United States (USA) Used Car Market Overview, 2029

United States (USA) Used Car Market Overview, 2029

The US used-car market is growing faster than the new-car segment and is more than twice as large. Millions of Americans purchase used automobiles annually, according to McKinsey's auto retail micro-market model (ARM3) for used-car demand in the country. Over the next five years, used-car sales are expected to rise more quickly than those of new cars. Compared to new cars, used cars provide a comparatively countercyclical safe haven from the sharp highs and lows in sales. Used automobile sales have typically responded to market shocks like the recession of 2009 with less turbulence. The sector is being disrupted by new technologically proficient entrants like Carvana, Fair, and Vroom, among others. These businesses can differentiate themselves from traditional used-car dealers by utilizing a variety of cutting-edge digital capabilities, such as big data analytics and sophisticated digital platforms. Established new-car dealer groups and OEMs are taking action at the same time to safeguard and expand this significant revenue stream. Both the age and price of used cars in the US are rising. There has been a noticeable trend in the market toward later-model cars. The profile of used automobiles will get younger and younger as more people trade in their older, less expensive cars; the biggest drop-offs will be in cars seven years and older. The lack of semiconductor chips in the United States has caused the inventory of new cars to expand less quickly, which is driving up demand for older cars on the market. It is anticipated that this tendency will continue in the foreseeable future. An important part of the US automobile sector is the large and vital used car market. Because they are more affordable, offer a greater selection, and don't depreciate as quickly as new cars, used cars are preferred by many buyers.

According to the research report ""United States Used Car Market Overview, 2029,"" published by Bonafide Research, the United States Used Car Market is expected to grow with more than 3% CAGR from 2024 to 2029. The United States leads the used car market and is the nation with the quickest rate of revenue growth. The rise of the organized and semi-organized sales business is mostly to blame for this. The United States' used automobile market is undergoing an exciting journey driven by a distinct confluence of consumer preferences, technical breakthroughs, and economic challenges. Due to inflation and chip shortages, the price of new cars is rising, which has driven cost-conscious drivers into the pre-owned market. Because they come in a larger variety of price ranges and have slower rates of depreciation, used cars are substantially better value. Myths around secondhand automobiles have been debunked by manufacturer-certified programs that provide warranties and quality assurance, which has increased buyer confidence. Online platforms and digital technologies are transforming the purchasing and selling process, making transparency and convenience the dominant factors. In the upcoming years, the US used automobile market is expected to have a thrilling voyage. It pledges to meet the changing demands of drivers in the United States by emphasizing diversity, affordability, and convenience. Hence, whether you're an experienced driver or a first-time buyer, stay focused on the road because the used car market offers an exciting journey with plenty of opportunities and obstacles to overcome.

Based on Vehicle Type market is divided into Conventional, Hybrid, and Electric. Market leader is the Conventional sector. In the used market, conventional cars are typically much less expensive than both hybrids and electric vehicles. Their price difference makes them more affordable for a larger group of customers, particularly those on a tight budget. Conventional cars are renowned for being strong and long-lasting. Conventional cars with proper maintenance can offer dependable transportation for a considerable amount of time. For those looking to purchase a used car with a solid performance history, this durability may be a draw. Compact cars, SUVs, trucks, and other vehicle types are all included in the conventional class. Because of this variety, customers can select from a wide range of options according to their unique requirements and tastes.

Based on Body Type market is divided into Hatchbacks, Sedan, SUV & MUV, Others. SUVs and MUVs are renowned for being functional and adaptable vehicles. Compared to conventional sedans, they provide greater space and seating capacity, which appeals to families, outdoor lovers, and people who lead busy lives. Since SUVs and MUVs give a superior perspective of the road and a higher driving posture, many customers prefer them. This can help provide a feeling of control and safety that many drivers find appealing. Due to their towing capacities, SUVs and certain MUVs can be used to tow boats, trailers, and other recreational vehicles. Customers that need a car for both everyday commuting and towing may find this functionality appealing.

Based on Fuel Type market is divided into Petrol, Diesel, Others. The leading segment is petrol. In the used market, petrol cars are typically far less expensive to purchase than hybrids and electric vehicles. They are easily obtainable by a broader spectrum of customers due to their price, particularly those who are on a tight budget. In general, petrol cars especially older models depreciate more slowly than hybrids and electric vehicles. This indicates that they are a generally safe investment because they hold their value better over time. In the US market, there are far more used gasoline-powered vehicles available than hybrids and electric vehicles. Because of this abundance, consumers have more options to choose from when choosing the ideal car for their requirements and tastes.

Based on Size market is divided into Mid-Size, Compact, SUVs. SUVs are great for families, outdoor enthusiasts, and people who regularly transport big objects since they provide plenty of space for passengers and goods, especially in the larger types. These vehicles provide versatility for a range of purposes, including the transportation of groceries, camping equipment, or sporting goods, thanks to their adjustable seating and roomy storage compartments. Based on Vendor Type market is divided into Organized, Unorganized. Unorganized is the popular choice in USA. A great way for middle-class or beginning drivers to buy a decent car at a reasonable price and eventually go on the road without breaking the bank is to purchase a used car. There are many of secondhand cars available, so choosing the right one could be challenging. Unorganized and semi-organized dealers dominate the used automobile industry, with unorganized dealers making up the bulk of independent dealers nationwide. Participants give popular brands and recently manufactured cars with high resale value a lot of weight. The ongoing decline in prices from the pandemic's all-time highs is causing the American car market to undergo yet another notable shift.

Based on By Distribution Channel market is divided into Offline, Online. Online segment is leading. Since they are making reservations online, consumers are becoming more knowledgeable about the car, its residual value, third-party margin, and other aspects. A combination of these factors led to a sharp rise in the market for secondhand autos. In addition, the industry has grown due to many factors like affordability, the availability of used cars, the growing demand for personal mobility, and the emergence of numerous online companies to manage the market. Nonetheless, a number of well-known businesses have set up physical and virtual locations across the nation to offer seamless used automobile buying experiences.

Considered in this report:
• Geography: United States
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:
• United States used car market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Vehicle Type:
• Conventional
• Hybrid
• Electric

By Body Type:
• Hatchbacks
• Sedan
• SUV & MUV
• Others

By Fuel Type:
• Petrol
• Diesel
• Others

By Size:
• Mid-Size
• Compact
• SUVs

By Vendor Type:
• Organised
• Unorganised

By Distribution Channel:
• Offline
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Used Car industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.The US used-car market is growing faster than the new-car segment and is more than twice as large. Millions of Americans purchase used automobiles annually, according to McKinsey's auto retail micro-market model (ARM3) for used-car demand in the country. Over the next five years, used-car sales are expected to rise more quickly than those of new cars. Compared to new cars, used cars provide a comparatively countercyclical safe haven from the sharp highs and lows in sales. Used automobile sales have typically responded to market shocks like the recession of 2009 with less turbulence. The sector is being disrupted by new technologically proficient entrants like Carvana, Fair, and Vroom, among others. These businesses can differentiate themselves from traditional used-car dealers by utilizing a variety of cutting-edge digital capabilities, such as big data analytics and sophisticated digital platforms. Established new-car dealer groups and OEMs are taking action at the same time to safeguard and expand this significant revenue stream. Both the age and price of used cars in the US are rising. There has been a noticeable trend in the market toward later-model cars. The profile of used automobiles will get younger and younger as more people trade in their older, less expensive cars; the biggest drop-offs will be in cars seven years and older. The lack of semiconductor chips in the United States has caused the inventory of new cars to expand less quickly, which is driving up demand for older cars on the market. It is anticipated that this tendency will continue in the foreseeable future. An important part of the US automobile sector is the large and vital used car market. Because they are more affordable, offer a greater selection, and don't depreciate as quickly as new cars, used cars are preferred by many buyers. According to the research report "United States Used Car Market Overview, 2029," published by Bonafide Research, the United States Used Car Market is expected to grow with more than 3% CAGR from 2024 to 2029. The United States leads the used car market and is the nation with the quickest rate of revenue growth. The rise of the organized and semi-organized sales business is mostly to blame for this. The United States' used automobile market is undergoing an exciting journey driven by a distinct confluence of consumer preferences, technical breakthroughs, and economic challenges. Due to inflation and chip shortages, the price of new cars is rising, which has driven cost-conscious drivers into the pre-owned market. Because they come in a larger variety of price ranges and have slower rates of depreciation, used cars are substantially better value. Myths around secondhand automobiles have been debunked by manufacturer-certified programs that provide warranties and quality assurance, which has increased buyer confidence. Online platforms and digital technologies are transforming the purchasing and selling process, making transparency and convenience the dominant factors. In the upcoming years, the US used automobile market is expected to have a thrilling voyage. It pledges to meet the changing demands of drivers in the United States by emphasizing diversity, affordability, and convenience. Hence, whether you're an experienced driver or a first-time buyer, stay focused on the road because the used car market offers an exciting journey with plenty of opportunities and obstacles to overcome. Based on Vehicle Type market is divided into Conventional, Hybrid, and Electric. Market leader is the Conventional sector. In the used market, conventional cars are typically much less expensive than both hybrids and electric vehicles. Their price difference makes them more affordable for a larger group of customers, particularly those on a tight budget. Conventional cars are renowned for being strong and long-lasting. Conventional cars with proper maintenance can offer dependable transportation for a considerable amount of time. For those looking to purchase a used car with a solid performance history, this durability may be a draw. Compact cars, SUVs, trucks, and other vehicle types are all included in the conventional class. Because of this variety, customers can select from a wide range of options according to their unique requirements and tastes. Based on Body Type market is divided into Hatchbacks, Sedan, SUV & MUV, Others. SUVs and MUVs are renowned for being functional and adaptable vehicles. Compared to conventional sedans, they provide greater space and seating capacity, which appeals to families, outdoor lovers, and people who lead busy lives. Since SUVs and MUVs give a superior perspective of the road and a higher driving posture, many customers prefer them. This can help provide a feeling of control and safety that many drivers find appealing. Due to their towing capacities, SUVs and certain MUVs can be used to tow boats, trailers, and other recreational vehicles. Customers that need a car for both everyday commuting and towing may find this functionality appealing. Based on Fuel Type market is divided into Petrol, Diesel, Others. The leading segment is petrol. In the used market, petrol cars are typically far less expensive to purchase than hybrids and electric vehicles. They are easily obtainable by a broader spectrum of customers due to their price, particularly those who are on a tight budget. In general, petrol cars especially older models depreciate more slowly than hybrids and electric vehicles. This indicates that they are a generally safe investment because they hold their value better over time. In the US market, there are far more used gasoline-powered vehicles available than hybrids and electric vehicles. Because of this abundance, consumers have more options to choose from when choosing the ideal car for their requirements and tastes. Based on Size market is divided into Mid-Size, Compact, SUVs. SUVs are great for families, outdoor enthusiasts, and people who regularly transport big objects since they provide plenty of space for passengers and goods, especially in the larger types. These vehicles provide versatility for a range of purposes, including the transportation of groceries, camping equipment, or sporting goods, thanks to their adjustable seating and roomy storage compartments. Based on Vendor Type market is divided into Organized, Unorganized. Unorganized is the popular choice in USA. A great way for middle-class or beginning drivers to buy a decent car at a reasonable price and eventually go on the road without breaking the bank is to purchase a used car. There are many of secondhand cars available, so choosing the right one could be challenging. Unorganized and semi-organized dealers dominate the used automobile industry, with unorganized dealers making up the bulk of independent dealers nationwide. Participants give popular brands and recently manufactured cars with high resale value a lot of weight. The ongoing decline in prices from the pandemic's all-time highs is causing the American car market to undergo yet another notable shift. Based on By Distribution Channel market is divided into Offline, Online. Online segment is leading. Since they are making reservations online, consumers are becoming more knowledgeable about the car, its residual value, third-party margin, and other aspects. A combination of these factors led to a sharp rise in the market for secondhand autos. In addition, the industry has grown due to many factors like affordability, the availability of used cars, the growing demand for personal mobility, and the emergence of numerous online companies to manage the market. Nonetheless, a number of well-known businesses have set up physical and virtual locations across the nation to offer seamless used automobile buying experiences. Considered in this report: • Geography: United States • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report: • United States used car market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Vehicle Type: • Conventional • Hybrid • Electric By Body Type: • Hatchbacks • Sedan • SUV & MUV • Others By Fuel Type: • Petrol • Diesel • Others By Size: • Mid-Size • Compact • SUVs By Vendor Type: • Organised • Unorganised By Distribution Channel: • Offline • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Used Car industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.