As the microchip shortage continues to impact the new and used car market, new car inventory decreased by 15.7 percent in May compared to April, and used car prices increased by 6.3 percent, according to automotive research firm iSeeCars’ latest monthly analysis.
iSeeCars analyzed 1.3 million new and used car sales in May to determine, among other things, which new and used cars are in the greatest demand.
According to the analysis, the most popular new vehicles in Colorado Springs and Pueblo in May and the average number of days it took to sell them were:
- Nissan Rogue, 18.2 days
- Toyota Tacoma, 19.9 days
- Toyota Tundra, 22.5 days
- Hyundai Palisade, 23.4
- Toyota 4Runner, 23.9
The fastest selling used cars and days to sell were:
- Subaru Crosstrek, 19.4
- Chevrolet Transverse, 20.1
- Nissan Sentra, 20.1
- Toyota Highlander, 21.3
Nationwide, the fastest selling new vehicles were luxury vehicles: the Mercedes-Benz G-Class, selling in an average of 9.4 days; Chevrolet Corvette, with 9.5 average days to sale; and Cadillac Escalade, selling in an average of 10.8 days.
Further down the top 10 list were more moderately priced vehicles such as the N. 4 Hyundai Tucson Hybrid, selling in 11.1 days; No. 7 Toyota Tacoma, 12.2 days; and No. 10 Toyota Tacoma, 13.7 days.
“For new cars, both higher priced full-size SUVs and alternative fuel vehicles continue to be in high demand, striking an interesting dichotomy between practical and not-so-practical consumers,” said iSeeCars Executive Analyst Karl Brauer.
Fastest selling used vehicles were the Mazda MX-5 Miata, 19.5 days; Tesla Model 3, 20.2 days; and Chevy Corvette, 21.8 days.
Overall, iSeeCars found that the new cars took an average of 47.1 days to sell in May, and used cars stayed on the market for 34.7 days.
Days to sale are decreasing, however, while new and used car prices are increasing.
Used car prices are up 6.3 percent in May over April, and up 13 percent since January. New car prices increased 1.2 percent in May over April and have increased 2.3 percent since January.