Car sales have surged this year. There has been pent-up demand due to the period of the COVID-19 pandemic when people could not go to dealers. Interest rates on car loans are low. However, supply has not kept up with demand. The primary reason is a shortage of semiconductors used in auto electronics. This chip shortage could continue beyond the end of the year. The combination of factors also has triggered rising prices for both new and used cars.
Commenting on the chip shortage, iSeeCars Executive Analyst Karl Brauer said, “The microchip shortage continues to impact new and used car sales as production interruptions lower the new car and used car supply and dealers are forced to maintain tight inventory levels.”
When car supplies are tight, one of the industry measures watched most carefully is days to sell. This is the difference between when a dealer receives a car from the manufacturer and when it is driven off the dealer lot by a customer. In July, days to sell across the industry were an unusually low 35.
Some cars have days to sell figures below 15. For one, the number is less than 10. The iconic American muscle car Chevy Corvette stays on the lot for an average of seven days. Brauer commented, “Dealers stopped taking orders for the 2021 model year in March, and demand remains so high that dealers are marking Corvettes up tens of thousands over MSRP.” The average price of a new Corvette is $86,785.
Much of the balance of the list of cars with fewest days on lot included highly popular sport utility vehicles, crossovers and pickups. Americans turned their backs on sedans a decade ago, and these other categories increased in popularity. Among the 20 cars that spend the fewest days on the lot are the Toyota 4Runner, Kia Telluride, Cadillac Escalade and GMC Yukon.
These are the 20 cars that sell the fastest.
- Chevrolet Corvette: 7.0 days to sell
- Toyota 4Runner: 10.7
- Hyundai Tucson Hybrid: 11.0
- Toyota RAV4: 11.1
- Toyota Sienna: 11.1
- Lexus RX 450h: 11.6
- Toyota RAV4 Hybrid: 11.6
- Toyota Corolla Hybrid: 12.1
- Kia Telluride: 12.3
- Kia Seltos: 12.4
- Hyundai Palisade: 12.4
- Kia Carnival: 12.6
- Cadillac Escalade: 12.7
- GMC Yukon: 13.0
- Toyota Tacoma: 13.1
- Lexus IS 350: 13.2
- Chevrolet Tahoe: 13.2
- Jeep Grand Cherokee L: 13.3
- Toyota RAV4 Prime: 13.4
- Toyota C-HR: 13.5
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