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EXECUTIVE SUMMARY
- What you need to know
- Market size & forecast
- Market predictions
- What consumers want & why
- Opportunities
- Target emerging segments and first-time buyers
- Highlight electric and hybrid offerings
- Position used and CPO vehicles as the sustainable choice
- Leverage online marketplaces to boost reach, sales
- Combat consumers’ skepticism
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MARKET DYNAMICS
- Market context
- Market drivers
- Consumer sentiment fell by 4% from December
- Graph 1: consumer sentiment index, 2022-25
- Annual inflation slightly rose in November
- Graph 2: headline CPI and core CPI, 2021-24
- Prices of new and used vehicles remain elevated
- Average age of vehicles on the road continues to increase
- Vroom discontinues its ecommerce operations
- Market size
- Retail sales of CPO vehicles
- Retail sales of used vehicles
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CONSUMER INSIGHTS
- Consumer fast facts
- Vehicle ownership and acquisition
- Most households have at least one vehicle…
- Graph 3: number of vehicles in household, by age, 2024
- Generational difference in vehicle acquisition
- Graph 4: household vehicle acquisition, by age, 2024
- Appeal to younger consumers through parenthood
- Graph 5: household vehicle acquisition, by parental status, 2024
- Consumers look to consolidate…
- Graph 6: household vehicle ownership, by year, 2020-24
- …across various areas
- Graph 7: single car households, 2022-24
- Purchase intent and responsibility
- Navigating consumer demand in the short term
- Graph 8: vehicle purchase consideration, by gender, 2024
- Drive decision among men and women
- Graph 9: purchase responsibility, by gender, 2024
- Target younger consumers in the short term
- Graph 10: vehicle purchase consideration, by age, 2024
- Decision-making responsibilities vary by age
- Graph 11: purchase responsibility, by age, 2024
- Addressing the demand for vehicle ownership among Black consumers
- Graph 12: vehicle purchase consideration, by race, 2024
- Engaging independent Black buyers
- Graph 13: purchase responsibility, by race, 2024
- Build trust in CPO and used vehicles among short-term buyers
- Graph 14: attitudes toward CPO/used vehicles (% agree), by race, 2024
- Graph 15: attitudes toward CPO/used vehicles (% agree), by age, 2024
- Car buying experience
- The majority of consumers have purchased a vehicle before
- Graph 16: first-time car buyer, by gender, 2024
- Engaging first-time car buyers by age
- Graph 17: first-time car buyer, by age, 2024
- Personalize the first-time buying experience
- Online marketplaces provide transparent pricing labels
- Black and Hispanic consumers consider first-time purchasing
- Graph 18: first-time car buyer, by race, 2024
- Reaching Black and Hispanic consumers
- Type consideration and budget expectations
- Women indicate interest in used vehicles
- Graph 19: vehicle type consideration, by gender, 2024
- Subaru highlights its owners across social media
- Women’s spending trends towards used vehicles
- Graph 20: cost expectations – vehicle purchasing, by gender, 2024
- Consumers gravitate toward new vehicles
- Graph 21: vehicle type consideration, by age, 2024
- Meeting consumers’ budget expectations
- Graph 22: cost expectations – vehicle purchasing, by age, 2024
- Unlock opportunities among Black consumers
- Graph 23: vehicle type consideration, by race, 2024
- Multicultural consumers indicate more-limited budgets
- Graph 24: cost expectations, by race, 2024
- Younger and Black consumers are influenced by online marketplaces
- Graph 25: attitudes toward online car shopping (% agree), by age, 2024
- Graph 26: attitudes toward online car shopping, by race, 2024
- CPO awareness and knowledge
- Continue to educate consumers
- Graph 27: CPO awareness and knowledge, by gender, 2024
- Go beyond awareness to drive education…
- Graph 28: CPO awareness and knowledge, by age, 2024
- …and improve perceptions
- Graph 29: a CPO label is just a marketing ploy (% agree), by knowledge of CPO programs, 2024
- Improving consumers’ knowledge
- Unlock CPO potential among Black and Hispanic consumers
- Graph 30: CPO awareness and knowledge, by race, 2024
- Drive education among first time buyers
- Graph 31: first-time car buyer, by CPO knowledge, 2024
- Research approach
- Consumers do their due diligence
- Graph 32: next vehicle research, 2024
- Drive proactive research of CPO offerings
- Graph 33: next vehicle research (select), by CPO knowledge, 2024
- Experience shifts research considerations
- Graph 34: next vehicle research, by first time car buyer, 2024
- Some variance in research approach by gender
- Graph 35: next vehicle research (select), by gender, 2024
- Generational differences in car buying
- Graph 36: next vehicle research (select), by age, 2024
- Parenthood offers brands additional opportunities to reach younger consumers
- Graph 37: social media and auto shows for next vehicle research, moms vs dads, 2024
- Social media is a popular form of research among Black consumers
- Information sources
- “Show me the CARFAX”
- Graph 38: information sources when shopping for a vehicle, 2024
- Driving awareness and usage: top advertisers
- Graph 39: share of spend, by select advertisers, YTD
- Gender differences in the use of information sources
- Graph 40: information sources when shopping for a vehicle, by gender, 2024
- Sources of information vary by age
- Graph 41: information sources when shopping for a vehicle (select), by age, 2024
- Graph 42: information sources when shopping for a vehicle (select), by age, 2024
- Black consumers gravitate to online shopping platforms
- Graph 43: information sources when shopping for a vehicle (select), by race, 2024
- Streamlined solutions appeal to younger consumers, parents
- Graph 44: information sources when shopping for a vehicle (select), moms vs dads, 2024
- Consumer Reports highlights collaboration with The Bump
- Experience shifts priorities
- Graph 45: information sources when shopping for a vehicle (select), by purchasing experience, 2024
- Important factors
- Key considerations for used and CPO buyers
- Graph 46: important factors when shopping for a used/CPO vehicles (% any rank), 2024
- Ways to reach consumers
- Engaging younger buyers
- Graph 47: select important factors when shopping for a used/CPO vehicles (% any rank), by age, 2024
- Opportunity to appeal: cost and eco benefits
- Graph 48: attitudes toward CPO/used vehicles (% agree), by age, 2024
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COMPETITIVE STRATEGIES
- Launch activity and innovation
- Toyota Certified Used Vehicles celebrates 8M sales
- Rivian launches CPO program
- Honda aims to expand CPO program
- Autotrader improves used EV listings with Battery Health Scores
- Carvana continues to expand same-day delivery
- CarMax continues to invest in womens’ sports
- Marketing and advertising
- Kenan Thompson drives Autotrader’s new campaign for easy, personalized car buying
- CarMax highlights womens’ sports
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APPENDIX
- Market definition
- Consumer research questions
- Consumer research methodology
- Generations
- Abbreviations and terms
US CPO and Used Vehicles Market Analysis
The U.S. CPO and used vehicle market has fluctuated due to economic uncertainty and supply chain issues. After peaking in 2019 with around 3 million CPO units sold, the market declined through 2023, with over 2.5 million CPO vehicles sold in 2024. Similarly, the used car market faced a drop in 2023 but is expected to recover in 2024, with over 16 million units sold.
Despite these challenges, consumers, particularly younger and multicultural buyers, continue to show strong interest in pre-owned vehicles. The market is forecasted to stabilize and grow as economic conditions improve, with online marketplaces and eco-friendly options driving future growth in the U.S. used car market.
US CPO and Used Vehicles Market Consumer Trends
Consumer trends indicate a growing interest in used and certified pre-owned (CPO) vehicles, especially among younger and multicultural buyers who are seeking affordability and value. Online marketplaces are increasingly popular for vehicle research, with transparency and ease of purchase being key to decision-making. However, skepticism about CPO vehicles persists due to a lack of awareness. Educating consumers on the benefits of CPO and focusing on eco-friendly options will be crucial for attracting younger, environmentally-conscious buyers in the competitive U.S. used car market.
Purchasing the US CPO and Used Vehicles Market Report offers valuable insights into consumer behavior, evolving trends in the CPO market, and key segments within the used vehicle market. This information will help you refine your strategy, target emerging demographics, and stay ahead in the competitive United States used car market.
About The Report
The U.S. CPO and used vehicle market report, focuses on consumer preferences, purchasing trends, market segments and key insights into the U.S. used car market. It explores areas such as vehicle ownership, acquisition patterns, and the influence of online marketplaces. The research highlights demographic factors like age, gender, and ethnicity, offering valuable information for automotive brands, retailers, and manufacturers to refine strategies and better engage consumers in the competitive used vehicle market.
Key Topics Analyzed in the Report
- When consumers intend to purchase and how much they intend to spend
- Consumers’ consideration of CPO/used vehicles
- Sources of information used
- Familiarity and understanding of CPO offerings
- Factors weighed among consumers considering CPO/used vehicles
- Attitudes toward CPO/used vehicles
| Report Attributes | Details |
|---|---|
| Published Date | January 2025 |
| Data Range | 2018-2029 |
| Measurement Metrics | Revenue in US $ |
| Country Focus | United States of America (USA) |
| Consumer Data | 2,000 internet users aged 18+, December 2024 |
| Number of Pages | 87 |
| Market Segmentation | Certified Pre-Owned (CPO) vehicles, used vehicles, and new vehicles |
| Leading Companies | CARFAX, Kelley Blue Book, Consumer Reports, Automaker website, Cars.com, Carvana, Car and Driver, Autotrader, Edmunds, TrueCar, NADA. |
Meet the Expert Behind the Analysis
This report was written by Gabe Sanchez. Gabe joined Mintel as an Automotive Analyst in July 2021. With a background in data analytics and account management, he has worked with clients in oil, insurance, and automotive sectors. Passionate about uncovering the “why,” he drives impactful decisions. Gabe holds a Marketing degree from the University of Illinois-Chicago.
Despite improving inventories of new cars, consumers are still considering used models. Education will be a critical component to driving consumers’ consideration of CPO options.
Gabe Sanchez
Senior Automotive Analyst
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