Used car statistics 2024
Sales of used cars in the U.S. increased significantly in 2021, while the average price of a used car spiked in 2022. In recent years, the used car market has been impacted by the increase in the life span of the average car as well as a 2021 semiconductor shortage that decreased the available stock of new vehicles. And while the decision to buy preowned or new when car shopping is an ever-looming conundrum, it’s far from the only decision potential buyers need to weigh: Factors such as safety, gas mileage and securing a used car warranty are all aspects of the consumer experience.
In an average year, sales of used cars represent around three-quarters of all car sales in the U.S.
Jump to insightIn 2022, 38.6 million used light vehicles were sold in the U.S. This represented an 11.7% decrease from 2021 when there were 43.1 million such sales.
Jump to insightThe average used car sold for just under $30,000 in the U.S. in 2023.
Jump to insightThe average life span of passenger cars and light trucks increased by 40% between 2000 and 2023, from 8.9 years to 12.5 years.
Jump to insightUsed car statistics
The sale of used cars in a given year in the U.S. far outpaces the sale of new cars. For the most recent year when comparable data was available, used car sales represented 76% of total car sales.
How many used cars are sold yearly?
Used light vehicle (cars and noncommercial trucks) sales dropped by 11.7% in 2022 compared to the previous year. Used vehicle sales had seen a bump in 2021, in part due to a pandemic-influenced semiconductor shortage that resulted in new vehicle production cuts.
How much is a used car on average?
The price of a used vehicle in the U.S. averaged $29,310 in 2023. This represented a decrease of more than $1,400 from the 2022 average price of $30,740. In comparison, the average price of a new light vehicle in 2023 was nearly 60% higher than a used vehicle, at $47,010.
How many used car dealerships are there?
According to data from the U.S. Census Bureau, there were 25,649 used car establishments in the U.S. in 2021. This represents a 2% increase over 2020, when there were 25,186 such dealerships. In the 10-year period covering 2012 through 2021, the total number of used car establishments increased by 8%.
How long should a car last?
The average life span of a car has been increasing in the U.S. (as well as around the globe). According to the U.S. Department of Transportation, the average age of a vehicle in the U.S. in 2000 was 8.9 years. By 2023, that number had risen by 40% to 12.5 years.
Similarly, the European Automobile Manufacturers’ Association reports that the average age of a passenger car in the EU is now 12 years, while the average age of a truck is 14.2 years. As car owners are driving cars for longer, they are also spending more on car repairs.
How long do people keep their cars?
The length of time that passenger cars and light trucks stay on the road has been steadily rising over the course of the 21st century. In the U.S., the numbers differ slightly between passenger cars and light trucks, but the overall trend remains the same.
FAQ
What is the most in-demand used car?
According to data from CoPilot, an AI-assisted car shopping platform, the Ford F-150 is the top-selling used car in the U.S. in 2024.
Are used car prices going down in 2024?
The average price of a used car decreased nearly 5% between 2022 and 2023, going from $30,740 to $29,310.
Have used car sales slowed down?
The sale of used light vehicles decreased from 43.1 million in 2021 to 38.6 million in 2022.
References
- Carlier, M. “New and used light vehicle sales in the United States from 2010 to 2022.” Statista. Evaluated June 20, 2024.Link Here
- Carlier, M. “Used Vehicles in the United States - Statistics and Facts.” Statista. Evaluated June 20, 2024.Link Here
- “Average Age of Automobiles and Trucks in Operation in the United States.” United States Department of Transportation, Bureau of Transportation Statistics. Evaluated June 20, 2024.Link Here
- “Average age of the EU vehicle fleet, by country.” European Automobile Manufacturers’ Association. Evaluated June 20, 2024.Link Here
- “Top Selling Used Cars: United States.” CoPilot. Evaluated June 20, 2024.Link Here
- Carlier, M. “Used vehicle average selling price in the United States from 2016 to 2023.” Statista. Evaluated June 20, 2024.Link Here
- Carlier, M. “New vehicle average selling price in the U.S. 2016-2023.” Statista. Evaluated June 20, 2024.Link Here
- “County Business Patterns - NAICS code 441120.” U.S. Census Bureau. Evaluated June 20, 2024.Link Here
- “New and Used Passenger Car and Light Truck Sales and Leases.” U.S. Department of Transportation. Evaluated June 20, 2024.Link Here
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