The used car market is on fire!

In 2023 alone, an estimated 35.9 million used cars were sold, and by 2032, the market’s predicted to be worth a crazy $385.18 billion. Pre-owned is definitely having a moment, probably ’cause it’s cheaper and there’s way more choice.

Let’s take a closer look at used car buying statistics and what’s behind this trend. 🤑🚗

By 2032, the US used car market will be worth $385.18 billion

The US used car market is expected to grow by $35.96 billion between 2022 and 2027, at a CAGR of 4.14%

Estimate 35.9 million used vehicles sold in 2023

Approximately 75% of used car buyers finance their purchases

76% of used and new vehicle shoppers run a search before buying

On average, cars lose 60% of their value after five years

Used Car Buying Statistics: The Key Finding

By 2032, the US used car market will be worth $385.18 billion.
The US used car market is expected to grow by $35.96 billion between 2022 and 2027, at a CAGR of 4.14%.
Estimate 35.9 million used vehicles sold in 2023.
Approximately 75% of used car buyers finance their purchases.
76% of used and new vehicle shoppers run a search before buying.
On average, cars lose 60% of their value after five years.

Sources: (Spherical Insights, Research and Markets, Cox Automotive, NY State Auto, SEC, Ramsey Solutions)