Used Car Statistics By Growth, Regions, End User And Vehicle Type
Updated · Mar 25, 2025
TABLE OF CONTENTS
Introduction
Used Car Statistics: A used car is a vehicle that has had one or more previous owners. It is also called a pre-owned or secondhand car. These cars are sold by car dealerships, rental companies, auctions, private sellers, and leasing offices. Used car sellers offer different types of vehicles, including budget-friendly cars, certified pre-owned vehicles, and cars with extended service plans.
Many also provide online shopping options, allowing buyers to browse available cars and get details through their websites. Most used car businesses focus on selling directly to customers (B2C model), but they also sell to businesses (B2B model). This includes companies like ride-sharing services, travel agencies, and other industries that need vehicles for their operations. We shall shed more light on Used Car Statistics through this article.
Editor’s Choice
- The used car market is expected to grow to over $1.5 trillion by 2027, up from $1.2 trillion in 2020. This means it will grow at a rate of 3.2% per year. This growth is due to changing car ownership trends and the rise of online platforms, making it easier for people to buy pre-owned cars.
- In 2023, around 5.2 million used cars were sold, a big increase from the previous year. The secondhand car market has been growing steadily over time.
- By 2028, for every new car sold in India, nearly two used cars will be sold, making the used-to-new car ratio 1.9:1. The pre-owned car market is divided into four groups: organized, semi-organized, unorganized, and customer-to-customer (C2C) sales.
Used Car Market Segmentation
The used car market is divided into different categories based on car type, fuel type, sales channel, and region:
- By Car Type: Used cars are classified into hatchbacks, sedans, and SUVs.
- By Fuel Type: They run on gasoline, diesel, or other fuel alternatives.
- By Sales Channel: These vehicles are sold through authorized dealerships, independent sellers, and other platforms.
(Source: alliedmarketresearch.com)
- In 2023, SUVs led the global used car market and are expected to stay the most popular choice in the future. These vehicles are in high demand in both the new and pre-owned car markets because of several key advantages:
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- Higher ground clearance for smoother driving on rough roads.
- Easy entry and exit, making them convenient for all age groups.
- Powerful engines that provide strong performance.
- Off-road capabilities are ideal for adventurous driving.
- Better visibility and enhanced safety features for a secure ride.
- SUVs remain a top choice due to their spacious interiors, durability, and high safety standards, making them a preferred option in the used car market.
(Source: alliedmarketresearch.com)
- Used Car Statistics stated that in 2023, petrol cars dominated the global used car market and are expected to remain the top choice in the coming years. Several factors contribute to their high demand worldwide:
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- Lower price compared to diesel cars.
- Quieter engine, offering a smoother driving experience.
- Wider availability, making them easier to find.
- Additionally, the growing popularity of online car sales platforms and rental services has further increased the demand for petrol cars over diesel vehicles in the secondhand car market.
(Source: alliedmarketresearch.com)
- In 2023, franchised dealers led the global used car market and are expected to stay on top in the coming years. Dealerships play a key role in selling pre-owned vehicles because they offer several benefits:
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- Easy access to a large selection of used cars.
- Certified pre-owned vehicles, ensuring quality and reliability.
- Fast vehicle delivery, avoiding long wait times.
- Strong brand reputation, which builds customer trust.
- Other important factors driving the growth of franchised dealerships include flexible pricing, test drive availability, expanding online sales platforms, and after-sales services.
- Since buyers trust well-known brands and like the option to test-drive different vehicles, this segment is expected to grow even more in the secondhand car market.
UK Used Car Statistics
Knowing about the used car market is important to stay ahead in the automobile industry. The Society of Motor Manufacturers and Traders (SMMT) provides detailed data on the UK’s secondhand car market, including:
- Yearly sales numbers to track how many vehicles are sold.
- Market trends and future predictions to understand demand.
- Breakdown by car model and brand to see which vehicles are most popular.
- Price trends to monitor changes in used car values.
These insights help businesses make smart decisions, plan better strategies, and stay competitive in the pre-owned car market. Keep up with the latest SMMT reports to stay informed and ahead of the competition.
| Q4 2024 | Q4 2023 | % CHANGE | YTD 2024 | YTD 2023 | % CHANGE YTD | |
| Total | 1,746,051 | 1,679,116 | 4.0% | 7,643,180 | 7,242,692 | 5.5% |
- Used Car sales from 2020 to 2024
| Year | JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | TOTAL |
| 2024 | 650,747 | 653,484 | 663,692 | 669,281 | 672,657 | 621,457 | 668,890 | 669,243 | 627,678 | 669,319 | 607,483 | 469,249 | 7,643,180 |
| 2023 | 619,301 | 606,890 | 620,958 | 613,540 | 626,649 | 592,078 | 646,331 | 640,239 | 597,590 | 626,083 | 586,512 | 466,521 | 7,242,692 |
| 2022 | 597,715 | 581,533 | 595,103 | 603,341 | 608,661 | 547,682 | 608,571 | 614,526 | 562,350 | 607,849 | 548,410 | 415,036 | 6,890,772 |
| 2021 | 507,632 | 541,553 | 638,570 | 724,743 | 769,782 | 672,979 | 708,326 | 682,293 | 643,844 | 653,913 | 575,421 | 411,900 | 7,530,956 |
| 2020 | 696,707 | 672,242 | 482,970 | 177,898 | 330,554 | 530,851 | 744,818 | 725,034 | 698,747 | 715,149 | 519,142 | 458,847 | 6,752,958 |
Used Car Market Growth Statistics
(Source: databridgemarketresearch.com)
- The increase in disposable income among workers is helping the used car market grow, as more people can now buy budget-friendly vehicles.
- Used Car Statistics stated that disposable income for low-income households went up by 3% and 3.3% in early 2021, while high-income households first saw a 6.4% drop, followed by a 3.9% rise in the same period.
- In recent years, the used car industry has grown rapidly due to affordable pricing from new competitors and the fact that many buyers cannot afford brand-new cars.
- Used Car Statistics stated that the global used car market was worth $996.9 billion in 2022 and is expected to reach $1.7 trillion by 2030, growing at a 6.9% annual rate.
- The market report also provides detailed insights on trends, pricing, key regions, major players, and supply-demand analysis.
Used Car End User Statistics
(Reference: gminsights.com)
- The used car market is divided into personal and commercial vehicles, with the personal segment making up 85% of sales in 2024.
- Many first-time buyers and individuals prefer used cars because they are cheaper than new ones.
- Both men and women choose pre-owned vehicles because they offer better value, lower upfront costs, and affordable insurance rates.
- Buying a used car is easier with low-interest loans, flexible payment plans (EMIs), and financing from banks and NBFCs.
- AI-powered loan approvals and digital financing options also help middle-income earners and young professionals buy cars more easily.
- In January 2025, used car sales increased by 8%, reaching 1.41 million units.
- Used Car Statistics stated that more people are choosing used vehicles due to economic uncertainty and the high prices of new cars, making pre-owned cars a more budget-friendly option.
- Today, there is less stigma around buying used cars, as buyers focus on practicality rather than just owning a brand-new vehicle.
- The trend of frequent car upgrades is keeping the affordable, high-quality used car market strong.
- Many Americans are buying cars for personal use, especially with the rise of remote work, road trips, and suburban living.
Used Car Regional Statistics
(Reference: precedenceresearch.com)
#1. North America Leads the Used Car Market
- North America holds the largest share (27%) of the global used car market, with the U.S. generating $583 billion in revenue in 2024.
- With over 280 million registered vehicles, the U.S. has one of the highest car ownership rates in the world. Since many buyers trade in their vehicles for newer models, the used car market stays well-supplied, offering buyers a wide range of options.
- The U.S. has strong financing options for used car buyers, with banks, credit unions, and NBFCs providing low-interest loans and leasing transfers.
- In addition, rental companies and fleet operators regularly add certified pre-owned cars to the market, increasing the availability of well-maintained vehicles.
- The online used car market in the U.S. is highly developed, with platforms like Carvana, CarMax, Autotrader, and Facebook Marketplace connecting buyers and sellers easily.
- Used Car Statistics stated that AI-powered tools help assess car prices, history reports, and financing options, ensuring a transparent and hassle-free buying experience.
- In January 2025, U.S. car sales hit 1.15 million units, with a seasonally adjusted annual rate (SAAR) of 16.2 million units.
- This marks four consecutive months when SAAR remained above 16 million, which shows strong demand and a stable auto market.
#2. Germany’s Used Car Market Outlook
- Thanks to its strong automotive sector, Germany’s used car industry is set to grow significantly from 2025 to 2034.
- Top German carmakers like BMW, Mercedes-Benz, Volkswagen, and Audi produce high-quality vehicles that hold their value in the pre-owned market.
- Used luxury cars from Germany attract buyers both domestically and internationally due to their reputation for engineering excellence.
- Leasing is very common in Germany, meaning that low-mileage, well-maintained cars return to the market every two to three years. This steady supply of certified pre-owned vehicles strengthens the used car sector.
- Used Car Statistics stated that Government policies, such as scrappage incentives and Euro 6 and Euro 7 emissions standards, encourage car owners to trade in older models for newer, eco-friendly cars.
- Additionally, tax incentives for electric and hybrid vehicles motivate people to sell their gasoline and diesel cars, ensuring a continuous supply of used vehicles.
- However, according to Autovista24, Germany’s used car sales dropped by 28.6% in December 2024, showing a decline in consumer demand. This drop reflects an overall slowdown in Europe’s used car market.
(Reference: precedenceresearch.com)
#3. China’s Growing Used Car Market
- China is the world’s biggest car market, with over 300 million registered vehicles.
- Over the past decade, rising car ownership has increased the availability of used cars, fuelling growth in the secondhand market.
- The Chinese government supports the used car industry by reducing value-added taxes (VAT) on pre-owned vehicle sales and making it easier to transfer car ownership between cities. These policies lower costs for both buyers and sellers, making used cars more affordable.
- China’s digital used car market is expanding rapidly, with platforms like Uxin, Guazi, and TTP Car (Alibaba) leading the industry.
- Used Car Statistics stated that AI-powered pricing, online financing, and digital verification tools have improved trust and transparency, boosting online car sales.
- In November 2024, China’s car sales jumped 16.6% year-over-year, reaching 2.45 million units.
- Government incentives for trade-ins helped drive sales, especially for electric vehicles (EVs) and hybrids.
- Battery-powered cars accounted for 51.8% of total sales, outselling gasoline-powered cars for the fifth month in a row.
Vehicle Type Insight Statistics
(Reference: precedenceresearch.com)
- In 2023, gasoline and diesel cars made up over 47% of the global used car market revenue. This segment is expected to keep expanding in the coming years.
- The main reason for this is the large supply of used cars, giving buyers plenty of options at lower prices.
- Traditional cars are also available in different sizes, such as compact, mid-size, and SUVs, making them a popular choice for many buyers.
- The electric vehicle (EV) market is growing faster than ever, as more people are choosing EVs over fuel-powered cars due to lower running costs and environmental benefits.
- Used Car Statistics stated that the organized dealership sector experienced the fastest growth, contributing to more than two-thirds of total market revenue.
- This growth is fueled by new business models and an increase in the number of sellers entering the organized used car market. Certified pre-owned programs, online car sales platforms, and better financing options have helped attract more buyers by offering reliable, high-quality used cars.
Used Electric Car Sales Statistics
- The number of used electric vehicle (EV) registrations is expected to increase by 825 cars per year between 2025 and 2027, making up 0.8% of all new EV registrations.
- Used Car Statistics stated that most of these pre-owned EVs will be 4-5 years old and come from the EV 3.0 program in 2022 and 2023.
- As the sale of new EVs grows, the availability and demand for used EVs are also rising, particularly in China, the U.S., and major European markets like France, Germany, Italy, Spain, the Netherlands, and the UK.
(Source: recurrentauto.com)
- By 2024, the used EV market had:
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- 800,000 EVs in China (+40% compared to the previous year)
- 400,000 in the U.S. (+43% YoY)
- 450,000 in key European markets (+28% YoY)
- Used Car Statistics stated that the global secondhand EV market is projected to grow at an 8.4% annual rate (CAGR) between 2023 and 2033, reaching a total value of $40.08 billion by the end of this period.
- Buying a secondhand EV reduces overall expenses. Older EVs (5-7 years old) are up to three times cheaper to maintain than traditional gas-powered cars.
- Used Car Statistics stated that EVs save 50% on fuel costs and 60% on maintenance and repairs compared to similar gas vehicles.
- Some governments offer financial aid to encourage the purchase of used EVs. In 2023, the U.S. government provided a $4,000 discount for used EVs priced under $25,000, available to buyers with an annual income below $75,000.
Challenges in the Used EV Market
(Source: recurrentauto.com)
#1. Price Depreciation
- The resale value of used EVs fluctuates, impacting buyers, automakers, leasing companies, and insurance firms.
- Used Car Statistics stated that over the past three years, secondhand EV prices have been unstable.
- In 2022, due to a short supply of new EVs, demand for used EVs increased, raising their prices.
- By mid-2023, prices of battery electric vehicles (BEVs) over 3 years old were 55% of their original price, compared to 40% in 2017 and 25% more than gas-powered used cars.
- However, from late 2023 to mid-2024, used EV prices dropped by 30-39%, while gas vehicle prices fell only 3-7%.
#2. Main Reasons for Price Drops
- New EV models were released with better battery range
- Battery life concerns affected resale prices.
- Competitive price cuts from EV makers lowered new EV prices
- Charging station growth did not keep up with the increasing number of EVs.
- Since the used EV market is still new, pricing is hard to predict, especially because battery condition, which makes up 30-50% of an EV’s cost, is difficult to measure accurately.
Factors That Influence Used EV Prices
Age & Mileage
- Older EVs lose value faster than gas cars due to rapid advancements in EV technology.
- However, after the first year, depreciation slows down.
- EVs lose value more with age rather than mileage.
Vehicle Type
- Luxury EVs (sports cars & high-end sedans) lose value quickly due to expensive repairs.
- Electric SUVs, especially those over a year old, hold their value better as global demand rises.
Brand Reputation
- Top EV brands like Tesla and Chevrolet have higher resale value because of better technology, battery life, and software updates.
- A 5-year-old Tesla Model 3 and Chevy Bolt EV lose just 21.5% and 27.0% of their value, respectively.
Technology & Model Year
- Used Car Statistics stated that newer EV models have improved battery systems and longer driving ranges.
- In 2023, the average EV range was 380 km per charge, compared to 150-270 km in 2015, an annual growth rate of 7.7%.
- Buyers prefer newer models, increasing their resale value.
Color Preference
- Common colors (black, silver, grey) usually have higher resale prices.
- However, some studies show that unique colors
- (yellow, orange, beige) sell for higher prices due to low supply.
Conclusion
The used car market is growing fast due to affordable prices, high demand, and new technology. Traditional gas-powered cars still dominate, but used electric vehicles (EVs) are becoming more popular as people look for cheaper options, government discounts, and eco-friendly choices. While used EVs offer lower costs, fuel savings, and better features, some buyers worry about battery life, resale value, and charging stations.
As the market changes, both buyers and sellers need to understand price trends and car depreciation to make smart decisions. With continuous advancements and government support, the used car industry—especially the secondhand EV market—is expected to keep growing in the future. We have shed enough light on Used Car Statistics through this article.
Sources
FAQ.
The Ford F-150 is the most commonly purchased used truck in 26 of the 50 largest U.S. cities, making it a favourite among buyers. The Chevrolet Equinox is the top-selling used SUV in six cities, while the Toyota Camry is the most popular pre-owned sedan in four cities. On the other hand, the Tesla Model 3 is the best-selling used electric car in San Francisco and Seattle, showing the strong demand for EVs in these tech-focused areas.
India’s pre-owned car market has grown rapidly in recent years. In 2024, the number of used cars sold was higher than new car sales. According to CARS24’s internal data, this trend will continue, with used car sales expected to be 1.7 times greater than new car sales by 2030. This means that for every 10 new cars sold, around 17 used cars will be purchased, showing a 70% higher demand for secondhand vehicles over new ones. This shift highlights how more buyers are choosing affordable and reliable used cars instead of brand-new ones.
Joseph D'Souza started Coolest Gadgets in 2005 to share his love for tech gadgets. It has since become a popular tech blog, famous for detailed gadget's reviews and companies statistics. Joseph is committed to providing clear, well-researched content, making tech easy to understand for everyone. Coolest Gadgets is a trusted source for tech news, loved by both tech fans and beginners.
