The supply of new cars has been hammered by a shortage of semiconductors used in cars. That shortage has caused some of the largest car companies to shut assembly lines and has hit earnings hard. And the chip shortage could last until next year. The by-product of these factors is that car prices, both new and used, have skyrocketed. Popular cars are basically unavailable.
One primary set of data the industry follows is called “days on dealer lot.” In a normal car market, the average number of days a car sits on the lot until it is sold is around 50. That has dropped by about half recently to 24.6 days, according to iSeeCars.
[in-text-ad]
Reacting to the change in car demand, iSeeCars Executive Analyst Karl Brauer commented:
The demand for new and used cars has slowed in October, which is likely the result of increased inventory over September and because elevated car prices may have deterred consumers from buying a car until prices stabilize. Production halts and restricted inventory continue to beset the auto industry, but we did see an incremental improvement this past month.
iSeeCars looked at the fastest-selling cars in each state. The analysis covered 250,000 new and used vehicles sold in October. The average number of days it took to sell a new car was 31.7 days. For used cars, the comparable number was 44.7 days. The research firm then looked at the fastest-selling new and used cars based on the same yardstick.
The data raise a critical question. When can the industry begin to recover? Car and chip company executives have made forecasts that range from early next year to early 2023. By then, demand should be off the charts. People may be able to buy the cars they want to have faster, but it will take some time for supply to catch up, even when assembly lines are at full capacity. Among the problems consumers will face at that point is price. Dealers will be able to sell cars without discounting them and in some cars will get prices above the manufacturer’s suggested retail price (MSRP).
This is the fastest-selling new car in each state:
| State | Vehicle | Average Days to Sell |
|---|---|---|
| Alabama | Subaru Outback | 8.1 |
| Alaska | – | – |
| Arizona | Nissan Rogue | 8.0 |
| Arkansas | Hyundai Elantra | 8.2 |
| California | Toyota Highlander Hybrid | 8.3 |
| Colorado | Genesis GV80 | 8.6 |
| Connecticut | BMW X3 | 10.3 |
| Delaware | – | – |
| Florida | Toyota Camry Hybrid | 8.3 |
| Georgia | Nissan Rogue | 8.1 |
| Hawaii | Subaru Outback | 11.7 |
| Idaho | Hyundai Palisade | 12.2 |
| Illinois | Honda HR-V | 8.9 |
| Indiana | Jeep Wrangler Unlimited | 8.0 |
| Iowa | Honda CR-V | 8.6 |
| Kansas | Jeep Gladiator | 11.2 |
| Kentucky | Subaru Outback | 8.6 |
| Louisiana | Toyota Tacoma | 9.7 |
| Maine | BMW X3 | 9.7 |
| Maryland | Subaru Crosstrek | 8.6 |
| Massachusetts | Lexus RX 350 | 8.6 |
| Michigan | Honda CR-V | 9.9 |
| Minnesota | Hyundai Santa Cruz | 11.1 |
| Mississippi | Toyota Highlander | 8.3 |
| Missouri | Toyota Tacoma | 8.7 |
| Montana | Hyundai Palisade | 8.8 |
| Nebraska | Subaru Outback | 11.3 |
| Nevada | Lexus RX 350 | 10.0 |
| New Hampshire | Hyundai Tucson Hybrid | 13.4 |
| New Jersey | Honda Civic | 9.0 |
| New Mexico | BMW X3 | 13.1 |
| New York | Toyota RAV4 Hybrid | 8.2 |
| North Carolina | Jeep Wrangler Unlimited | 9.4 |
| North Dakota | – | – |
| Ohio | Honda Civic | 8.4 |
| Oklahoma | Hyundai Venue | 9.2 |
| Oregon | Subaru Crosstrek | 12.3 |
| Pennsylvania | Subaru Crosstrek | 8.0 |
| Rhode Island | Subaru Forester | 10.4 |
| South Carolina | Toyota Camry Hybrid | 8.8 |
| South Dakota | – | – |
| Tennessee | Toyota RAV4 | 9.6 |
| Texas | Toyota Corolla | 8.0 |
| Utah | Jeep Cherokee | 9.9 |
| Vermont | – | – |
| Virginia | Jeep Wrangler | 8.1 |
| Washington | Toyota Highlander Hybrid | 8.5 |
| West Virginia | Jeep Wrangler Unlimited | 10.0 |
| Wisconsin | Ford Bronco | 9.1 |
| Wyoming | – | – |
Click here to see which are the fastest-selling cars in America right now.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
