(iSeeCars) The latest iSeeCars analysis found that the fastest-selling new car during the month of April was the Chevrolet Corvette, for the fourth consecutive month, while full-size SUVs and hybrid vehicles were prevalent on the new vehicle list. The Tesla Model 3 is among the fastest-selling used cars, a list dominated by luxury and sporty vehicles. Additionally, three recently released models, the Jeep Wrangler 4xe, the Hyundai Santa Fe Hybrid, and the Kia Carnival debuted on the fastest-selling new vehicle list.
Analyzing over 1.3 million new and used cars sold in April 2021, iSeeCars.com found that overall, the average new car takes 48.3 days to sell and the average used car takes 37.4 days to sell. New cars are selling slightly slower compared with March’s 47.4 day average, while used cars are selling faster in April compared with March’s 39.4 day average.
- The Chevrolet Corvette leads the list of fastest-selling new vehicles for the fourth consecutive month
- Newly released Jeep Wrangler 4xe and Hyundai Santa Fe Hybrid join growing list of in-demand hybrid vehicles
- Recently released Kia Carnival and new for 2021 Kia Sorento Hybrid join the Telluride as in-demand Kia vehicles
- Sporty and luxury vehicles dominate fastest-selling used car list
Although the average new car selling time remained relatively consistent in April compared to March, available new car inventory dropped through the month. “The microchip shortage is showing up as a clear constriction to new car supply, as we’ve seen a 16.6% drop in new car inventory over just the past four weeks from April to May,” said iSeeCars Executive Analyst Karl Brauer. “The significant decrease in inventory suggests demand continues to outpace supply, and these hot sellers will likely be even more difficult to find in the coming months.”
Fastest-Selling New Cars
iSeeCars identified the top 20 fastest-selling new cars, which sell 2.4 to 5.3 times faster than the average new vehicle and average 16.2 days on dealers’ lots. SUVs comprise the vast majority of the the top 20 list, and hybrid vehicles also account for seven models on the list.
|Top 20 Fastest-Selling New Vehicles in April 2021 – iSeeCars Study|
|Rank||Vehicle||Average Days to Sell||Average Price|
|2||Jeep Wrangler 4xe||10.5||$57,161|
|4||Hyundai Santa Fe Hybrid||12.8||$39,285|
|5||Lexus IS 350||13.4||$49,348|
|6||Toyota RAV4 Prime||13.7||$43,983|
|13||GMC Yukon XL||17.7||$79,032|
|14||Cadillac Escalade ESV||18.3||$102,768|
|16||Hyundai Elantra (Hybrid)||19.8||$25,782|
|17||Lexus RX 450h||20.5||$58,263|
|19||Toyota RAV4 Hybrid||21.0||$34,984|
|20||Kia Sorento Hybrid||21.0||$36,943|
|Average for All New Vehicles||48.3||$37,558|
The fastest-selling new vehicle is the Chevrolet Corvette, which takes on average 9.2 days to sell, nearly four days faster than its February selling time. “The new mid-engine Corvette is the fastest-selling new car for the third consecutive month,” said Brauer. “The Corvette C8 has been in short supply since its 2020 debut due to overwhelming demand and multiple production setbacks, forcing General Motors to stop taking orders for the 2021 model.”
The all-new Jeep Wrangler 4xe, the plug-in hybrid version of the popular Wrangler that recently arrived in dealerships, makes its debut on the list as the second fastest-selling new vehicle. “The successful debut of the Jeep Wrangler 4xe shows there is a demand for a more efficient version of the off-road performance oriented Wrangler,” said Brauer. “Jeep has a loyal customer base, and new models are typically in high demand, so it will be interesting to see if Jeep loyalists continue to embrace the lineup’s first electrified vehicle.”
Six additional hybrid vehicles make the list including the Hyundai Santa Fe Hybrid, the Toyota RAV4 Prime plug-in hybrid, the Hyundai Elantra hybrid, the Lexus RX 450h hybrid, the Toyota RAV4 Hybrid, and the Kia Sorento Hybrid. “Two Korean hybrid vehicles make their debut on the list including the recently released Hyundai Santa Fe Hybrid and the Kia Sorento Hybrid, which is also new for the 2021 model year,” said Brauer. “They join other high-demand hybrid vehicles that have maintained their positions as the fastest-selling vehicles–most notably the RAV4 Prime and RAV4 Hybrid, continuing the ongoing trend of Toyota struggling to produce enough hybrid vehicles to meet demand. Toyota has already exceeded its projection for RAV4 Prime deliveries this year.”
Making its debut on the list is the newly released Kia Carnival, which is billed as a multipurpose vehicle and replaces the Kia Sedona minivan in its lineup. “The Carnival has the function of a minivan with sliding doors and three rows of expansive cargo space, but also takes design cues from the Telluride SUV in hopes of emulating its success,” said Brauer. “The Carnival is loaded with premium features and positions itself as a ‘premium people mover’ to attract drivers who are averse to traditional minivans.”
The Kia Telluride midsize SUV maintains its position as a hot-seller for the fourth consecutive month. “Kia is still struggling to keep up with the demand for the Telluride two years after its launch, and a two-day halt in production in April led to an almost 20 percent reduction in inventory to further heighten its demand,” said Brauer. “Dealers continue to charge above MSRP because consumers are willing to pay a premium for this vehicle, and demand is showing no signs of slowing down.”
Two Toyota pickup trucks make the list–the Toyota Tacoma and the Toyota Tundra. “The Tacoma has been a fastest-seller for four consecutive months, while the Tundra has been among the fastest sellers for two,” said Brauer. “Toyota has halted incentives in many parts of the country due to the high demand for these trucks and the lowered supply due to the microchip shortage.”
The full-size Cadillac Escalade and its extended variant, the Escalade ESV, appear on the fastest-selling list of new cars for the third consecutive month. “The Escalade was redesigned for 2021 to make the already supersized SUV even larger and more luxurious, leading to a 75 percent sales increase in the first quarter of 2021 over last year,” said Brauer. “Cadillac removed incentives for these vehicles in April, and production has yet to be affected as the automaker has prioritized these vehicles over less popular models.”
Three additional full-size SUVs from General Motors make the list for the second consecutive month including the GMC Yukon, the GMC Yukon XL, and the Chevrolet Tahoe. “General Motors is one of the manufacturers most impacted by the semiconductor shortage, but production interruptions have not affected the manufacturer’s high-profit, full-size SUVs,” said Brauer.
Fastest-Selling Used Vehicles
iSeeCars also analyzed the top 20 fastest-selling used vehicles. The average used vehicle takes 39.4 days to sell, and the top 20 fastest-selling vehicles average 28.7 days and sell 1.2 to 1.7 times faster than the average used vehicle. The list of fastest-selling used vehicles includes a mix of vehicle types led by sporty and luxury vehicles.
|Top 20 Fastest-Selling Used Vehicles in April 2021- iSeeCars Study|
|Rank||Vehicle||Average Days to Sell||Average Price|
|1||BMW 2 Series||21.9||$32,835|
|2||Mazda MX-5 Miata||22.2||$23,699|
|6||Tesla Model 3||25.7||$41,426|
|9||BMW 4 Series||28.0||$37,939|
|16||GMC Yukon XL||30.0||$47,393|
|18||Lexus NX 300||30.1||$31,984|
|19||Mazda MX-5 Miata RF||30.4||$28,178|
|Average for All Used Vehicles||37.4||$27,783|
Earning the top spot is the BMW 2 Series performance-oriented small luxury car. It’s joined by six additional sports cars and sport sedans including the Mazda MX-5 Miata and its RF variant, the Chevrolet Corvette, the MINI Convertible, the BMW 4 Series, and the Kia Stinger. “High-performance vehicles have been popular during the pandemic as a source of joy,” said Brauer.
The Hyundai Palisade ranks fourth, and it is joined by a similar vehicle from the same manufacturer, the Kia Telluride. “These vehicles debuted for the 2020 model year and have sustained their popularity, and while they aren’t yet widely available in the used car marketplace they had an increase in inventory in May over April,” said Brauer. “Given the markup and scarcity of new Kia Tellurides, used versions are appealing to consumers unable to locate a new model or who want to save money.”
The Tesla Model 3 makes the list for the second consecutive month in the sixth position. “The Tesla Model 3 is the most popular EV in the world and has sustained popularity since its high-profile debut,” said Brauer. “Rising gasoline prices as well as recent price increases for new Model 3 vehicles likely contributed to the popularity of used Model 3 vehicles, which also have stellar value retention.”
Two minivans make the list including the Honda Odyssey and the Chrysler Pacifica. “The Honda Odyssey and the Chrysler Pacifica are both modern minivans with premium features,” said Brauer. “More families are likely buying these vehicles as activities resume this spring and summer, creating a need for more spacious family haulers,” said Brauer.
“Car buyers who are making a new or used car purchase might have difficulty finding the most in-demand vehicles, and may end up paying a premium for them in the used car marketplace,” said Brauer. “While automakers are prioritizing their more popular vehicles and continuing production in the wake of the microchip shortage, demand for these vehicles is still likely to outpace supply in the coming months.
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iSeeCars.com analyzed over 1.3 million new and used car sales (model years 2016-2020 for used cars) from April 2021. The number of days that each car was listed for sale on iSeeCars.com was aggregated at the model level, and the average days on market for each was mathematically modeled. Heavy-duty vehicles, models no longer in production prior to the 2021 model year, and low-volume models were excluded from further analysis.
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars free VIN check reports. iSeeCars.com has saved users over $284 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
This article, the Fastest-Selling New and Used Cars in April originally appeared on iSeeCars.com.