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2017-10-14

Electric cars are some of fastest-selling used vehicles in the U.S.




2017 Fiat 500e

Not every car buyer can afford a brand-new vehicle, which often makes gently used vehicles an appealing alternative.
But while cars that plug in take only a small share of new-vehicle purchases today—about 1 percent—they're apparently very popular once they're used.
In fact, electric and plug-in cars dominate the top 10 fastest-selling used vehicles.
Six of the top 10 vehicles boast some sort of electrification, and two of those are purely electric.
According to iSeeCars, the fastest-selling used car is the Fiat 500e with its EPA-estimated 87-mile range.
We've noted it in the past, but the latest study also mentions the 500e's incredibly low resale values—which likely help make the car a quick mover on used-car dealership lots.


The 10 fastest-selling used cars in the U.S., Jan-Aug 2017

The tiny electric car takes just 22.2 days on average to sell on dealer lots. The Fiat 500e's average used sale price is $9,055, and wholesale auction prices of little more than $4,000 can be spotted.
Right behind the 500e is the BMW i3, which takes only one day longer to sell, on average, at 23.2 days.
The Toyota Prius Plug-In Hybrid sits in fourth place, while the all-electric Nissan Leaf takes the sixth slot.
Finally, the Ford Fusion Energi and Tesla Model S round out the bottom of the list.
Note that all of these electrified cars sell quicker than two used-car benchmarks: the Honda Civic and Toyota Corolla.
However, electric cars' resale value may once again be a major factor.
Four of the six electrified cars on the list experienced double-digit price drops year-over-year; the Leaf dropped 10.3 percent to an average $11,703 price and the Fusion Energi dropped 12.8 percent to an average price of $18,699.
As it often is, the Tesla Model S is an exception to the rule: it has actually increased in value on the used-car market.
Phong Ly, CEO of iSeeCars, speculated that the scarcity of used Model S sedans and Tesla's general popularity has contributed to the car's used-price increase.
Used Model S sedans sold in 2017 carried prices 3.5 percent higher on average than those sold in 2016, with an average of $70,372 this year.
Across tens of millions of used sales each year, the average used vehicle takes 33.4 days to movie; each of the electrified cars was significantly lower than that benchmark.
Either consumers are warming up to used electric cars faster than new ones, or the price is right.