North America Used Car Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2026-2035)

North America Used Car Market Growth

In Q3 of FY 2021-22, the average list price of new vehicles in Canada grew by 43%. In 2023, the average price of new passenger vehicles surged by 52% year-on-year. This has prompted consumers to switch to cost-effective second-hand models of hatchbacks and sedans, thereby driving the market expansion. Though the average price of a used car have surged by CAD 9,000 from Q3 of 2021, prices have declined steadily since Q3 of 2023. As per the market analysis, an increasing number of Canadians are purchasing used cars since their debt can be paid in a relatively short span of time (33 weeks) as compared to new vehicles (55 weeks). These factors are favourably influencing the North America used car market dynamics.

Furthermore, in the United States, unorganised vendors account for less than 10% of second-hand vehicle market, while over 90% purchasing decisions being adequately financed. This allows 7 out of 10 Americans to own a four-wheeler. Moreover, the limited supply of semiconductors worldwide has significantly impacted the availability of new automotives in the US market, which in turn is increasing the North America used car market revenue. The United States is the world’s largest market for used cars, and the introduction of used electric vehicles is also expected to favour its growth over the forecast period.

Key Trends and Developments

North America Used Car Market Trends

In 2023, around 23% of all America drivers expressed their intention to acquire a new/used vehicle, with 22% suggesting price decreases can further motivate them to action. During 2018-2022, around 9.2 million vehicles were traded in the second-hand automotive industry of the USA. As per the North America used car market analysis, this increased to around 35.9 million in 2023. Driven by the introduction of high-quality and reliable automotive models in the second-hand vehicle industry, the market is expected to register significant growth over the forecast period.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

North America Used Car Industry Segmentation

North America Used Car Market Share

Based on country, the market is segmented into the United States of America and Canada. The United States of America is projected to dominate the market, representing 90.1% of the overall market share. However, the demand for used cars in Canada expected to grow at a CAGR of 5.9% due to the growing demand for second-hand electric vehicles, including SUVs, minivans, and hatchbacks in the country.

Leading Companies in the North America Used Car Market

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