GITNUXREPORT 2025

Used Car Industry Statistics

Used car industry surges, driven by demand, online growth, and shifting preferences.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

Approximately 40% of consumers prefer buying used cars over new cars due to cost savings

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The most popular used car model in the U.S. in 2023 was the Honda Civic

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71% of used car buyers check their vehicle history report before purchase

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The most common reason consumers buy used cars is to save money, with 65% citing cost as their primary motivator

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48% of used car buyers in 2023 financed their purchase through loans

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The top three used car brands in terms of sales volume in 2023 were Honda, Ford, and Toyota

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20% of used car buyers in 2023 purchased their vehicle entirely online

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30% of used cars sold in 2023 had over 100,000 miles on the odometer

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Consumer preference for hybrid used cars grew by 18% in 2023, reflecting a shift towards greener options

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The average age of used car owners in 2023 was 47 years old, indicating a mature customer base

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The share of younger buyers (aged 18-35) purchasing used cars increased by 12% in 2023, underlining demographic shifts

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Used cars with advanced safety features saw a 9% increase in sales in 2023, reflecting consumer demand for safety

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Used car warranties on average last for around 3 years, with coverage extending up to 36,000 miles

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The used car market in the U.S. was valued at approximately $126 billion in 2022

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About 45 million used cars are sold annually in the United States

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The ratio of used to new car sales globally is approximately 7:1

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The online used car market grew by 20% in 2023

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Certified pre-owned (CPO) cars account for roughly 25% of used car sales in the U.S.

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The used luxury car segment accounted for about 15% of all used car sales in 2023

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Nearly 60% of used cars sold in 2023 were sold through franchise dealerships

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The used electric vehicle market grew by 30% in 2023, representing 12% of total used car sales

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The used car warranty market was valued at approximately $8 billion in 2023

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Vehicle recalls have contributed to a 10% increase in used car recalls in 2023

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The share of used cars sold via peer-to-peer platforms increased by 15% in 2023

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The growth rate for used car parts sales was approximately 11% in 2023, driven by DIY repairs

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The number of certified pre-owned programs expanded by 12% in 2023, indicating increasing consumer confidence

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The total number of used car dealerships in the U.S. is over 18,000 as of 2023, a slight decline from previous years

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The global demand for used cars is projected to grow at a CAGR of 7% between 2023 and 2030

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In 2023, used cars accounted for nearly 60% of all pre-owned vehicle sales in the U.S.

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The average price of a used car in the U.S. reached $25,500 in 2023

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Nearly 35% of all new car sales in 2022 were replaced by used cars

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The average age of used cars purchased in 2023 was 4.8 years

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The primary factor influencing used car prices in 2023 was supply chain disruptions

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The average duration a used car stays on the lot is approximately 23 days

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The average interest rate on used car loans in 2023 was around 7.5%

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The average age of used cars sold online is 3.9 years

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The median used car price increased by 8% from 2022 to 2023

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The average depreciation of a used car within the first year of sale is about 10%

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The average used car transaction size in 2023 was $16,200

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The use of AI and data analytics in used car pricing increased by 25% in 2023, improving valuation accuracy

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The average trade-in value for used cars increased by 6% in 2023, driven by high demand

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The percentage of repossessed vehicles in used car inventory was approximately 3.2% in 2023, indicating stable loan portfolios

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The average length of time a used car remains unsold in inventory is approximately 30 days

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The average profit margin for used car dealerships in 2023 was around 8%, indicating healthy dealership profitability

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Conversion rates for online used car listings improved by 10% in 2023 due to advanced virtual viewing tools

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Key Highlights

The used car market in the U.S. was valued at approximately $126 billion in 2022
About 45 million used cars are sold annually in the United States
The average price of a used car in the U.S. reached $25,500 in 2023
Nearly 35% of all new car sales in 2022 were replaced by used cars
The ratio of used to new car sales globally is approximately 7:1
The online used car market grew by 20% in 2023
Approximately 40% of consumers prefer buying used cars over new cars due to cost savings
The average age of used cars purchased in 2023 was 4.8 years
Certified pre-owned (CPO) cars account for roughly 25% of used car sales in the U.S.
The most popular used car model in the U.S. in 2023 was the Honda Civic
71% of used car buyers check their vehicle history report before purchase
The used luxury car segment accounted for about 15% of all used car sales in 2023
The primary factor influencing used car prices in 2023 was supply chain disruptions

The used car industry in the U.S. is booming, with a $126 billion valuation in 2022, millions of vehicles changing hands each year, and innovative trends like online sales and electric models reshaping the market landscape.

Consumer Preferences and Buying Behavior

Approximately 40% of consumers prefer buying used cars over new cars due to cost savings
The most popular used car model in the U.S. in 2023 was the Honda Civic
71% of used car buyers check their vehicle history report before purchase
The most common reason consumers buy used cars is to save money, with 65% citing cost as their primary motivator
48% of used car buyers in 2023 financed their purchase through loans
The top three used car brands in terms of sales volume in 2023 were Honda, Ford, and Toyota
20% of used car buyers in 2023 purchased their vehicle entirely online
30% of used cars sold in 2023 had over 100,000 miles on the odometer
Consumer preference for hybrid used cars grew by 18% in 2023, reflecting a shift towards greener options
The average age of used car owners in 2023 was 47 years old, indicating a mature customer base
The share of younger buyers (aged 18-35) purchasing used cars increased by 12% in 2023, underlining demographic shifts
Used cars with advanced safety features saw a 9% increase in sales in 2023, reflecting consumer demand for safety

Consumer Preferences and Buying Behavior Interpretation

In 2023, the used car market vividly exemplified pragmatic preference over luxury, with consumers driven by cost savings, safety, and a shifting demographic that increasingly embraces hybrid and online purchasing—making it clear that, in the ride for affordability and convenience, the used car industry continues to accelerate, mile markers and all.

Dealer Operations, Certification, and Warranties

Used car warranties on average last for around 3 years, with coverage extending up to 36,000 miles

Dealer Operations, Certification, and Warranties Interpretation

With warranties lasting just three years or 36,000 miles, used car owners are essentially signing up for a brief romance with repair coverage before they’re left to fend for themselves in the next chapter.

Market Size and Value Dynamics

The used car market in the U.S. was valued at approximately $126 billion in 2022
About 45 million used cars are sold annually in the United States
The ratio of used to new car sales globally is approximately 7:1
The online used car market grew by 20% in 2023
Certified pre-owned (CPO) cars account for roughly 25% of used car sales in the U.S.
The used luxury car segment accounted for about 15% of all used car sales in 2023
Nearly 60% of used cars sold in 2023 were sold through franchise dealerships
The used electric vehicle market grew by 30% in 2023, representing 12% of total used car sales
The used car warranty market was valued at approximately $8 billion in 2023
Vehicle recalls have contributed to a 10% increase in used car recalls in 2023
The share of used cars sold via peer-to-peer platforms increased by 15% in 2023
The growth rate for used car parts sales was approximately 11% in 2023, driven by DIY repairs
The number of certified pre-owned programs expanded by 12% in 2023, indicating increasing consumer confidence
The total number of used car dealerships in the U.S. is over 18,000 as of 2023, a slight decline from previous years
The global demand for used cars is projected to grow at a CAGR of 7% between 2023 and 2030
In 2023, used cars accounted for nearly 60% of all pre-owned vehicle sales in the U.S.

Market Size and Value Dynamics Interpretation

With a $126 billion valuation and over 45 million used cars changing hands annually—bolstered by a booming online market and a rising tide of certified pre-owned and electric vehicles—the used car industry’s resilient drive proves that in the world of automobiles, it’s often the second-hand gears that really move the economy forward.

Pricing, Depreciation, and Market Trends

The average price of a used car in the U.S. reached $25,500 in 2023
Nearly 35% of all new car sales in 2022 were replaced by used cars
The average age of used cars purchased in 2023 was 4.8 years
The primary factor influencing used car prices in 2023 was supply chain disruptions
The average duration a used car stays on the lot is approximately 23 days
The average interest rate on used car loans in 2023 was around 7.5%
The average age of used cars sold online is 3.9 years
The median used car price increased by 8% from 2022 to 2023
The average depreciation of a used car within the first year of sale is about 10%
The average used car transaction size in 2023 was $16,200
The use of AI and data analytics in used car pricing increased by 25% in 2023, improving valuation accuracy
The average trade-in value for used cars increased by 6% in 2023, driven by high demand
The percentage of repossessed vehicles in used car inventory was approximately 3.2% in 2023, indicating stable loan portfolios
The average length of time a used car remains unsold in inventory is approximately 30 days
The average profit margin for used car dealerships in 2023 was around 8%, indicating healthy dealership profitability

Pricing, Depreciation, and Market Trends Interpretation

Amidst supply chain hiccups driving prices up by 8% and AI refining valuations by 25%, the used car market in 2023 proves that, with a median price of $25,500 and cars staying just shy of a month on the lot, savvy buyers and dealers alike are navigating an increasingly digital, competitive, and slightly more profitable terrain where a 4.8-year-old ride averages $16,200 and a 7.5% loan rate keeps the wheel turning on fair (if not always cheap) deals.

Technological Innovations and Market Growth

Conversion rates for online used car listings improved by 10% in 2023 due to advanced virtual viewing tools

Technological Innovations and Market Growth Interpretation

Thanks to cutting-edge virtual viewing tools, the used car industry saw a 10% boost in online conversion rates in 2023—proving that sometimes, seeing really is believing, even from your couch.