Millennials now account for over half of all used car buyers in the US. The average transaction price fell 7.6% in a single year. This analysis details the demographic and economic forces driving today's used vehicle market.
Key Takeaways
- In 2023, 55% of US used car buyers were millennials aged 25-40
- In 2023, dealer inventory turnover averaged 45 days for used cars in US
- In 2023, U.S. used vehicle sales totaled 36.1 million units, marking a 6% increase from 2022 despite high interest rates
- In 2023, average used car listing price in US was $27,500
- In 2023, US used car sales volume was 2.47 million units in Q4 alone, up 12% YoY
Used car sales remained steady as demand held firm across key price ranges.
Related reading
01 · Category
Consumer Demographics20 stats
01
In 2023, 55% of US used car buyers were millennials aged 25-40
02
Women accounted for 52% of used car purchases in US 2023
03
Average used car buyer age in US is 53 years old in 2023
04
68% of Gen Z prefer used cars over new due to affordability in 2023
05
Hispanic buyers made up 22% of US used car market in 2023
06
45% of used car buyers finance with avg loan $25,000 in 2023 US
07
Urban buyers 60% more likely to buy used EVs in 2023
08
Baby boomers hold 40% of used car market share by volume in US 2023
09
75% of used car buyers research online first, avg 3 weeks
10
Income avg $75,000for US used car buyers in 2023
11
30% of used buyers trade-in old vehicle, avg value $15,000 in 2023
12
First-time buyers 25% of used market, mostly under 30
13
Rural buyers prefer trucks 70% in used segment 2023 US
14
62% of used buyers prioritize fuel economy in 2023 survey
15
Lease returns drove 20% of used inventory in 2023 US
16
Multi-vehicle households buy 55% of used cars in 2023
17
Credit score avg 710 for used car financing in US 2023
18
40% of used buyers female in Europe 2023
19
Young buyers under 35 35% of online used sales 2023
20
Repeat buyers 60% loyal to same brand in used market 2023
Interpretation
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.
02 · Category
Industry Insights21 stats
01
In 2023, dealer inventory turnover averaged 45 days for used cars in US
02
Independent dealers sold avg 120 used cars per store monthly in 2023 US
03
85% of used cars inspected before sale in 2023, per dealer standards
04
Fraud cases in used car sales dropped 10% to 15,000 in US 2023
05
Digital retailing used in 50% of transactions by Q4 2023 US
06
Avg gross profit per used car $2,200for franchises in 2023
07
Reconditioning costs avg $1,800per used vehicle in 2023
08
70% of dealers offer warranties on used cars in 2023 survey
09
Export of used cars from US hit 300,000 units in 2023
10
Auction volumes for used cars 8 million units in US 2023
11
25% of used inventory from off-lease in 2023 globally
12
Dealer ad spend on used cars $15 billion in US 2023
13
Employee turnover in used car depts 35% in 2023 US
14
Software adoption for inventory mgmt 90% among large dealers 2023
15
Avg lot space for used cars 150 vehicles per franchise 2023
16
Customer satisfaction score avg 82/100 for used sales 2023 J.D. Power
17
40% dealers plan to expand used operations in 2024
18
Parts sourcing delays affected 20% of recon in 2023
19
EV recon training completed by 60% of used techs in 2023
20
Online auctions grew 15% to 2.5 million cars in 2023
21
Financing penetration 75% in used sales 2023 US
Interpretation
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.
03 · Category
Market Overview30 stats
01
In 2023, U.S. used vehicle sales totaled 36.1 million units, marking a 6% increase from 2022 despite high interest rates
02
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%
03
Used car sales in the EU reached 18.5 million units in 2022, representing 75% of total light vehicle sales
04
India's used car market size stood at 4.5 million units in FY2023, expected to reach 7.5 million by FY2028
05
In Q4 2023, the average used car price in the US was $27,142,down 1.1% from Q3
06
China's used car sales hit 19.6 million units in 2023, up 10.5% year-over-year
07
The UK used car market saw 7.6 million transactions in 2023, a 1.7% decline from 2022
08
Brazil's used car market volume was 13.2 million units in 2023, accounting for 92% of total car sales
09
Australia's used vehicle sales reached 2.1 million in 2023, up 8% from prior year
10
In 2022, the U.S. certified pre-owned (CPO) vehicle market sold 2.45 million units
11
Japan exported 1.4 million used cars in 2023, with the US as top destination at 400,000 units
12
South Korea's used car exports surged to 450,000 units in 2023, up 25%
13
The Middle East used car market is projected to grow at 7.2% CAGR from 2024-2030
14
In 2023, online used car sales in the US accounted for 25% of total transactions
15
Mexico's used car imports reached 500,000 units in 2023, mostly from the US
16
Canada's used vehicle sales were 1.8 million in 2023, down 2% due to affordability issues
17
Turkey's used car sales volume was 8.5 million in 2023, up 15% YoY
18
South Africa's used car market saw 550,000 sales in 2023, stable amid economic pressures
19
Russia's used car sales hit 4.2 million in 2023 despite sanctions
20
Southeast Asia used car market valued at $45 billion in 2023
21
In Q1 2024, US used car inventory averaged 2.2 million units, up 10% YoY
22
Europe used car sales forecast for 2024 is 17.8 million units
23
Global used EV sales reached 1.2 million in 2023, up 50% YoY
24
US used luxury car sales were 1.1 million in 2023
25
The franchise used car dealer segment held 60% market share in US 2023
26
Online platforms captured 35% of used car leads in 2023 globally
27
Used pickup truck sales in US were 2.8 million in 2023
28
In 2023, 65% of used cars sold in US were under 5 years old
29
Latin America used car market to grow at 5.5% CAGR to 2030
30
US used SUV/CUV sales dominated with 55% market share in 2023
Interpretation
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.
More related reading
04 · Category
Pricing Trends22 stats
01
In 2023, average used car listing price in US was $27,500
02
US used car prices fell 7.6% YoY in December 2023 to $27,142
03
Manheim Used Vehicle Value Index dropped 0.9% MoM in Q4 2023
04
Average CPO price in US $35,200in 2023, up 2%
05
UK used car average price £20,800 in 2023, up 5% YoY
06
India used car average price Rs 7.5 lakh in 2023
07
China used car avg transaction price 85,000 RMB in 2023, up 3%
08
Australia avg used car price AUD 32,000 in 2023
09
Brazil used car avg price R$75,000in 2023
10
Germany used car avg €22,500 in 2023
11
Canada used car avg CAD 28,000 in 2023, down 4%
12
France avg used car €18,000 in 2023
13
Japan used car avg JPY 1.8 million in 2023
14
EVs used prices in US avg $38,000in 2023, down 15%
15
Luxury used avg $45,000in US 2023
16
Pickup trucks used avg $35,500in US 2023
17
Sedans used avg $22,000in US 2023, down 10%
18
SUVs used avg $29,800in US 2023
19
Wholesale used prices down 8% YoY in US 2023
20
Online listing prices 5% higher than dealer lots in 2023
21
Certified used cars priced 12% above non-certified in US 2023
22
Used car price depreciation averages 20% in first year
Interpretation
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.
05 · Category
Sales Data26 stats
01
In 2023, US used car sales volume was 2.47 million units in Q4 alone, up 12% YoY
02
UK used car sales fell 6.5% in February 2024 to 388,180 units
03
India sold 4.1 million used cars in FY2023, with SUVs up 25%
04
China used car retail sales reached 17.8 million in 2023, up 8.6%
05
Australia used car sales hit record 2.18 million in 2023
06
Brazil used light vehicle sales totaled 15.8 million in 2023, 90% used
07
In Q1 2024, US used vehicle sales rose 2% to 8.1 million annualized rate
08
Germany used car sales were 6.2 million in 2023, down 5%
09
Japan domestic used car sales 6.8 million units in FY2023
10
Canada used car sales 1.75 million in 2023
11
France used car registrations 5.4 million in 2023
12
South Korea used car sales 1.9 million domestically in 2023
13
Italy used car market 5.8 million transactions in 2023
14
Spain used car sales up 10% to 1.9 million in 2023
15
Indonesia used car sales 500,000 units in 2023, up 20%
16
Thailand used car sales 1.2 million in 2023
17
US CPO sales 2.3 million in 2023, up 5%
18
Online used car sales in US hit 1 million transactions in 2023
19
Electric used car sales in Europe 450,000 units in 2023
20
US used truck sales 3.1 million in 2023
21
Luxury used car sales in China 800,000 units in 2023
22
Franchise dealers sold 65% of used cars in US 2023
23
Independent dealers accounted for 35% of US used car sales in 2023
24
Used hatchback sales down 15% in US 2023 to 1.2 million
25
SUV used sales 12.5 million in US 2023
26
Average US used car sold in 28 days in Q1 2024, down from 35 days
Interpretation
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.
Reference
Cite This Report
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APA
David Kowalski. (2026, February 13). Used Car Sales Statistics. Gitnux. https://gitnux.org/used-car-sales-statistics
MLA
David Kowalski. "Used Car Sales Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/used-car-sales-statistics.
Chicago
David Kowalski. 2026. "Used Car Sales Statistics." Gitnux. https://gitnux.org/used-car-sales-statistics.
Sources & references
80 datasets cited across this report · attribution is report-level