Used cars are a popular choice for many car buyers, and the used car market is growing rapidly. In 2020, there were about 39.3 million used vehicle sales in the United States alone. The average price of a used car in 2021 was $29,011 and Honda Civic was the top-selling model that year. Compact SUVs have become increasingly popular with 26.8% market share in 2020 while pickup trucks experienced some of the lowest depreciation rates at 33.6%. With an estimated global value of $1.211 trillion in 2021 and projected growth rate of 11%, it’s no surprise that more than 4 million people purchased pre-owned vehicles last year – both online (3+ million) or through franchise dealerships (70%). Financing options also play an important role as 75% opt to finance their purchase with monthly payments averaging around $413 per month on average down payment being 11%. Used cars may be older but they still come with risks; 20% involve previous accidents which can affect resale values significantly since most depreciate by 60% after five years on roadways across America and Europe alike.
Used Car Statistics Overview
In 2021, more than 3.1 million used cars were sold online.
This statistic is a testament to the growing popularity of online used car sales. It shows that more and more people are turning to the internet to purchase their vehicles, rather than relying on traditional brick-and-mortar dealerships. This shift in consumer behavior is an important trend to consider when discussing used car statistics, as it has the potential to drastically alter the landscape of the industry.
Approximately 20% of all accidents involve a used car that has been in a previous accident.
This statistic is a stark reminder of the potential risks associated with purchasing a used car that has been in a previous accident. It highlights the importance of researching a car’s history before making a purchase, as well as the need for extra caution when driving a used car that has been in an accident.
In 2020, the average age of a used car was 12.1 years.
This statistic is a telling indicator of the current state of the used car market. It shows that the average age of a used car is increasing, which could mean that people are holding onto their cars for longer periods of time. This could be due to a variety of factors, such as the rising cost of new cars, the availability of reliable used cars, or the increasing popularity of leasing. Understanding this statistic can help us better understand the current trends in the used car market and how they may affect the industry in the future.
In 2019, consumers spent an estimated $201 billion on used cars.
This statistic is a testament to the immense popularity of used cars. It shows that consumers are increasingly turning to pre-owned vehicles as a viable option for their transportation needs. This is an important indicator of the health of the used car market, and it is a key factor in understanding the trends and developments in the industry.
Approximately 75% of used car buyers finance their purchase.
This statistic is a telling indication of the importance of financing when it comes to used car purchases. It highlights the fact that the majority of buyers rely on financing to make their purchase, which speaks to the need for buyers to have access to affordable financing options when shopping for a used car. This statistic is an important factor to consider when discussing the used car market and its impact on the economy.
The average monthly payment for a used car loan in 2021 was $413.
This statistic is a valuable insight into the current state of the used car market. It provides a snapshot of the average cost of a used car loan, which can be used to compare the affordability of different models and brands. It also serves as a benchmark for potential buyers to gauge the cost of financing a used car purchase. Ultimately, this statistic is an important factor to consider when researching the used car market.
In 2021, the global used car market was valued at $1.211 trillion.
This statistic is a testament to the sheer size and scope of the used car market. It serves as a reminder of the immense economic impact of the used car industry, and the potential for growth in the years to come. It is a powerful indicator of the importance of the used car market, and its potential to drive economic growth and development.
The CPO (certified pre-owned) segment makes up 23% of used car sales at franchise dealerships.
This statistic is significant in the context of used car statistics because it demonstrates the growing popularity of CPO vehicles among franchise dealerships. It shows that a significant portion of used car sales are coming from CPO vehicles, indicating that customers are increasingly turning to these vehicles as a reliable and cost-effective option.
The average used car loses approximately 60% of its value after five years.
This statistic is a crucial piece of information for anyone considering purchasing a used car. Knowing that a used car will lose 60% of its value after five years can help potential buyers make an informed decision about whether or not to invest in a used car. It can also help them plan for the future, as they can factor in the depreciation of the car when budgeting for their car expenses.
36.5% of car buyers prefer to purchase used vehicles over new ones.
This statistic is a powerful indicator of the popularity of used cars, demonstrating that a significant portion of car buyers are opting for pre-owned vehicles over new ones. This information is essential for a blog post about Used Car Statistics, as it provides a valuable insight into the current market trends.
The average certified pre-owned vehicle sold in 2021 had 50,691 miles on its odometer.
This statistic is a telling indication of the current state of the used car market. It shows that the average certified pre-owned vehicle sold in 2021 had a relatively high mileage, indicating that many buyers are opting for vehicles that have already seen some use. This could be due to the fact that used cars are often more affordable than new cars, making them a more attractive option for budget-conscious buyers. Additionally, this statistic could also be indicative of the fact that many buyers are looking for reliable vehicles that have already been tested and certified by a reputable dealer.
More than 4.1 million used cars were sold in the United Kingdom in 2020.
This statistic is a testament to the popularity of used cars in the United Kingdom. It shows that despite the economic downturn caused by the pandemic, people are still willing to invest in second-hand vehicles. This is a great sign for the used car industry, and it indicates that there is still a strong demand for these vehicles.
Conclusion
The used car market is a thriving industry, with millions of vehicles sold each year in the United States and around the world. In 2020 alone, there were 39.3 million used vehicle sales in the United States, with an average price of $29,011. The Honda Civic was the top-selling model for 2021 while compact SUVs held 26.8% of total market share that same year.
Projections show that this sector will continue to grow at a compound annual growth rate (CAGR) of 11.2%, reaching over 2 trillion dollars by 2027 globally and more than 3 million cars being sold online annually by then as well. Franchise dealerships remain popular among buyers due to their convenience and trustworthiness; 70% of all US transactions occur through them while 75% finance their purchase using loans averaging $413 per month in payments during 2021 according to Experian data . Certified pre-owned models are also gaining traction within these establishments representing 23%.
When it comes to depreciation rates after five years on average most cars lose 60%, however pickup trucks experience lower levels at 33%. Consumers have shown preference towards buying second hand vehicles rather than new ones making up 36 %of purchases overall which has resulted in estimated spending close to 201 billion dollars back 2019 worldwide.. All things considered ,the used car market continues its steady rise both domestically and internationally offering great opportunities for those looking into purchasing or selling one soon.
References
0. – https://www.experian.com
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