Introduction
The United States used car market is poised for substantial growth during the forthcoming years. This projection is substantiated by a comprehensive report from TechSci Research, titled “United States Used Car Market – By Region, Competition Forecast & Opportunities, 2028.” Several key factors contribute to the anticipated surge in this market. These include the rising prices of new vehicles, increased interest rates, enhanced affordability, slower depreciation rates, and the prevalence of manufacturer-certified programs. The market dynamics also underscore the preference for used cars over new ones in the United States, driven by factors like affordability, a broader array of vehicle choices, and lower insurance costs. Used cars, in contrast to their new counterparts, exhibit minimal depreciation over time, with new cars experiencing a substantial decline in value during their initial 2-3 years. Furthermore, the demand for used cars is notably less volatile, particularly during economic downturns.
Factors Facilitating Market Growth
The growth of the United States used car market is propelled by several schemes and policies that aim to bolster the industry. Notably, many manufacturers offer certification programs for used vehicles, encompassing rigorous inspections and refurbishments. These programs instill confidence in consumers regarding the quality and reliability of pre-owned vehicles. Financing options tailored for used cars, such as loans and dealer financing, enhance affordability and accessibility, making ownership of used vehicles more attainable. Additionally, certain dealerships offer exchange programs, allowing customers to trade in their existing vehicles for used cars.
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Vehicle Type Segmentation
The United States used car market is segmented according to the type of vehicles available. This categorization encompasses hatchbacks, sedans, and SUVs/MPVs. Among these segments, SUVs and sedans emerge as the most popular used cars. SUVs, in particular, have experienced robust sales in recent years, owing to their versatility, spacious interiors, and powerful engines.
Propulsion Type Analysis
The used car market in the United States is also divided based on propulsion type, distinguishing between internal combustion engines and electric vehicles. While electric vehicle sales are on the rise, the market share of electric cars is relatively smaller compared to internal combustion engine vehicles. Internal combustion engine-based vehicles have maintained their dominance in the United States over the past few decades, and it is anticipated that it will take time for electric vehicles to gain a significant market share. Consequently, most used vehicles in the United States continue to be powered by internal combustion engines.
Sales Channel Preferences
The United States used car market is further segregated based on the preferred sales channels, including online and offline avenues. Online channels have gained considerable popularity due to their ability to provide in-depth information about available vehicles, facilitate price comparisons across various dealers, and offer the convenience of browsing and purchasing from the comfort of one’s own home. Nevertheless, the offline channel remains relevant as some consumers prefer physically inspecting the condition of the used cars before making a purchase decision.
Target Beneficiaries of This Report
Who Will Benefit from This Report:
- Automotive Manufacturers: Gain insights into the market trends and consumer preferences to develop targeted strategies for used car offerings.
- Financial Institutions: Understand the financing options and opportunities in the used car market to tailor financial products and services.
- Used Car Dealerships: Learn about market dynamics and customer preferences, enabling better inventory management and customer engagement.
- Government Bodies: Stay informed about the shift towards electric vehicles and make informed decisions on policies and incentives to promote sustainable transportation.
- Consumers: Get a comprehensive understanding of the used car market, enabling more informed purchasing decisions and maximizing value for money.
Key market players in the United States Used Car Market include:
- eBay Inc.
- Alibaba.com
- AutoNation Inc.
- Hendrick Automotive Group
- Lithia Motor Inc.
- TrueCar Inc.
- Asbury Automotive Group
- CarMax Inc.
- Carvana Co.
- Cox Automotive Inc.
“The increasing cost of new vehicles, higher interest rates, and rising inflation are some of the key reasons shifting people’s preference from buying new cars to used cars. Furthermore, various benefits linked to owning a used car such as slower depreciation, easy financing, and affordability are driving the popularity of used cars among Americans. Moreover, many companies nowadays offer manufacturer certified programs that assure the quality and reliability of used cars, building trust and increasing the market for used cars in the country. Therefore, all these reasons will lead to the growth of the used car market during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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