Used cars are a real headache for buyers because new ones car prices have pushed used models into the stratosphere of rarity and cost. That trend is more dramatic for some vehicles than others, however, as iSeeCarsA recent study has shown that the market share of some second-hand models has grown significantly, and that this growth is closely related to their price.
The Hyundai Sonata was the used model with the most notable market share growth in the study, with a remarkable increase of 484.3% since 2014. The remaining top 10 used models with the highest market share growth include:
TailgateSedans and station wagons led the growth of used cars. iSeeCars‘ said executive analyst Karl Brauer: ‘While not as popular with new car buyers, older sedans, station wagons and hatchbacks are gaining market share in the used car market. Their lower cost, lighter handling and higher fuel efficiency make them an excellent alternative to larger trucks and SUVs that cost more to purchase and cost more to fuel and to ensure.”
iSeeCars cited sustainability and technology as primary factors driving the growth of interest in some models in the used car market. Ten-year-old vehicles in 2024 will be safer, more fuel-efficient and more technologically advanced than vehicles of a similar age in 2014, making the older used car market more attractive than ever before.
The company was looking at 169 million used car sales over the past ten years to reach his conclusions. The market share of cars ten years or older was used, and heavy vehicles were excluded from the study. Models must have been in continuous production between 1994 and 2023 to be eligible for the study.