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Report: COVID-19 pandemic has slashed used car sales in Seattle

Used Car,

In February 55% of used cars were sold within 30 days in Seattle, but as the first stages of the novel coronavirus swept through, that figure dropped down to 39.6% of used cars in March, according to a new study from iSeeCars.com.

The automotive search engine released a study of the slowdown of used car sales in major metropolitans around the country, and which models had the most significant decreases in percentage sold.

Seattle's used car sale market was third on the list of the hardest-hit metro areas, beaten only by Harrisburg, Pennsylvania and New York City.

“Overall car sales have plummeted as a result of stay-at-home orders and the economic downturn,” iSeeCars CEO Phong Ly said. “But for those fortunate enough to be able to make a car purchase, now is an opportune time as dealers increasingly need to move inventory, and these slow-selling models could present great deals.”

As far as individual models that had drops in sales, the study showed that the worsening market has slashed sales of SUVs the most. The model that has taken the biggest hit was the Tesla Model 3, which could trigger some good news for car buyers.

“The Tesla Model 3 is typically in very high demand, and as a result, it is the used car with the best resale value,” Ly said. “However, because they are lingering on lots now is the time when dealers may offer more deals than usual.”

For a look at the top 10 cities where used car sales have taken a dive, and the top 10 models that have been affected, click through the gallery above.

Source By https://komonews.com
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