The numbers are in, and the results are good for Asian and German carmakers, at least according to the figures garnered by website iSeeCars.
The site released an analysis of the fastest-selling new cars during the month of January 2021, and car companies from the aforementioned places came out on top.
After analyzing more than 1.2 million new and used cars sold in January 2021, iSeeCars.com found that overall, the average new car takes 46.2 days to sell while the average used car takes 38.9 days. Some vehicles sell much faster than average, with the fastest-selling new model moving more than four times quicker. The fastest-selling used car sells almost 1.5 times faster.
Fastest selling models
“Many of these fastest-selling vehicles are luxury vehicles and expensive SUVs, which suggests that most of the consumers who are buying new cars can afford these price points and aren’t experiencing a negative financial impact from the COVID-19 pandemic,” said iSeeCars Executive Analyst Karl Brauer. “Additionally, lower interest rates are making luxury cars more attainable to consumers who may not have been able to afford them otherwise.”
According to iSeeCars, the 10 fastest-selling new vehicles for January 2021 were:
- Chevrolet Corvette, with an average Days-to-Sell (DTS) of 10 days, and an Average Sales Price (ASP) of $84,689;
- Lexus IS 350: DTS of 10.9 and ASP of $48,013;
- Genesis GV80: DTS of 14.4 and ASP of $64,624;
- Lexus RX 450h: DTS of 16.1 and ASP of $58,271;
- Kia Telluride: DTS of 17.2 and ASP of $42,911;
- Mercedes-Benz GLS: DTS of 18.3 and ASP of $100,643;
- Lexus LX570: DTS of 18.7 and ASP of $98,195;
- Toyota Sienna: DTS of 19.1 and ASP of $42,817;
- Toyota Tacoma: DTS of 19.1 and ASP of $37,129; and
- Toyota RAV4 Hybrid: DTS of 19.3 and ASP of $35,105.
Brauer said that the Kia Telluride midsize SUV ranks fifth and that “Kia has had trouble keeping up with the demand for this vehicle since it entered the market, and the supply constraints from the pandemic made it even more difficult for dealers to keep it in stock.
“The Telluride was named the 2020 North American Utility Vehicle of the Year by the distinguished North American Car of the Year jury (NACTOY), and even with increased production to meet its growing demand it will continue to be a hot seller.”
Top selling used cars
ISeeCars’ top 20 list for the fastest-selling used cars in January of 2021 also tells an interesting story, Brauer said.
For example, the top vehicle is the Hyundai Palisade, with a 26.2 DTS and an ASP of $39,551. Second is the Lexus NX 300, with a DTS of 26.5 and an ASP of $31,271. The Chevy Corvette is third instead of first on this list, with an DTS of 26.6 and an ASP of $67,308.
Next is the Lexus RX 450h, with a DTS of 26.7 and an ASP of $41,520, followed by the Lexus LS 570, with a DTS of 26.9 and an ASP of $70,987. The Mercedes-Benz E Class follows with a DTS of 27.3 and an ASP of $54,503. After that is the Kia Telluride, with a DTS of 28.3 and an ASP of $39,685.
Rounding off the top 10 are the Toyota 4Runner, with a DTS of 28.7 and an ASP of $35,078. This is followed by the Mercedes-Benz G Class with a DTS of 28.7 and an ASP of 137,073. The Porsche 911 is 10th, with a DTS of 29.5 and an ASP of $126,892.
The bottom half of the top 10 included: Mazda MX-5 Miata, Kia Stinger, Jeep Compass, Land Rover Range Rover Velar, BMW X6, BMW 4 Series, Jeep Wrangler, Lexus RS 350, Honda Insight and the Tesla Model X.
In total the average DTS of these 20 vehicles is 38.9 and the average ASP is $26,146.
Choices on the list indicate consumer sentiment
Brauer said what’s interesting about these two lists is that new-car list trends toward expensive cars, while the used list has a few “fun” cars such as the Jeep Wrangler, the Mazda MX-5 Miata and the Porsche 911.
“The new-car list indicates to me that people with money have the money and confidence to spend on cars,” he said. “That suggests that people with less money are really been affected by COVID more. That also suggests good news for high-volume sellers in the second half of the year if we can get COVID under control.”
The used list, by contrast, seems to suggest that used buyers are a little more interested in “fun” vehicles, Brauer noted.
“The last time I saw something like this was right after the 9/11 attacks back in 2001,” Brauer said. “There was a huge demand for vintage muscle cars. People saw that thousands of their fellow citizens were killed in one day, and they said to themselves that they weren’t going to put off the purchase of that car they always wanted because they received a vivid reminder that no one knows how much time they have left. I think we’re seeing the same thing with COVID. Why put off for tomorrow if no one knows if they have a tomorrow.”
These lists also suggest a lot of pent-up demand for vehicles, he said. Once the lockdown has ended people will act on that pent-up demand, which should be good news for volume vehicle sales, new and used. Once people who have shown restraint during the crisis get their confidence back, there should be greater demand for high volume vehicles.