The pre-owned car market has undergone notable shifts incited by multiple factors, such as inflation, interest rate hikes, pent-up demand, and tax refunds. According to Cox Automotive, the used-vehicle market, from all retail and private transactions, beat its forecast to end 2023 with about 35.9 million units, while retail closed out 2023 at 19 million units.
This year, total pre-owned vehicle sales and used retail sales are expected to improve over 2023 to hit 36.2 million and 19.2 million units, respectively, despite continued supply concerns. Specifically, the global used-car trading e-commerce market is expected to grow at a CAGR of 12.2% by 2031.
