This report provides comprehensive and current information and analysis of the CPO and used vehicles market including CPO and used vehicles market size, anticipated market forecast, relevant market segmentation, and industry trends for the CPO and used vehicles market in the US.
While economic influences (e.g. inflation, declining DPI) and barriers related to the affordability and availability of new vehicles impact consumers’ consideration, CPO/used vehicles have had an increase in demand. As a result, used vehicles have witnessed an increase in pricing, leaving consumers with difficult decisions and likely driving them to be more critical of these vehicles.
Additionally, more than half (58%) of consumers who are planning to buy a vehicle within the next three years have heard of CPO with 41% knowing a little about it and only 17% having heard a lot about it – indicating a critical need for education across consumer segments to drive interest in this offering. Moving forward, brands and retailers must look to guide consumers throughout the process and provide as much information as possible on CPO vehicles, while also offering financing options to address buyers’ economic limitations.
Online marketplaces have been a driving force in consumers’ interest in used/CPO vehicles. This is largely tied to these platforms’ perceived benefits of competitive pricing, extensive inventories, convenience and transparency. As these platforms become increasingly popular, traditional brands and retailers must adapt their sales process to best appeal to consumers’ changing shopping preferences.
Read on to discover more about the CPO and used vehicles consumer market, read our US DIY Auto Maintenance Market Report, or take a look at our other Automotive research reports. Readers of this Report may also be interested in Mintel’s Car Purchasing Process – US, 2022, Shopping for a Car Online – US, 2022, Perceptions of Car Types – US, 2022 and Perceptions of Auto Brands – US, 2022.
Brands include: CarBravo, Carvana, Subaru, Volvo, Kelley Blue Book, Cars.com, CARFAX, CarGurus, AutoTrader.com, Edmuds.com, TrueCar, AutoNation, National Automobile Dealers Association, CarMax.
This report, written by Gabriel Sanchez, a leading analyst in the Automotive sector, delivers in-depth commentary and analysis of used vehicles market research to highlight current trends and add expert context to the numbers.
Economic influences, coupled with barriers related to the availability and affordability of new vehicles, have driven consumers’ interest in CPO/used vehicles. However, these vehicles have not been immune to rising prices, which has increased skepticism about the condition and pricing of these vehicles, likely further delaying consumers’ consideration and purchasing plans. Moving forward, it will be critical for auto brands and retailers to educate consumers – driving perceptions of value and ultimately confidence.
Gabe Sanchez
Automotive Analyst
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