United States Used Car Market: Dynamics and Competitive Landscape Research in 2028

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Introduction

The United States Used Car Market is poised for substantial growth during the forecast period, as indicated by the TechSci Research report titled, “United States Used Car Market – By Region, Competition Forecast & Opportunities, 2028.” Several compelling factors are driving this surge, including rising prices of new vehicles, higher interest rates, affordability, slower depreciation rates, and the prevalence of manufacturer-certified programs. The used car market in the United States has already surpassed the number of new cars, primarily due to its affordability, an abundance of vehicle choices, and lower insurance costs. Notably, used cars depreciate at a much slower rate over time compared to new cars, which often experience a steep depreciation in value during the first 2-3 years. Furthermore, the demand for used cars tends to be less volatile than that for new cars, especially during economic downturns in the country.

Growth Catalysts for the Used Car Market

Several schemes and policies are bolstering the growth of the used car market in the United States during the forecast period.

Manufacturer-Certified Programs

Many manufacturers are offering robust used vehicle certification programs. These programs encompass rigorous inspections and refurbishment processes, providing buyers with peace of mind regarding the quality and dependability of used vehicles.

Financing Options

Accessible financing options for used cars, including loans and dealer financing, are making it easier for individuals to own a used vehicle. This accessibility and affordability are boosting the appeal of the used car market.

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Exchange Offers

Numerous dealerships are extending exchange offers, allowing customers to trade in their current vehicles for used cars. This not only simplifies the purchase process but also stimulates demand.

Segmentation and Market Dynamics

The United States used car market is segmented based on vehicle type, including hatchbacks, sedans, and SUVs/MPVs. Among these categories, SUVs and sedans emerge as the most sold used cars. The SUV segment, in particular, has experienced a surge in sales in recent years due to its utility, spaciousness, and powerful engines, making it a versatile choice for consumers.

Propulsion Type

The market is further divided into internal combustion engine (ICE) and electric vehicles (EVs). While the sales of electric vehicles are on the rise in the U.S., the dominance of ICE vehicles remains prevalent. EVs are gaining attention for their environmental benefits and reduced emissions. However, their market share is currently smaller compared to ICE vehicles, which have been the primary mode of transportation for decades. The transition to a significant market share for EVs will take time.

Sales Channels

The used car market in the United States is categorized into online and offline sales channels. The online channel has gained more popularity due to the wealth of information provided, including detailed car descriptions and price comparisons from various dealers. Online platforms offer convenience as customers can browse through dealer websites from the comfort of their own homes, avoiding the need for in-person visits. Nonetheless, the offline channel persists as some customers prefer physically inspecting the condition of used cars before purchase.

Who Will Benefit from This Report?

This comprehensive report offers valuable insights and is essential for various stakeholders:

Automakers: Gain an understanding of the evolving used car market to adapt and offer products that meet consumer demands and regulatory standards.
Used Car Dealerships: Learn about the growth drivers and strategies to cater to the rising demand for used cars.
Financial Institutions: Understand the financing needs of used car buyers and tailor services to enhance accessibility.
Regulatory Bodies: Stay updated on industry trends and innovations to refine regulations and standards for the used car market.
Investors and Analysts: Make informed investment decisions by assessing the growth prospects and market trends in the United States Used Car Market.

The United States Used Car Market is undergoing a significant surge driven by factors such as affordability, slower depreciation, and the availability of manufacturer-certified programs. This dynamic market, marked by segmentation and evolving preferences, is expected to continue its significant growth trajectory during the forecast period.

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.

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“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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