Did someone say chip shortage?
There was plenty of madness this March, and we're not just talking basketball – the automotive industry saw an equally intriguing end to the month. A study from iSeeCars shows that General Motors dominated the list of the top 20 fastest-selling new cars of March 2021.
Looking purely at the first 10 cars on this list, you'll notice that vehicles from brands like Chevrolet, GMC, and Cadillac occupy five of those spots. Among those five, the latest C8 Chevrolet Corvette took the top spot, taking an average of 9.4 days to sell and coming in at an average price of $82,457. It’s unclear exactly why March was such a hot month for getting behind the wheel of a new hot rod, but iSeeCars has an idea.
|Rank||Vehicle||Average Days to Sell||Average Price|
|2||Toyota RAV4 Prime||10.2||$44,201|
|4||GMC Yukon XL||14.3||$79,282|
|5||Cadillac Escalade ESV||15.2||$102,145|
|7||Hyundai Elantra (Hybrid)||16.1||$26,007|
|10||Lexus IS 350||17.7||$47,857|
“March was a strong month for auto sales as consumers received their government stimulus checks and are likely looking to purchase vehicles ahead of anticipated inventory constraints from computer chip shortages,” said iSeeCars Executive Analyst Karl Brauer.
After the C8 Corvette in the top spot – its third consecutive month of being the fastest-selling new car – comes the Toyota RAV4 Prime plug-in hybrid. Thanks to battery supply constraints and limited numbers, demand drastically outpaced supply to the extent that some Toyota dealerships were marking the vehicle up to $10,000 above MSRP. The Hyundai Elantra was the only other hybrid vehicle to make the top ten, coming in at seventh.
With the ongoing situation regarding parts shortages, it will be interesting to see how this list evolves over the coming months. We remain optimistic that the shortage will remedy itself soon as we all slowly transition back to normality.