Automotive sales have decreased dramatically in the wake of COVID-19 due to social distancing measures and the economic downturn. However, a recent iSeeCars study shows that some used car models have been more impacted than others and the same holds true for geographic areas.
According to the study, the metro area with the greatest slowdown in sales is Harrisburg-Lancaster-York, Pennsylvania, which is joined by a second metro area from the same state--Philadelphia, Pennsylvania, ranking fifth. “Pennsylvania had strict orders to limit vehicle sales online and in person, which explains why these metro areas were among the most impacted.” Added Ly, “Virginia auto dealers remained open as long as sanitation and social distancing practices were followed, so the greater Norfolk area wasn’t as impacted as areas with stricter measures.”
Pennsylvania as a state experienced the greatest slowdown in used car sales, according to the study. “It’s no surprise that the state’s strict ban on auto sales slowed down how long it takes cars to sell,” said Ly. The state with the smallest impact is Idaho. “Unlike Pennsylvania, car sales weren’t banned in Idaho and were permitted as long as social distancing measures were followed,” noted Ly.
“Many dealers are taking special precautions such as conducting online transactions and contact-free services so consumers who want to can still safely purchase a car”, said Ly. “Used car shoppers should look at how long a vehicle has been on the lot because dealers will be more willing to discount slow-moving vehicles.”
Methodology
iSeeCars analyzed over 1.8 million used cars listed from February 1st to March 18th, 2020, tracking when these cars were sold. The percentage of each model that was sold within 30 days of being listed was calculated for cars listed in February vs. March, and the difference between these two percentages was used to rank the Top 15 Cars with the Greatest Slowdown in Sales. Models discontinued prior to the 2020 model year, heavy-duty vehicles, and low-volume models were excluded from further analysis. The average prices of used one- to nine-year-old versions of the Top 15 Cars with the Greatest Slowdown in Sales were also calculated.
About iSeeCars.com
iSeeCars.com is a car search engine that helps shoppers find the best car deals by providing key insights and valuable resources, like the iSeeCars VIN check reports. iSeeCars.com has saved users over $217 million so far by applying big data analytics powered by over 25 billion (and growing) data points and using proprietary algorithms to objectively analyze, score and rank millions of new cars and used cars.
