United States Used Car Market to be Led by SUV/MPVs in 2028

Affordability, easy financing options, increase in online retails, manufacturer certified programs, less depreciation are the key factors that are driving the used car market in the United States.

According to TechSci Research report, “United States Used Car Market – By Region, Competition Forecast & Opportunities, 2028,” the United States used car market is expected to surge substantially during the forecast period due to the rise in prices of new vehicles, higher interest rates, affordability, slow depreciation, and manufacturer-certified programs. The number of used cars in the United States surpasses the number of new cars because of factors such as affordability, more car choices, and lower insurance costs. Moreover, used cars depreciate less over time compared to new cars, which experience steep depreciation in value during the first 2-3 years. In addition, the demand for used cars is generally less volatile than for new cars, especially during economic slowdowns in the country.

There are many schemes and policies that are helping the used car market in the United States to grow during the forecast period. Many manufacturers offer used certification programs for used vehicles, which include stringent inspections and refurbishment. These programs provide peace of mind regarding the quality and dependability of used vehicles. Financing options for used cars, including loans and dealer financing, make it easier to own a used car and increase affordability and accessibility. Additionally, some dealers offer exchange offers where customers can trade in their current vehicle for a used car. The used car market in the United States is segmented based on vehicle type, including hatchback, sedan, and SUV/MPV. Among these vehicle types, SUVs and sedans are the most sold used cars. SUVs have higher sales compared to other categories and have gained popularity in recent years due to their utility, spaciousness, and powerful engines, making them more versatile.

Regarding propulsion type, the used car market in the US is divided into internal combustion engine and electric vehicles. Sales of electric vehicles are on the rise in the US, and the government is also looking for ways to increase electric vehicle sales in the country. Electric vehicles are more environmentally friendly and emit fewer pollutants compared to internal combustion engine vehicles. However, the electric car segment in the US used car market accounts for a smaller market share compared to the combustion engine segment. Internal combustion engine-based vehicles still dominate the US used car market as they have been the predominant mode of transportation for decades. It will take time for electric vehicles to gain significant market share. As a result, most used vehicles in the United States are powered by internal combustion engines.

In terms of sales channel, the used car market in the United States is divided into online and offline channels. Among these two, the online channel is more popular because online platforms provide detailed information about the cars, along with price comparisons from different dealers. Moreover, they offer convenience over the offline channel, as people can visit dealers' websites from the comfort of their own homes instead of visiting each dealer in person. Although online platforms are more popular, some people still prefer using the offline mode because they want to physically inspect the current condition of the used cars.

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The United States used car market is analyzed based on vehicle type, propulsion type, sales channel, end-user, region and competitive landscape. The demand for used cars in the United States is expected to experience significant growth during the forecast period.

Based on vehicle type, the market is segmented into hatchback, sedan, and SUV/MPV. The market is further segmented into Northeast, West, South, and Midwest based on region.

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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