Demand for cars has exceeded supply in recent years and caused car prices to jump, as a result of supply issues during the pandemic, as well as the war in Ukraine which exacerbated blocks in the supply chain. This includes a severe chip shortage which is expected to ease up in the new year. While many issues have been settled, car prices remain high. With consumers still feeling the effect of months of high inflation, many are taking their time when in the market for a new car, according to iSeeCars.com.
New car models continue to sell slowly, although used cars are selling faster than the previous year. On average, a new car sold 25.7% slower in July 2023 compared to the year before, sitting on the market for an average of 48.2 days compared to 38.4 days in 2022. Even the fast-selling cars are selling 29.2% slower. (Also see: this is the most dependable car brand in America.)
24/7 Wall St. reviewed car research and sales site iSeeCars’ report, The Fastest- and Slowest-Selling New and Used Cars in Today’s Market to find the best-selling new car in the United States. Over 228,000 new and used car sales from July 2023 were analyzed by iSeeCars, averaging the number of days that each model was listed for sale on iSeeCars.com. According to the study, the fastest-selling cars remain listed anywhere from 25 days to just over nine days; well below the industry target of 60 days to sell. Fourteen of the 20 hottest-selling cars are SUVs, four are sedans or compact cars, and two are minivans.
Hybrids shine among the fastest-selling, with six hybrid models among the top 20. One brand that stands out is Toyota, with nine models among the top fastest-selling cars. While the cars on the list range in price from well below the average of $43,205 in July 2023 to considerably more than that — or from $23,867 to $149,241 — the split is even. (Find out if any of these cars are on this list: cars with the best retention value.)
Here are the best-selling cars in the United States:
20. Toyota RAV4 Hybrid
Source: jetcityimage / iStock Editorial via Getty Images
- Average days to sell: 25.2
- Average price: $39,649
19. Kia Carnival
Source: Scott Olson / Getty Images News via Getty Images
- Average days to sell: 25.0
- Average price: $40,350
18. Toyota Corolla Cross Hybrid
- Average days to sell: 24.9
- Average price: $33,785
17. Toyota Camry
Source: tomeng / iStock Unreleased via Getty Images
- Average days to sell: 24.9
- Average price: $32,719
16. Toyota Camry Hybrid
Source: shaunl / iStock Unreleased via Getty Images
- Average days to sell: 24.8
- Average price: $35,578
15. GMC Yukon XL
Source: jetcityimage / iStock Editorial via Getty Images
- Average days to sell: 24.7
- Average price: $86,673
14. Cadillac Escalade
Source: felixmizioznikov / iStock Editorial via Getty Images
- Average days to sell: 23.5
- Average price: $109,155
13. Toyota Sequoia
Source: DarthArt / iStock Editorial via Getty Images
- Average days to sell: 23.5
- Average price: $79,030
12. Chevrolet Tahoe
Source: bluebeat76 / iStock Editorial via Getty Images
- Average days to sell: 23.1
- Average price: $72,806
11. Subaru Forester
Source: Zhe Ji / Getty Images News via Getty Images
- Average days to sell: 23.0
- Average price: $35,562
10. Toyota Sienna (hybrid)
Source: felixmizioznikov / iStock Editorial via Getty Images
- Average days to sell: 22.9
- Average price: $51,170
9. Toyota Corolla
Source: Tramino / Getty Images
- Average days to sell: 22.6
- Average price: $24,819
8. BMW X1
Source: Public Domain / Wikimedia Commons
- Average days to sell: 22.1
- Average price: $46,310
7. Subaru Crosstrek
Source: nuttapong / iStock Editorial via Getty Images
- Average days to sell: 21.8
- Average price: $31,250
6. Kia Forte
Source: shaunl / iStock Unreleased via Getty Images
- Average days to sell: 21.0
- Average price: $23,867
5. Lexus NX 350h
Source: YuriyVlasenko / iStock Editorial via Getty Images
- Average days to sell: 19.7
- Average price: $51,510
4. GMC Yukon
Source: jetcityimage / iStock Editorial via Getty Images
- Average days to sell: 19.7
- Average price: $82,342
3. Toyota Grand Highlander
- Average days to sell: 10.7
- Average price: $53,705
2. Land Rover Range Rover
Source: tomeng / iStock Unreleased via Getty Images
- Average days to sell: 10.4
- Average price: $149,241
1. Toyota Grand Highlander Hybrid
- Average days to sell: 9.2
- Average price: $56,396
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
