EVs Selling Slowly

Electric cars are sitting significantly longer on dealer lots than models with other powertrains, according to a new study.

New EVs take about 71 days to sell, compared to hybrids, at 50 days, and the average new car, at 54 days, according to automotive research website iSeeCars.

It analyzed 463,000 sales in March to determine the breakdown.

As it pinpointed the slower EV sales, it also found that used cars in general are selling at a much faster clip than new ones, or about a 22% slowing in average days on the market versus about a 31% increase in used-car sales speed.

New-vehicle sales have been hit by high pandemic-effected prices for vehicles and other goods, along with high interest rates, factors that have disproportionately affected EVs, the site said.

“Between the gradual drop in new car pricing and consistent slow-down in their sales pace, it’s like watching a giant machine slowly wind down,” said iSeeCars Executive Analyst Karl Brauer. “New cars are still more expensive than before Covid, and they’re still selling at a reasonable rate, but the pendulum has clearly swung the other direction.”

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Originally posted on Auto Dealer Today