United States Used Car Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The United States used car market size reached around USD 322.01 Billion in 2024. The market is projected to grow at a CAGR of 5.30% between 2025 and 2034 to reach nearly USD 539.70 Billion by 2034.

United States Used Car Market Growth

In Q3 of FY 2024-25, the average prices of used cars dropped by nearly 6.2% to USD 27,177 from USD 28,960 in Q3 of FY 2023-24. As per the United States used car market analysis, used vehicles under USD 10,000 constitute the fastest-selling vehicle category for first-time vehicle buyers, with the average days to turn recorded at 30-31 days. Vehicles valued between USD 15,000- 30,000 have accounted for over 50% of all second-hand automotive sales in the market, which signifies its emergence as a purchasing sweet spot for consumers. This is creating a favourable United States used car market outlook.

In Q3 of FY 2024-25, the price difference between old and new cars in the United States widened by over USD 20,000. This is expected to prompt price-conscious consumers to seek second-hand vehicles to meet their daily travel requirements.

The proliferation of digital retailing channels for second-hand automobiles is driving the United States used car market development. An increasing number of American consumers attach great importance to availing complete end-to-end purchasing support (59%), extensive vehicle information and effective search tools (64%), and unique delivery options (28%), which is expected to drive market growth over the forecast period.

Key Trends and Developments

The shift towards latest-model vehicles; increasing demand for used pickups and SUVs; improved customer experience offered by offline distribution channels; and rising demand for EVs are the major factors favouring the United States used car market growth

May 2024

Group 1 Automotive Inc. acquired 9 new US dealerships for USD 690.4 million during Q1 of 2024. This is expected to favourably shape the United States market dynamics.

January 2024

Using Microsoft Azure Open AI Service, CarMax was successfully able to transform the buying and selling experience for both its employees and customers. By using patented machine learning technologies, it offers targeted car content for consumers while freeing its employees to focus on higher value tasks.

January 2023

CarMax entered into a partnership with UVeye to perform automated vehicle assessment tests using AI technology to boost the appeal for its second-hand vehicles exhibited for sale at auctions. This is creating a favourable United States used car market outlook.

January 2022

General Motors decided to launch an online platform for trading used vehicles called “CarBravo”. This has facilitated American consumers to access its stock of around half a million used vehicles digitally.

Shift towards latest-model vehicles

As an increasing number of people turn in older and less expensive vehicles for younger and pricier models, the market is expected to register significant growth. As per market analysis, used vehicles aged 3 years or more account for around 60% of the market share.

Increasing demand for used pickups and SUVs

The rising demand for used pickups and SUVs can be attributed to the growing availability of vehicle financing options for consumers, which has enabled them to meet higher purchase prices. The availability of extended warranties and other financial protection products is expected to facilitate the United States car market expansion.

Improved customer experiences offered by brick-and-mortar stores

Brick-and-mortar stores dealing in used cars can potentially increase their per capita revenue by around USD 610 by providing proper inspection services and consumer test drives.

Shift towards EVs

Evolving consumer preferences have led to an increased demand for used electric vehicles since they have a smaller ecological footprint and are available in a wide variety. Used EVs boast lower upfront costs, depreciation advantages, tax incentives, and reduced insurance costs.

United States Used Car Market Trends

Ford F-150 pick up trucks became the most popular used vehicle to be traded in the United States. This was followed by the Chevrolet Silverado, which accounted for 555,148 units of sales. The United States used car market value is increasing amid rising sales of Silverado 1500 in Iowa, which accounted for around 5.3% of the sales mix of 1- to 5-year-old vehicles. Around 193,000 units of Ram 1500 were also sold, indicating evolving consumer preferences.

United States Used Car Industry Segmentation

The report titled “United States Used Car Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Vehicle Type:

• Hatchbacks
• Sedan
• Sports Utility Vehicle (SUV)
• Others

Market Breakup by Fuel Type:

• Diesel
• Petrol
• Electric
• Others

Market Breakup by Vendor Type:

• Organised
• Unorganised

Market Breakup by Sales Channel:

• Offline
• Online

Market Breakup by Region:

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

United States Used Car Market Share

Based on region, the market is segmented into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West. The Southeast is projected to dominate the market, representing 22% of the overall market share. As per the United States car market analysis, the region is expected to grow at a CAGR of 6.0% due to the increasing demand for electric vehicles and rapid improvements in customer service delivery.

Leading Companies in the United States Used Car Market

Major players are using AI tools to enhance the customer experience in brick-and-mortar stores, thereby increasing the United States used car market revenue.

Sonic Automotive

Sonic Automotive was founded in 1997 and is headquartered in North Carolina, United States. It is one of the largest powersports and automotive retailing companies in the USA.

Carvana Co.

Carvana Co. was established in 2012 and is based in Arizona, United States. It was awarded the #2 position as one of the most customer-centric companies by Forbes in 2022. It is also a leading digital platform for selling used automobiles.

Asbury Automotive Group

Asbury Automotive Group was founded in 1995 and is based in Georgia, United States. It is involved in offering financing, selling, and administrative services to automotive producers in the USA.

AutoNation Inc.

AutoNation Inc. was formed in 1996 and is based in Florida, United States. It is involved in distributing second-hand/ new automobiles and providing automotive insurance policies.

Other players included in the United States used car market report are Sullivan Motor Company Inc, CarBravo, CarMax Enterprise Services, LLC, Group 1 Automotive Inc., Hendrick Automotive Group, and Lithia Motors Inc., among others.