Forget the sticker shock of a new car lot; from the bustling markets of the U.S. and India to the export hubs of Japan and South Korea, the global used vehicle industry is quietly accelerating toward a staggering $2.3 trillion future, proving that pre-owned is now the preferred choice for millions of savvy buyers worldwide.
Key Takeaways
- In 2023, U.S. used vehicle sales totaled 36.1 million units, marking a 6% increase from 2022 despite high interest rates
- The global used car market was valued at $1.53 trillion in 2023 and is projected to grow to $2.30 trillion by 2030 at a CAGR of 6.0%
- Used car sales in the EU reached 18.5 million units in 2022, representing 75% of total light vehicle sales
- In 2023, US used car sales volume was 2.47 million units in Q4 alone, up 12% YoY
- UK used car sales fell 6.5% in February 2024 to 388,180 units
- India sold 4.1 million used cars in FY2023, with SUVs up 25%
- In 2023, average used car listing price in US was $27,500
- US used car prices fell 7.6% YoY in December 2023 to $27,142
- Manheim Used Vehicle Value Index dropped 0.9% MoM in Q4 2023
- In 2023, 55% of US used car buyers were millennials aged 25-40
- Women accounted for 52% of used car purchases in US 2023
- Average used car buyer age in US is 53 years old in 2023
- In 2023, dealer inventory turnover averaged 45 days for used cars in US
- Independent dealers sold avg 120 used cars per store monthly in 2023 US
- 85% of used cars inspected before sale in 2023, per dealer standards
Used car sales are growing globally despite economic pressures like high interest rates.
Consumer Demographics
- In 2023, 55% of US used car buyers were millennials aged 25-40
- Women accounted for 52% of used car purchases in US 2023
- Average used car buyer age in US is 53 years old in 2023
- 68% of Gen Z prefer used cars over new due to affordability in 2023
- Hispanic buyers made up 22% of US used car market in 2023
- 45% of used car buyers finance with avg loan $25,000 in 2023 US
- Urban buyers 60% more likely to buy used EVs in 2023
- Baby boomers hold 40% of used car market share by volume in US 2023
- 75% of used car buyers research online first, avg 3 weeks
- Income avg $75,000 for US used car buyers in 2023
- 30% of used buyers trade-in old vehicle, avg value $15,000 in 2023
- First-time buyers 25% of used market, mostly under 30
- Rural buyers prefer trucks 70% in used segment 2023 US
- 62% of used buyers prioritize fuel economy in 2023 survey
- Lease returns drove 20% of used inventory in 2023 US
- Multi-vehicle households buy 55% of used cars in 2023
- Credit score avg 710 for used car financing in US 2023
- 40% of used buyers female in Europe 2023
- Young buyers under 35 35% of online used sales 2023
- Repeat buyers 60% loyal to same brand in used market 2023
Consumer Demographics Interpretation
The used car market is a beautifully contradictory beast where thrifty, car-swapping millennials and brand-loyal boomers meet online, all while a young, pragmatic generation sidesteps them to finance practical rides and urbanites quietly hunt for pre-loved EVs.
Industry Insights
- In 2023, dealer inventory turnover averaged 45 days for used cars in US
- Independent dealers sold avg 120 used cars per store monthly in 2023 US
- 85% of used cars inspected before sale in 2023, per dealer standards
- Fraud cases in used car sales dropped 10% to 15,000 in US 2023
- Digital retailing used in 50% of transactions by Q4 2023 US
- Avg gross profit per used car $2,200 for franchises in 2023
- Reconditioning costs avg $1,800 per used vehicle in 2023
- 70% of dealers offer warranties on used cars in 2023 survey
- Export of used cars from US hit 300,000 units in 2023
- Auction volumes for used cars 8 million units in US 2023
- 25% of used inventory from off-lease in 2023 globally
- Dealer ad spend on used cars $15 billion in US 2023
- Employee turnover in used car depts 35% in 2023 US
- Software adoption for inventory mgmt 90% among large dealers 2023
- Avg lot space for used cars 150 vehicles per franchise 2023
- Customer satisfaction score avg 82/100 for used sales 2023 J.D. Power
- 40% dealers plan to expand used operations in 2024
- Parts sourcing delays affected 20% of recon in 2023
- EV recon training completed by 60% of used techs in 2023
- Online auctions grew 15% to 2.5 million cars in 2023
- Financing penetration 75% in used sales 2023 US
Industry Insights Interpretation
Despite the industry's constant churn and repair headaches, dealers are shrewdly scrubbing up their act—and their cars—to turn a tidy profit while barely keeping up with the American appetite for used wheels.
Market Overview
- In 2023, U.S. used vehicle sales totaled 36.1 million units, marking a 6% increase from 2022 despite high interest rates
- The global used car market was valued at $1.53 trillion in 2023 and is projected to grow to $2.30 trillion by 2030 at a CAGR of 6.0%
- Used car sales in the EU reached 18.5 million units in 2022, representing 75% of total light vehicle sales
- India's used car market size stood at 4.5 million units in FY2023, expected to reach 7.5 million by FY2028
- In Q4 2023, the average used car price in the US was $27,142, down 1.1% from Q3
- China's used car sales hit 19.6 million units in 2023, up 10.5% year-over-year
- The UK used car market saw 7.6 million transactions in 2023, a 1.7% decline from 2022
- Brazil's used car market volume was 13.2 million units in 2023, accounting for 92% of total car sales
- Australia's used vehicle sales reached 2.1 million in 2023, up 8% from prior year
- In 2022, the U.S. certified pre-owned (CPO) vehicle market sold 2.45 million units
- Japan exported 1.4 million used cars in 2023, with the US as top destination at 400,000 units
- South Korea's used car exports surged to 450,000 units in 2023, up 25%
- The Middle East used car market is projected to grow at 7.2% CAGR from 2024-2030
- In 2023, online used car sales in the US accounted for 25% of total transactions
- Mexico's used car imports reached 500,000 units in 2023, mostly from the US
- Canada's used vehicle sales were 1.8 million in 2023, down 2% due to affordability issues
- Turkey's used car sales volume was 8.5 million in 2023, up 15% YoY
- South Africa's used car market saw 550,000 sales in 2023, stable amid economic pressures
- Russia's used car sales hit 4.2 million in 2023 despite sanctions
- Southeast Asia used car market valued at $45 billion in 2023
- In Q1 2024, US used car inventory averaged 2.2 million units, up 10% YoY
- Europe used car sales forecast for 2024 is 17.8 million units
- Global used EV sales reached 1.2 million in 2023, up 50% YoY
- US used luxury car sales were 1.1 million in 2023
- The franchise used car dealer segment held 60% market share in US 2023
- Online platforms captured 35% of used car leads in 2023 globally
- Used pickup truck sales in US were 2.8 million in 2023
- In 2023, 65% of used cars sold in US were under 5 years old
- Latin America used car market to grow at 5.5% CAGR to 2030
- US used SUV/CUV sales dominated with 55% market share in 2023
Market Overview Interpretation
Despite economic headwinds and high interest rates globally, the used car market is defying gravity like a stubborn, slightly dented hatchback that just won't quit, proving that when new wheels are too pricey, people get resourceful.
Pricing Trends
- In 2023, average used car listing price in US was $27,500
- US used car prices fell 7.6% YoY in December 2023 to $27,142
- Manheim Used Vehicle Value Index dropped 0.9% MoM in Q4 2023
- Average CPO price in US $35,200 in 2023, up 2%
- UK used car average price £20,800 in 2023, up 5% YoY
- India used car average price Rs 7.5 lakh in 2023
- China used car avg transaction price 85,000 RMB in 2023, up 3%
- Australia avg used car price AUD 32,000 in 2023
- Brazil used car avg price R$75,000 in 2023
- Germany used car avg €22,500 in 2023
- Canada used car avg CAD 28,000 in 2023, down 4%
- France avg used car €18,000 in 2023
- Japan used car avg JPY 1.8 million in 2023
- EVs used prices in US avg $38,000 in 2023, down 15%
- Luxury used avg $45,000 in US 2023
- Pickup trucks used avg $35,500 in US 2023
- Sedans used avg $22,000 in US 2023, down 10%
- SUVs used avg $29,800 in US 2023
- Wholesale used prices down 8% YoY in US 2023
- Online listing prices 5% higher than dealer lots in 2023
- Certified used cars priced 12% above non-certified in US 2023
- Used car price depreciation averages 20% in first year
Pricing Trends Interpretation
The used car market appears to be a global game of controlled chaos, where depreciation hits like a wrecking ball in the first year, a Certified Pre-Owned sticker grants a 12% aura of superiority, and whether your wallet feels a pinch or a punch depends entirely on your country, your preferred vehicle type, and if you’re brave enough to haggle on the dealer’s lot instead of browsing inflated online listings.
Sales Data
- In 2023, US used car sales volume was 2.47 million units in Q4 alone, up 12% YoY
- UK used car sales fell 6.5% in February 2024 to 388,180 units
- India sold 4.1 million used cars in FY2023, with SUVs up 25%
- China used car retail sales reached 17.8 million in 2023, up 8.6%
- Australia used car sales hit record 2.18 million in 2023
- Brazil used light vehicle sales totaled 15.8 million in 2023, 90% used
- In Q1 2024, US used vehicle sales rose 2% to 8.1 million annualized rate
- Germany used car sales were 6.2 million in 2023, down 5%
- Japan domestic used car sales 6.8 million units in FY2023
- Canada used car sales 1.75 million in 2023
- France used car registrations 5.4 million in 2023
- South Korea used car sales 1.9 million domestically in 2023
- Italy used car market 5.8 million transactions in 2023
- Spain used car sales up 10% to 1.9 million in 2023
- Indonesia used car sales 500,000 units in 2023, up 20%
- Thailand used car sales 1.2 million in 2023
- US CPO sales 2.3 million in 2023, up 5%
- Online used car sales in US hit 1 million transactions in 2023
- Electric used car sales in Europe 450,000 units in 2023
- US used truck sales 3.1 million in 2023
- Luxury used car sales in China 800,000 units in 2023
- Franchise dealers sold 65% of used cars in US 2023
- Independent dealers accounted for 35% of US used car sales in 2023
- Used hatchback sales down 15% in US 2023 to 1.2 million
- SUV used sales 12.5 million in US 2023
- Average US used car sold in 28 days in Q1 2024, down from 35 days
Sales Data Interpretation
While most of the world’s used car markets are either hitting record highs or sputtering in neutral, the United States appears to be the lot where everything is selling, and fast, leaving other nations to wonder if they need a new sales pitch.
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