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- CPO & Used Vehicles – US – 2025
As supply chain disruptions ease and new vehicle inventories improve, many consumers are still exploring alternative options for their next purchase due to ongoing economic pressures. Currently, 33% of consumers planning to buy a vehicle within the next three years would consider a used vehicle, while 12% are interested in Certified Pre-Owned (CPO) options. Interest in these offerings is especially strong among younger and multicultural buyers, particularly those considering a purchase in the near term. However, economic challenges, combined with affordability, and availability concerns for these vehicle types, continue to complicate decision-making for many shoppers.
To address these challenges, brands and retailers must work to boost consumer awareness and understanding of CPO offerings, as only 17% report being highly familiar with them. Ensuring transparent, accessible information about CPO programs is key to demonstrating value, especially as consumers increasingly trust online marketplaces for their straightforward and informative approaches. By emphasizing transparency and aligning with evolving buyer expectations, traditional brands and retailers can effectively position CPO vehicles as reliable and cost-effective options in a competitive market.
This report looks at the following areas:
- 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
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, Automotive Analyst
Market Definitions
This Report examines the US market for used and CPO vehicles.
This Report builds on the analysis presented in Mintel’s CPO and Used Vehicles – US, 2023. Mintel defines a used vehicle as a used, pre-owned, or secondhand vehicle that has previously had one or more retail owners.
Readers of this Report may also be interested in Mintel’s Car Purchasing Process – US, 2024 andShopping for a Car Online – US, 2024.
The consumer research for this Report was fielded in December 2024. The Report was written in January 2025.
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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
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