers. Mainstream brands like Toyota and Honda catered to consumers seeking maximum value for their money. On the other hand, luxury brands with limited supply such as Alfa Romeo, Cadillac, and Jaguar attracted affluent buyers willing to make quick purchase decisions.
**Struggling Brands**
While some brands thrived in the fast-selling category, others faced challenges in moving inventory at a swift pace. Lincoln emerged as the slowest-selling new car company, taking an average of 82.6 days to sell a vehicle. Infiniti and Buick were not far behind, with average selling times of 79.8 days and 79 days, respectively.
**Impact of EVs on Selling Time**
The study also highlighted the difference in selling time between new EVs and hybrids. EVs took much longer to sell, with an average of 70.6 days on the market in March 2024 compared to just 49.5 days for hybrids.
**Used Car Trends**
Interestingly, some of the fast-selling new brands also appeared on the list of fastest-selling used cars. Used Hondas topped the list, with an average selling time of 26.1 days, followed by Lexus at 26.3 days, and Toyota at 27.4 days.
Overall, the study by iSeeCars shed light on the varying performance of automakers in the sales department, highlighting the importance of value, desirability, and consumer demand in the competitive automotive market.