North America Used Cars Market Size

North America Used Cars Market Size

North America Used Cars Market size was valued at USD 457.9 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 and 2032. The increasing affordability of used electric vehicles (EVs) is a unique growth driver for the market. With the rapid advancement in battery technology and the growing availability of charging infrastructure, more consumers are considering EVs as viable alternatives to traditional gasoline-powered vehicles. According to the U.S. Department of Transportation, the public electric vehicle (EV) charging infrastructure has grown significantly during the current administration.

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The number of publicly accessible EV charging ports has increased twofold, reaching over 192,000. This expansion continues at a rapid pace, with about 1,000 new public charging stations being installed weekly across the country. The market is seeing an influx of used EVs as early adopters upgrade to newer models, providing cost-conscious consumers with more affordable options. Additionally, government incentives for electric vehicles and rising environmental awareness are encouraging consumers to consider used EVs, further boosting the demand and driving growth in the used car market.
 

Moreover, the rise of online car retail platforms significantly drives the North American used cars market. Companies such as Carvana, Vroom, and Shift Technologies have revolutionized the car-buying experience by offering virtual showrooms, detailed vehicle history reports, and hassle-free delivery services. This digital transformation has attracted tech-savvy consumers, providing them with a convenient and transparent way to purchase used cars from the comfort of their homes.
 

For instance, in August 2023, Stellantis broadened the reach of its pre-owned vehicle platform, Spoticar, by introducing it to dealerships across the U.S. This expansion into the U.S. market is a strategic move aligned with Stellantis' long-term "Dare Forward 2030" plan.
 

The introduction of Spoticar to American dealerships is expected to boost the company's used car sales and transactions, supporting its broader corporate objectives for the coming years. With the ongoing development of AI-powered tools that assist buyers in selecting vehicles and negotiating prices, these platforms are enhancing customer satisfaction and trust, thus fueling the growth of the used car market.
 

The concern over the transparency of vehicle history reports is hindering North American used cars market growth. Many buyers are wary of hidden issues such as previous accidents, flood damage, or odometer tampering that might not be accurately reported. Despite improvements in vehicle history reporting services, inconsistencies and gaps in data can still occur, causing potential buyers to hesitate. This lack of trust can lead to a slower sales cycle and may compel consumers to opt for new vehicles instead, limiting the growth of the used car market.