People can’t buy cars in America. The shortage of new vehicles is extraordinary, and demand is pent up because shopping has been difficult during the COVID-19 pandemic. When new cars arrive at dealers’ lots, they get snatched. The fastest-selling car in America is the Subaru Crosstrek. These, on the other hand, are the cars Americans don’t want to buy.
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.
One of the primary sets of data the industry follows is called “days on dealer lots.” 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.
Commenting on the trend, iSeeCars executive analyst Karl Brauer said, “Car buyers are willing to pay over MSRP for new cars and highly-elevated used car prices because they have embraced the reality that inventory shortages are here to stay for the next several months.”
24/7 Wall St. reviewed automotive research site iSeeCars’ list of the 20 fastest-selling new cars — new cars that had the fewest days on dealer lots — in September. iSeeCars looked at 900,000 new and used cars sales during the month.
The Subaru Crosstrek had the lowest figure at 7.8 days. It is a relatively inexpensive crossover, with most of its models priced below $35,000. It bills itself as a compact sport utility vehicle. The popularity of SUVs, pickups, and crossovers has risen sharply in the past decade, at the expense of sedans and coupes. The Crosstrek gets high marks from car research companies and magazines. Motor Trend rates it 9.3 out of 10. Car and Driver rates it 8 out of 10.
The Crosstrek is followed by the unusually expensive super sports car Chevy Corvette. The Corvette can cost over $90,000. Another Subaru, the Forester, is in third place. Even the Corvette, however, does not rank among the most expensive non vintage cars in the world.