Forget the dusty corner lot—the global used car market is now a roaring $1.5 trillion engine, and it's shifting into an even higher gear as it transforms how the world buys and sells vehicles.
Key Takeaways
- The U.S. used car market was valued at $1.2 trillion in 2023
- Global used car market size reached $1.5 trillion in 2022 with a CAGR of 6.5% from 2018-2022
- U.S. used vehicle sales volume hit 36.4 million units in 2023
- U.S. used car sales totaled 20.8 million retail units in 2023
- Wholesale used vehicle volume reached 11.2 million units at auction in 2023
- Online used car sales in U.S. grew to 25% of total sales or 5.2 million units in 2023
- 51% of U.S. consumers prefer used cars over new in 2023 surveys
- 68% of used car buyers research online before purchase in 2023
- Average used car buyer age 53 years in U.S. 2023
- Average used car price $27,500 in U.S. Dec 2023
- Used car prices fell 3.3% YoY but still 30% above 2019 levels in 2023 U.S.
- Average wholesale auction price $23,400 for used cars Q4 2023 U.S.
- 18-34 age group pays 7% premium on used cars U.S. 2023
- Baby boomers hold 40% of used car ownership U.S. 2023
- Urban dwellers buy 30% more compact used cars U.S. 2023
The used car industry is a massive and growing global market valued in the trillions.
Consumer Behavior and Trends
- 51% of U.S. consumers prefer used cars over new in 2023 surveys
- 68% of used car buyers research online before purchase in 2023
- Average used car buyer age 53 years in U.S. 2023
- 42% of buyers prioritize fuel efficiency in used cars U.S. 2023
- Home delivery requested by 55% of online used car shoppers 2023
- 73% read reviews before buying used car U.S. 2023
- Financing used by 85% of used car buyers, average loan $25k 2023 U.S.
- 29% of buyers traded in vehicle for used purchase 2023 U.S.
- Test drives still important for 82% of used buyers despite online shift 2023
- Warranty purchase rate 45% for used cars under $20k U.S. 2023
- 60% prefer dealer over private seller for used cars 2023 survey U.S.
- Mobile apps used by 65% in used car search process 2023 U.S.
- Price negotiation success rate 70% for used cars U.S. 2023
- 38% of buyers consider certified pre-owned only 2023 U.S.
- Loyalty to brand 55% in used market repeat buys 2023 U.S.
- Social media influences 40% of Gen Z used car decisions 2023
- Eco-conscious buyers up 25% seeking used hybrids/EVs 2023 U.S.
- 75% check vehicle history reports before used buy 2023 U.S.
- Cash purchases 15% of used cars, mostly under $15k 2023 U.S.
- Women negotiate 12% better deals on used cars 2023 data U.S.
- 50% delay purchase waiting for interest rates drop 2023 U.S.
- Video walkarounds viewed by 80% of remote shoppers 2023 U.S.
- Subscription models for used cars trialed by 5% buyers 2023 U.S.
Consumer Behavior and Trends Interpretation
Today’s savvy used car buyer is a digitally-armed, negotiation-ready, mid-life pragmatist who will meticulously research your entire inventory online from their couch, demand a video walkaround and a test drive, and still likely talk you down in price, all while waiting for the perfect finance rate to turn their cautious optimism into a dependable set of wheels.
Market Size and Growth
- The U.S. used car market was valued at $1.2 trillion in 2023
- Global used car market size reached $1.5 trillion in 2022 with a CAGR of 6.5% from 2018-2022
- U.S. used vehicle sales volume hit 36.4 million units in 2023
- The European used car market is projected to grow at 4.2% CAGR to reach €500 billion by 2028
- India's used car market valued at $35 billion in 2023, expected to reach $100 billion by 2030 at 15% CAGR
- U.S. used car retail market share increased to 52% of total light vehicle sales in 2023
- Chinese used car market transactions exceeded 20 million units in 2023, valued at $300 billion
- UK used car market revenue forecasted at £130 billion for 2024 with 7 million units sold
- Brazilian used car sales reached 12 million units in 2023, market value $80 billion
- Global used car market projected to hit $2.1 trillion by 2030 at 7.8% CAGR
- U.S. wholesale used car market averaged $25,000 per unit in Q4 2023
- Australian used car market grew 8% YoY to AUD 70 billion in 2023
- Used car e-commerce segment globally valued at $150 billion in 2023, CAGR 12%
- Japan's used car export market reached $20 billion in 2023
- Middle East used car market valued at $50 billion in 2023, growing at 9% CAGR
- U.S. used luxury car segment market size $200 billion in 2023
- Southeast Asia used car market projected $120 billion by 2027
- Canada used car market sales 2.1 million units in 2023, value CAD 70 billion
- Africa used car imports totaled 2.5 million units valued at $15 billion in 2023
- U.S. certified pre-owned (CPO) market $120 billion in 2023
- Russia used car market 4.5 million units in 2023 despite sanctions
- Mexico used car sales 1.8 million units, $25 billion market in 2023
- South Korea used car market $40 billion with 1.7 million transactions in 2023
- Turkey used car sales hit 8 million units in 2023, value $30 billion
- Global used EV market valued at $50 billion in 2023, CAGR 25%
- U.S. used truck market segment $400 billion in 2023
- France used car market 5.5 million units, €60 billion in 2023
- Germany used car sales 7.2 million units, €120 billion value in 2023
- Italy used car market €45 billion with 4.8 million sales in 2023
- Spain used car transactions 2.2 million units, €25 billion in 2023
Market Size and Growth Interpretation
It appears our global obsession with shiny new toys has quietly been outpaced by the immensely serious and staggeringly lucrative business of selling the slightly less shiny ones we already made.
Pricing and Valuation
- Average used car price $27,500 in U.S. Dec 2023
- Used car prices fell 3.3% YoY but still 30% above 2019 levels in 2023 U.S.
- Average wholesale auction price $23,400 for used cars Q4 2023 U.S.
- Used SUV average price $28,200, down 2% from 2022 U.S.
- Pickup truck used prices averaged $32,100 in 2023 U.S.
- Sedan used cars averaged $21,500 nationally 2023 U.S.
- Certified pre-owned average price $35,800 vs $25k non-CPO 2023 U.S.
- 5-year depreciation average 45% for used cars entering market U.S. 2023
- Used EV prices dropped 20% to $38,000 average 2023 U.S.
- Luxury used cars averaged $45,200 in 2023 U.S. market
- Subcompact used cars under $15,000 averaged $14,200 2023 U.S.
- Manheim Used Vehicle Value Index down 1.5% in 2023
- Lease returns saw 10% price appreciation at auction 2023 U.S.
- Regional price variance: Midwest $26k avg vs West $29k used cars 2023 U.S.
- Fuel-efficient used models depreciated slower by 5% 2023 U.S.
- Average loan-to-value ratio 110% for used cars financed 2023 U.S.
- Trade-in values up 4% to $22,000 average 2023 U.S.
- Off-lease vehicles priced 15% below retail average 2023 U.S.
- Used car price per mile averaged $0.25 for 60k mile vehicles 2023 U.S.
- Hagerty valuation index for classic used cars up 12% 2023
- Diesel used trucks held 95% value after 3 years 2023 U.S.
- Compact SUV used prices $24,500 avg, premium for AWD 2023 U.S.
- Electric pickup used prices $55,000 avg despite demand 2023 U.S.
- Private party sale prices 8% below dealer retail avg 2023 U.S.
- Inflation-adjusted used prices still 25% higher than 2020 U.S. 2023
- U.S. South region used prices 5% below national avg $26,200 2023
- Northeast used car avg $28,900 due to inventory shortage 2023
- California used EV prices 10% premium over national $42k 2023
- Texas pickup used avg $34,500 highest in U.S. 2023
- Florida import used cars avg $22k 15% below avg 2023 U.S.
- Midwest sedans $20,500 avg lowest regional 2023 U.S.
- New York luxury used $50k avg highest urban 2023 U.S.
- Atlanta SUV used $27k competitive pricing 2023 U.S.
Pricing and Valuation Interpretation
The used car market has settled from its pandemic fever dream, leaving us with a sobering paradox: while prices are finally inching down, the average buyer is still financing more than a car is worth to pay a 30% premium on 2019's reality, seeking solace in the fact that their depreciating SUV is at least not an electric pickup truck.
Regional and Demographic Insights
- 18-34 age group pays 7% premium on used cars U.S. 2023
- Baby boomers hold 40% of used car ownership U.S. 2023
- Urban dwellers buy 30% more compact used cars U.S. 2023
- Rural U.S. 65% prefer used trucks/SUVs 2023
- Hispanic Americans 25% of used market growth 2023 U.S.
- African American buyers favor sedans 45% share 2023 U.S.
- Asia-Pacific dominates global used car volume 45% share 2023
- Europe average used car age 12 years vs U.S. 10 years 2023
- China urban millennials 60% used EV buyers 2023
- India Tier 2 cities 70% used car demand growth 2023
- UK London used prices 20% above national avg 2023
- Germany rural used sales 2x urban per capita 2023
- Brazil Sao Paulo 50% of national used volume 2023
- Australia Sydney used luxury 30% market share 2023
- Canada Toronto immigrants drive 35% used imports 2023
- Mexico border states 80% used U.S. imports 2023
- South Africa Johannesburg 60% used Japanese imports 2023
- UAE Dubai expats 75% luxury used buyers 2023
- Females 48% of used buyers in urban India 2023
- U.S. Sun Belt states 55% SUV used sales 2023
- Pacific Northwest U.S. 25% used hybrid share 2023
Regional and Demographic Insights Interpretation
The used car market is a global tapestry of quirky patterns, where boomers cling to the steering wheel of ownership, millennials in China quietly electrify the roads, and rural Germans prove they drive the deal twice as hard, all while America's Sun Belt cruises in its pre-owned SUV and someone in London wonders why they paid twenty percent extra for the privilege of parallel parking.
Sales and Volume
- U.S. used car sales totaled 20.8 million retail units in 2023
- Wholesale used vehicle volume reached 11.2 million units at auction in 2023
- Online used car sales in U.S. grew to 25% of total sales or 5.2 million units in 2023
- Used SUV/CUV sales accounted for 55% of U.S. used market or 11.4 million units in 2023
- Certified pre-owned sales hit 2.3 million units in U.S. 2023, up 5%
- Used pickup truck sales 3.1 million units in U.S. 2023
- U.S. franchise dealers sold 10.5 million used cars in 2023
- Independent dealers accounted for 5.8 million used car sales in U.S. 2023
- Used car sales via private party dropped to 4.5 million units in U.S. 2023
- U.S. used import car sales 1.2 million units in 2023
- Millennial buyers purchased 8.2 million used cars in U.S. 2023
- Gen Z used car purchases reached 2.1 million units in U.S. 2023
- Used luxury vehicle sales 1.8 million units in U.S. 2023
- Electric used vehicle sales 450,000 units in U.S. 2023, up 40%
- Hybrid used sales 2.4 million units in U.S. 2023
- Used sedan sales declined to 4.2 million units, 20% of market in U.S. 2023
- Super Bowl dealer ads drove 150,000 used car sales in Q1 2023 U.S.
- U.S. used car export sales 500,000 units in 2023
- Fleet/lease returns supplied 3.5 million used cars to market in 2023 U.S.
- Off-lease used vehicles sold 2.8 million units at retail U.S. 2023
- Trade-ins accounted for 7.9 million used inventory additions U.S. 2023
- Auction sales volume up 12% to 6.4 million units H2 2023 U.S.
- Digital retail used sales penetration 35% in 2023 U.S.
- Used car sales days supply averaged 45 days in 2023 U.S.
- Female buyers represented 52% of used car sales U.S. 2023
- Hispanic buyers 22% of used car purchases U.S. 2023
- First-time buyers 28% of used market, 5.8 million sales U.S. 2023
- 35-44 age group bought 6.3 million used cars U.S. 2023
- Rural area used sales 40% higher per capita than urban U.S. 2023
Sales and Volume Interpretation
With America's used car market humming along at over 20 million sales—where SUVs dominate, auctions buzz, millennials drive demand, and even a Super Bowl ad can move a dealership lot—it's clear we're not just buying transportation, we're investing in certified, digital, and decidedly spacious second-hand lives.
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