Over half of U.S. consumers now prefer used cars over new. The market is a complex mix of digital research and in-person demands, underpinned by 36.4 million sales in a single year.
Key Takeaways
- 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
- 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
- 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
- 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
In 2023, online research, reviews, and trade ins helped buyers favor used cars, financing most purchases.
Related reading
01 · Category
Consumer Behavior and Trends23 stats
01
51% of U.S. consumers prefer used cars over new in 2023 surveys
02
68% of used car buyers research online before purchase in 2023
03
Average used car buyer age 53 years in U.S. 2023
04
42% of buyers prioritize fuel efficiency in used cars U.S. 2023
05
Home delivery requested by 55% of online used car shoppers 2023
06
73% read reviews before buying used car U.S. 2023
07
Financing used by 85% of used car buyers, average loan $25k 2023 U.S.
08
29% of buyers traded in vehicle for used purchase 2023 U.S.
09
Test drives still important for 82% of used buyers despite online shift 2023
10
Warranty purchase rate 45% for used cars under $20k U.S. 2023
11
60% prefer dealer over private seller for used cars 2023 survey U.S.
12
Mobile apps used by 65% in used car search process 2023 U.S.
13
Price negotiation success rate 70% for used cars U.S. 2023
14
38% of buyers consider certified pre-owned only 2023 U.S.
15
Loyalty to brand 55% in used market repeat buys 2023 U.S.
16
Social media influences 40% of Gen Z used car decisions 2023
17
Eco-conscious buyers up 25% seeking used hybrids/EVs 2023 U.S.
18
75% check vehicle history reports before used buy 2023 U.S.
19
Cash purchases 15% of used cars, mostly under $15k 2023 U.S.
20
Women negotiate 12% better deals on used cars 2023 data U.S.
21
50% delay purchase waiting for interest rates drop 2023 U.S.
22
Video walkarounds viewed by 80% of remote shoppers 2023 U.S.
23
Subscription models for used cars trialed by 5% buyers 2023 U.S.
Interpretation
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.
02 · Category
Market Size and Growth30 stats
01
The U.S. used car market was valued at $1.2 trillion in 2023
02
Global used car market size reached $1.5 trillion in 2022 with a CAGR of 6.5% from 2018-2022
03
U.S. used vehicle sales volume hit 36.4 million units in 2023
04
The European used car market is projected to grow at 4.2% CAGR to reach €500 billion by 2028
05
India's used car market valued at $35 billion in 2023, expected to reach $100 billion by 2030 at 15% CAGR
06
U.S. used car retail market share increased to 52% of total light vehicle sales in 2023
07
Chinese used car market transactions exceeded 20 million units in 2023, valued at $300 billion
08
UK used car market revenue forecasted at £130 billion for 2024 with 7 million units sold
09
Brazilian used car sales reached 12 million units in 2023, market value $80 billion
10
Global used car market projected to hit $2.1 trillion by 2030 at 7.8% CAGR
11
U.S. wholesale used car market averaged $25,000per unit in Q4 2023
12
Australian used car market grew 8% YoY to AUD 70 billion in 2023
13
Used car e-commerce segment globally valued at $150 billion in 2023, CAGR 12%
14
Japan's used car export market reached $20 billion in 2023
15
Middle East used car market valued at $50 billion in 2023, growing at 9% CAGR
16
U.S. used luxury car segment market size $200 billion in 2023
17
Southeast Asia used car market projected $120 billion by 2027
18
Canada used car market sales 2.1 million units in 2023, value CAD 70 billion
19
Africa used car imports totaled 2.5 million units valued at $15 billion in 2023
20
U.S. certified pre-owned (CPO) market $120 billion in 2023
21
Russia used car market 4.5 million units in 2023 despite sanctions
22
Mexico used car sales 1.8 million units, $25 billion market in 2023
23
South Korea used car market $40 billion with 1.7 million transactions in 2023
24
Turkey used car sales hit 8 million units in 2023, value $30 billion
25
Global used EV market valued at $50 billion in 2023, CAGR 25%
26
U.S. used truck market segment $400 billion in 2023
27
France used car market 5.5 million units, €60 billion in 2023
28
Germany used car sales 7.2 million units, €120 billion value in 2023
29
Italy used car market €45 billion with 4.8 million sales in 2023
30
Spain used car transactions 2.2 million units, €25 billion in 2023
Interpretation
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.
03 · Category
Pricing and Valuation30 stats
01
Average used car price $27,500in U.S. Dec 2023
02
Used car prices fell 3.3% YoY but still 30% above 2019 levels in 2023 U.S.
03
Average wholesale auction price $23,400for used cars Q4 2023 U.S.
04
Used SUV average price $28,200,down 2% from 2022 U.S.
05
Pickup truck used prices averaged $32,100in 2023 U.S.
06
Sedan used cars averaged $21,500nationally 2023 U.S.
07
Certified pre-owned average price $35,800vs $25k non-CPO 2023 U.S.
08
5-year depreciation average 45% for used cars entering market U.S. 2023
09
Used EV prices dropped 20% to $38,000 average 2023 U.S.
10
Luxury used cars averaged $45,200in 2023 U.S. market
11
Subcompact used cars under $15,000averaged $14,200 2023 U.S.
12
Manheim Used Vehicle Value Index down 1.5% in 2023
13
Lease returns saw 10% price appreciation at auction 2023 U.S.
14
Regional price variance: Midwest $26k avg vs West $29k used cars 2023 U.S.
15
Fuel-efficient used models depreciated slower by 5% 2023 U.S.
16
Average loan-to-value ratio 110% for used cars financed 2023 U.S.
17
Trade-in values up 4% to $22,000 average 2023 U.S.
18
Off-lease vehicles priced 15% below retail average 2023 U.S.
19
Used car price per mile averaged $0.25for 60k mile vehicles 2023 U.S.
20
Hagerty valuation index for classic used cars up 12% 2023
21
Diesel used trucks held 95% value after 3 years 2023 U.S.
22
Compact SUV used prices $24,500avg, premium for AWD 2023 U.S.
23
Electric pickup used prices $55,000avg despite demand 2023 U.S.
24
Private party sale prices 8% below dealer retail avg 2023 U.S.
25
Inflation-adjusted used prices still 25% higher than 2020 U.S. 2023
26
U.S. South region used prices 5% below national avg $26,200 2023
27
Northeast used car avg $28,900due to inventory shortage 2023
28
California used EV prices 10% premium over national $42k 2023
29
Texas pickup used avg $34,500highest in U.S. 2023
30
Florida import used cars avg $22k 15% below avg 2023 U.S.
Interpretation
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.
More related reading
04 · Category
Regional and Demographic Insights21 stats
01
18-34 age group pays 7% premium on used cars U.S. 2023
02
Baby boomers hold 40% of used car ownership U.S. 2023
03
Urban dwellers buy 30% more compact used cars U.S. 2023
04
Rural U.S. 65% prefer used trucks/SUVs 2023
05
Hispanic Americans 25% of used market growth 2023 U.S.
06
African American buyers favor sedans 45% share 2023 U.S.
07
Asia-Pacific dominates global used car volume 45% share 2023
08
Europe average used car age 12 years vs U.S. 10 years 2023
09
China urban millennials 60% used EV buyers 2023
10
India Tier 2 cities 70% used car demand growth 2023
11
UK London used prices 20% above national avg 2023
12
Germany rural used sales 2x urban per capita 2023
13
Brazil Sao Paulo 50% of national used volume 2023
14
Australia Sydney used luxury 30% market share 2023
15
Canada Toronto immigrants drive 35% used imports 2023
16
Mexico border states 80% used U.S. imports 2023
17
South Africa Johannesburg 60% used Japanese imports 2023
18
UAE Dubai expats 75% luxury used buyers 2023
19
Females 48% of used buyers in urban India 2023
20
U.S. Sun Belt states 55% SUV used sales 2023
21
Pacific Northwest U.S. 25% used hybrid share 2023
Interpretation
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.
05 · Category
Sales and Volume29 stats
01
U.S. used car sales totaled 20.8 million retail units in 2023
02
Wholesale used vehicle volume reached 11.2 million units at auction in 2023
03
Online used car sales in U.S. grew to 25% of total sales or 5.2 million units in 2023
04
Used SUV/CUV sales accounted for 55% of U.S. used market or 11.4 million units in 2023
05
Certified pre-owned sales hit 2.3 million units in U.S. 2023, up 5%
06
Used pickup truck sales 3.1 million units in U.S. 2023
07
U.S. franchise dealers sold 10.5 million used cars in 2023
08
Independent dealers accounted for 5.8 million used car sales in U.S. 2023
09
Used car sales via private party dropped to 4.5 million units in U.S. 2023
10
U.S. used import car sales 1.2 million units in 2023
11
Millennial buyers purchased 8.2 million used cars in U.S. 2023
12
Gen Z used car purchases reached 2.1 million units in U.S. 2023
13
Used luxury vehicle sales 1.8 million units in U.S. 2023
14
Electric used vehicle sales 450,000 units in U.S. 2023, up 40%
15
Hybrid used sales 2.4 million units in U.S. 2023
16
Used sedan sales declined to 4.2 million units, 20% of market in U.S. 2023
17
Super Bowl dealer ads drove 150,000 used car sales in Q1 2023 U.S.
18
U.S. used car export sales 500,000 units in 2023
19
Fleet/lease returns supplied 3.5 million used cars to market in 2023 U.S.
20
Off-lease used vehicles sold 2.8 million units at retail U.S. 2023
21
Trade-ins accounted for 7.9 million used inventory additions U.S. 2023
22
Auction sales volume up 12% to 6.4 million units H2 2023 U.S.
23
Digital retail used sales penetration 35% in 2023 U.S.
24
Used car sales days supply averaged 45 days in 2023 U.S.
25
Female buyers represented 52% of used car sales U.S. 2023
26
Hispanic buyers 22% of used car purchases U.S. 2023
27
First-time buyers 28% of used market, 5.8 million sales U.S. 2023
28
35-44 age group bought 6.3 million used cars U.S. 2023
29
Rural area used sales 40% higher per capita than urban U.S. 2023
Interpretation
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.
Reference
Cite This Report
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APA
Stefan Wendt. (2026, February 13). Used Car Industry Statistics. Gitnux. https://gitnux.org/used-car-industry-statistics
MLA
Stefan Wendt. "Used Car Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/used-car-industry-statistics.
Chicago
Stefan Wendt. 2026. "Used Car Industry Statistics." Gitnux. https://gitnux.org/used-car-industry-statistics.
Sources & references
99 datasets cited across this report