There are many reasons people choose to buy used cars, and the affordable price is just one of them. Depreciation is another because the value of a new car depreciates the second you drive it for the first time, therefore reducing the price tag put on the vehicle. By the second year of owning a new car, its value drops by 50%.
Used car sales statistics show that there is also less stress involved with buying a used car (dents and scratches are not a big deal when a car is not new), and with used vehicles, people have a choice of buying a better vehicle. Finally, car insurance statistics show that another reason people buy used cars is that insurance costs are lower on them.
Fascinating Used Car Industry Statistics (Editor’s Choice)
- The used car market in the US was worth over $153 billion in 2021
- The globally used car market size reached $1.57 trillion in 2021
- In 2020, 39.3 million used cars were sold in the US
- 2,167,504 used cars were sold in the UK in Q2 of 2021
- In June 2021, the average used car price was $24,400
- In Q2 2021, the UK’s most sold used car model was the Ford Fiesta
- The used car price has risen by approximately 35% since 2021
- 40.8 million used cars and trucks were sold in the US in 2019
Global Used Car Sales Statistics
1. In 2019, the global used cars market reached $828.24 billion.
(Allied Market Research)
That year, the highest revenue contributor was the SUV segment. More specifically, it accounted for $338.61 billion. In addition, the global used car market is forecast to reach $1.35 billion by 2027.
2. There has been a 9% rise in the overall European online B2C used car sales.
(Fleet Europe)
In addition, European used car sales statistics show an increase of 7.4% from 2019.
In the UK, annual used car prices have increased by 32.6%, and in Poland, there was a 20.9% increase. Moreover, used car prices in Spain rose by 19.9%, and Germany saw a 15.2% increase.
3. In 2021, the global used car market size reached $1.57 trillion.
(Grand View Research)
Used car market trends show that, during the last several years, the market has grown substantially. One of the reasons was the inability of customers to buy new cars. Another reason is the investments industry participants made to set up their dealership network on the market.
4. The global used vehicle market size is projected to reach $1.969 billion by 2028.
(Globe Newswire)
According to the Fortune Business Insights report, this market size is forecast to rise at a CAGR of 1.79% by 2028. Based on the report, used vehicles have seen a rise in sales since the possession of cars has declined to 3–4 years.
Used Car Sales Stats in the UK
Almost 1 in 5 (19%) job adverts in the UK ask for a driver’s license, so it makes sense that most people need to have it. In fact, there are 40 million driver’s license holders in the UK, so it is not surprising that cars are the dominant mode of transport. Furthermore, second-hand car sales are rising, used car statistics for the UK show.
5. Out of the 10.3 million cars sold in the UK in 2019, 7.9 million were used cars, and 2.4 were new.
(Statista)
Surveys from previous years show that the majority of car sales in the UK are from second-hand car sales. For example, out of 9.7 million car sales in 2014, 7.2 million were used cars, and the remaining 2.5 million were new cars. Furthermore, second-hand car sales statistics show that 8.3 million cars were sold in 2009, 6.3 million of which were used cars, and 2 million were new cars.
Lastly, out of 9.4 million vehicles sold in the UK in 2004, 6.8 million were used cars, and the remaining 2.6 million were new cars.
6. During the 2008–2014 period, cars 3–5 years old were the most sold used cars in car dealerships.
(Statista)
Auto industry sales trends show that the second most popular age group was cars 6–8 years old. Next were cars older than 9, and the least popular used cars were 0–2 years old.
7. In the period 2008–2014, most privately sold vehicles were older than 9.
(Statista)
Moreover, privately sold used cars tend to be older, with the second most sold age bracket being 6–8-year-old cars. The third most sold used cars were 3–5 years old and last were the 0–2-year-old cars.
8. In Q2 2021, 2,167,504 used cars were sold in the UK.
(SMMT)
In Q2 2020, 1,039,303 used cars were sold, meaning the UK used car industry market size grew by 108.6% in the second quarter of 2021. The year-to-date car sales for 2021 were 3.8 million units sold, and the ones for 2020 were 2.89 million. This was a 33.3% increase in used cars sold during the year.
9. The UK region with the most used car sales in Q2 of 2021 was the South East, with 311,225 transactions.
(SMMT)
Used car sales data also show that the next 9 regions by used car sales are:
- North West—232,795
- West Midlands—216,035
- East—207,029
- South West—200,155
- Yorkshire/Humber—187,508
- London—184,773
- Scotland—175,893
- East Midlands—169,815
- Wales—116,800
10. The most sold used car model in the UK in Q2 of 2021 is the Ford Fiesta, with 94,206 transactions.
(SMMT)
Moreover, other popular sold car models were:
- Vauxhall Corsa—73,366
- Ford Focus—72,105
- Volkswagen Golf—69,582
- Vauxhall Astra—56,189
- BMW 3 Series—48,189
- MINI—48,140
- Volkswagen Polo—40,372
- Nissan Qashqai—35,897
- Audi A3—34,888
Used Car Industry Statistics in the US
Demand for used cars has gone up for many reasons, one of them being the coronavirus as people want to avoid trains, buses, or taxis (Ubers/Lyfts). Another reason people buy used cars is to save money because of an uncertain economy. Finally, one more reason for the purchase of used vehicles is the two-month halt in the production of new cars in the spring.
11. The US market for used cars is worth over $160.4 billion in 2022.
(IBISWorld)
The US used car market size was $153.1 billion in 2021, which means the market grew by 4.7% in 2022. In 2020, the market size was $141.9 billion. In 2019 and 2018, it was $137.2 and $136.9 billion. These statistics show that the used car market in the US has been growing steadily and will continue to do so in the following years.
12. In 2020, 39.3 million used cars were sold in the US, which is almost three times more than the 14 million new cars sold that year.
(Statista)
These statistics show that used car sales in the USA have been holding steady over the past 10 years and new car sales have been fluctuating. For example, those numbers were 37.3 million used cars and 17.5 million new cars in 2015, while 36.9 million used cars and 11.6 million new cars were sold in 2010.
13. Over 13 million vehicles were sold in the US in 2020.
(Statista)
These are the monthly car sales statistics in 2020 in the US:
- January—1.16 million
- February—1.38 million
- March—1.02 million
- April—0.74 million
- May—1.14 million
- June—1.13 million
- July—1.26 million
- August—1.35 million
- September—1.37 million
- October—1.39 million
- November—1.23 million
- December—1.65 million
As we can see, the market was affected by the coronavirus outbreak in the spring of 2020, but sales increased again in May 2020.
14. The average price for a used car in June 2021 was $24,400.
(Statista)
Used car sales statistics show that this is an increase from June 2020 when the average price for a used car was $20,000. This price is consistent, with the overall rise that is a direct consequence of the global chip shortage, halting the production of new vehicles.
15. The number one internet car dealership in 2018 was Cardinale Automotive Group – Internet unit that sold 27,408 cars, 16,524 of which were used cars.
(Statista)
New vs. used car sales statistics show that the following two dealerships, Chapman Automotive – Internet unit and Dave Smith Motors, had more new car sales. However, the former sold 21,021 vehicles; out of those, only 9,511 were used cars, while the latter sold 12,896 cars, with only 3,127 of them being used cars.
16. Total vehicle sales in the US in December 2021 were $12.44 million.
(TradingEconomics)
Used car sales statistics for 2021 in the United States show that there has been a decrease in car sales in the second part of this year. The year started strong with around $16.6 million in sales in January and peaked in April with $18.5 million. After that, US car sales statistics show that car sales revenue seems to decline.
17. In 2019, the number of used cars and trucks sold in the US was 40.8 million.
(MarketWatch)
In comparison, around 17 million new vehicles were sold that year. All in all, on a unit-sales basis, the used vehicle market in the United States is more than twice as large as the new car market.
18. Since 2021, the used car price has risen by an average of 35%.
(Hot Cars)
More specifically, the Hyundai Sonata Hybrid takes the lead among the used cars whose price has increased, showing a 61% rise. Chevrolet Spark is right behind it, with a 54.5% increase. Moreover, the third place is taken by Nissan Leaf, with a 54.3% rise.
Conclusion
The used car industry analysis shows that the used car market is on the rise. The Automotive Industry Statistics also give insight into how many cars are being sold and how many millions of dollars are made.
Because of the state of the economy due to Covid-19, people choose to buy used cars instead of using public transport or Uber/Lyft. Therefore, the increase in car sales, mainly used car sales, is not surprising.
People Also Ask
How many used cars were sold in 2020?
In 2020, 6.75 million used car transactions were made in the UK, which was a 14.9% decrease from 2019. Superminis remained the most popular model of used cars, with 2.2 million purchased units.
In comparison, 39.3 million used cars were sold in the US in 2020. Moreover, the most popular used car in the US was the Ford F-150.
Is the used car market growing?
Globally, the used car market in 2021 was valued at $1,57 billion, and it is expected to have a 6.1% growth rate annually from 2022 to 2030.
This growth rate has been fueled by the fact that people can’t afford to buy new cars or due to the new car manufacturing slowing down. Furthermore, online sales of used cars are also one of the reasons this market is growing.
How many new and used cars are sold in the US each year?
Over 280 million vehicles are being driven in the United States, representing a rise of 1.6%. In 2020, approximately 14 million light trucks and automobiles were sold, compared to the 39.3 million used and second-hand ones that changed owners.
Compared to five years ago, there was an increase in the sales of used vehicles, as back then, only 37.3 million used cars were sold.
Are car sales slowing down?
Compared to 2020, 2021 saw a rise in the number of vehicles sold. In other words, 14.4 million vehicles were sold in 2020, while that number was 14.9 million in 2021.
However, data for 2022 isn’t that promising. Namely, due to chip shortages and the Ukraine crisis, new vehicle sales in the US may drop to the lowest figures reported for a single quarter.
Are used car sales increasing?
There’s more interest in used cars than ever before. Also, it’s safe to say that the used-car market in the United States is more than twice as large as the new-car market.
For instance, 39.3 million used light vehicles were sold in 2020. In comparison, only 14.46 million new light vehicles were sold.
However, prices have also increased. In fact, between April 2020 and May 2021, used car prices increased by 21%.
What is the best month to buy a used car?
January, February, and December are the best months for buying used cars, in that order. In other words, late fall and early winter are perfect for buying a used car with a deal.
The reason is that this period coincides with new car dealers getting rid of older models to make room for new models coming into inventory, according to used car sales statistics.
