Fastest-Selling New Cars and Brands of 2024
In recent years, automakers have faced significant challenges and instability. However, the industry as a whole is showing signs of recovery. While some companies have successfully bounced back, others continue to struggle, particularly in the sales department. iSeeCars, a prominent automotive research firm, recently conducted a study on the fastest- and slowest-selling new vehicles, revealing some interesting trends in the market.
According to the study, Toyota emerged as the fastest-selling new car brand between October 2023 and March 2024, with vehicles spending an average of just 39.6 days on the market. This achievement solidifies Toyota’s reputation for producing reliable and highly sought-after vehicles. Surprisingly, Alfa Romeo, a luxury brand, came in second place, with an average of 41.8 days on the market. This indicates that Alfa Romeo cars have managed to capture the attention of discerning consumers who value both performance and luxury.
The study also provided a list of the fastest-selling individual nameplates overall. In this ranking, Toyota was followed by Alfa Romeo, Cadillac, Honda, Jaguar, Kia, Hyundai, Subaru, BMW, and Mazda. These brands demonstrate strong value and desirability among buyers, catering to both mainstream consumers seeking reliability and luxury-seeking affluent buyers.
Karl Brauer, an executive analyst at iSeeCars, highlighted the appeal of fast-selling brands like Toyota and Honda. He stated that these brands attract mainstream consumers who prioritize maximum value for their money. On the other hand, luxury brands like Alfa Romeo, Cadillac, and Jaguar also perform well in terms of sales speed due to their limited supply and high demand from wealthy buyers who eagerly purchase these models soon after they hit the dealer lots.
However, while some brands thrive in the market, others struggle to move inventory. The study revealed that Lincoln was the slowest-selling new car brand, with vehicles taking an average of 82.6 days to sell. Infiniti and Buick were also among the slowest-selling brands, with respective average selling times of 79.8 and 79 days. These results suggest that these brands need to reevaluate their strategies in order to attract buyers and improve their market performance.
Interestingly, the study also shed light on the disparity between the selling time of new electric vehicles (EVs) compared to hybrids. New EVs took significantly longer to sell, averaging 70.6 days on the market in March 2024, while hybrids took only 49.5 days. This data indicates that consumer acceptance and demand for EVs may still have room for growth.
Additionally, some of the fast-selling new car brands also had a strong presence in the used car market. Used Hondas, for example, sold the quickest, spending an average of just 26.1 days on dealers’ lots. Lexus and Toyota followed closely behind, with respective average selling times of 26.3 and 27.4 days. These figures highlight the enduring appeal and value retention of these brands in the used car market.
Overall, iSeeCars’ study provides valuable insights into the current state of the automotive industry. It demonstrates how certain brands excel in terms of sales speed, reflecting their ability to meet consumer needs and desires. Conversely, brands that struggle to move inventory may need to reassess their offerings and marketing strategies to attract buyers effectively. The study also emphasizes the ongoing shift towards electric vehicles and the importance of brand reputation in both the new and used car markets.