The Used Car Market: Trending Models and Growth Factors
In recent years, the rising prices of new cars have caused a headache for buyers, pushing them towards the used car market. However, not all used models are created equal. A recent study conducted by iSeeCars reveals that some used models have experienced significant market share growth, with the increase closely correlated to their price.
Leading the way is the Hyundai Sonata, which has witnessed a staggering 484.3% increase in market share since 2014. This growth can be attributed to several factors, including its affordability and reliability. The Sonata is closely followed by the Subaru Legacy and Subaru Impreza, which experienced growth rates of 316.8% and 313.5%, respectively. Rounding up the top ten list are popular models such as the Mercedes-Benz C-Class, Subaru Impreza Wagon, Mercedes-Benz E-Class, Hyundai Elantra, BMW 3 Series, Nissan Altima, and Honda Odyssey.
Interestingly, hatchbacks, sedans, and wagons are leading the charge in the used car growth trend. According to Karl Brauer, iSeeCars’ executive analyst, these vehicle types are gaining market share due to their lower cost, lighter use, and higher fuel efficiency compared to larger trucks and SUVs. While they may not be as popular among new car buyers, older sedans, wagons, and hatchbacks present an excellent alternative in the used car market.
Durability and technology are identified as primary factors driving the growth in interest for these models. In just ten years, vehicles from 2014 to 2024 have become safer, more fuel-efficient, and technologically advanced. This makes the older used car market more compelling than ever before. Buyers can now enjoy the benefits of these advancements at a fraction of the cost of new vehicles.
To reach these conclusions, iSeeCars analyzed a massive dataset of 169 million used car sales over the past decade. The study excluded heavy-duty vehicles and focused on cars ten years old or older, which were in continuous production between 1994 and 2023.
In conclusion, the used car market is experiencing a significant shift, with certain models seeing remarkable growth in market share. Hatchbacks, sedans, and wagons have emerged as popular choices among buyers due to their affordability, reliability, and fuel efficiency. Furthermore, the advancements in durability and technology in older vehicles have made the used car market more appealing than ever before. As prices of new cars continue to rise, exploring the used car market and considering these trending models may be a smart and cost-effective choice for buyers.