Used cars have become increasingly popular due to rising new car prices, with some used models seeing significant market share growth. iSeeCars recently conducted a study that found a correlation between price and market share increase in certain used vehicles.
Hyundai Sonata Leads Market Share Growth
The Hyundai Sonata was identified as the used model with the most significant market share growth, with a noteworthy 484.3% increase since 2014. This surge in popularity indicates a shift towards more affordable and fuel-efficient options in the used car market.
Top 10 Used Models with High Market Share Growth
Aside from the Hyundai Sonata, other used models that experienced substantial market share growth were highlighted in the study. These vehicles offer a mix of features, affordability, and reliability that appeal to buyers seeking value in the used car market.
Shift towards Sedans, Wagons, and Hatchbacks
Used sedans, wagons, and hatchbacks have been gaining traction in the market, driven by their lower cost, lighter use, and enhanced fuel efficiency. These vehicle types provide a viable alternative to larger trucks and SUVs, which come with higher upfront costs and increased expenses for fuel and insurance.
Durability and Technology Boosting Interest in Used Models
The rising interest in certain used models can be attributed to their durability and advanced technology. Older vehicles from 2024 are safer, more fuel-efficient, and equipped with modern tech features compared to their 2014 counterparts, making them a more appealing option for buyers.
Study Methodology and Criteria
iSeeCars analyzed 169 million used car sales over the past decade to identify trends in the market. The study focused on vehicles that were ten years old or older, while heavy-duty vehicles were excluded. Models produced continuously between 1994 and 2023 were considered for the research, providing valuable insights into the evolving dynamics of the used car market.
In conclusion, the increasing popularity of certain used models highlights a shift in consumer preferences towards more affordable, fuel-efficient, and technologically advanced vehicles. As new car prices continue to rise, the appeal of used cars with attractive features and competitive pricing is expected to grow further, shaping the future of the automotive industry.