The Chevy Corvette is One of the Top 20 Fastest Selling Used Cars on the Market

When the C8 Corvette was just one and two years old, the new mid-engine sports car was ranked pretty continuously on the iSeeCars Top Selling New Cars List, usually at the top based on how fast they were being sold. Now with four model years under its belt and prices beginning to stabilize, the 8th gen Corvette has once again returned to the sales charts, this time as a pre-owned vehicle.

In its latest study, iSeeCars.com looks at both the fast selling new and pre-owned vehicles and found some pretty interesting data after crunching the numbers. iSeeCars analyzed over 228,000 new and used car sales (1- to 5-year-old used cars) from July 2023 and their latest report shows the Chevrolet Corvette is ranked at 16 on the Top 20 Fastest Selling Preowned Vehicles with an average selling time of 39.9 days and prices averaging $82,574.

That’s considerably better than the average used car which sells in 49 days. It’s also an improvement over the market in 2022 when average vehicles were taking 52.4 days to sell, a -6.1% change. Average prices for the overall used car market are also down from 2022 just slightly at -3.6 %.

For the Top 20 fastest selling used cars that are between 1-5 years old, it’s a slightly different story with these popular vehicles actually taking longer to sell in 2023 than in 2022. Today the Top 20 are averaging 38.9 days on the market vs 30.9 days for a 26.% increase, yet average prices are down -17% with the average pricing falling from $38,839 vs $32,249.

“It’s interesting that used cars, overall, are selling 6.1 percent faster than a year ago, but the most popular models are selling 26 percent slower,” said iSeeCars Executive Analyst Karl Brauer. “This suggests consumers are considering a wider range of used cars and seeking the best value wherever they can find it. Essentially, the strong grip previously held by popular used models is loosening.”

iSeeCars is also seeing similar data for the Top 20 Fastest Selling New Cars which are taking a few days longer to sell than they did in 2022: 22.7 days vs 17.5 days (29.2%), and when they do sell, their prices are 14.1% higher on average: $43,205 vs $37,857.

These Top 20 Fastest Selling New Cars tend to be SUVs with GMC Yukon listed at no. 4 with 19.7 average days to sell, followed by the Chevy Tahoe at 23.1 days and the Cadillac Escalade at 23.5 days.

The iSeeCars fastest selling cars study also looks at the slowest selling vehicles as well as EVs and there is also another chart that breaks it out by metro area. You can read the full study at iSeeCars.

Source:
iSeeCars

Related:
C8 Corvette Ranks 12 on List of Top 14 Used Cars More Expensive than New
Study Shows Used C8 Corvette Prices Decline from January 2022
New Study Shows Chevrolet Corvette Sales Average 19.3 Percent over MSRP

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