The soaring prices of new cars have made used cars more expensive and scarce, creating a real headache for used car buyers. However, this trend varies greatly by vehicle type, and a recent survey by iSeeCars found that the market share of some used car models has increased significantly, and that this growth correlates relatively closely with price.
The Hyundai Sonata was the used car model that showed the most significant market share growth in the study, increasing an astounding 484.3% since 2014. Other top 10 used car models with the highest market share growth were:
Hatchbacks, sedans and wagons led the growth trend in used vehicles. “Though not as popular among new car buyers, older sedans, wagons and hatchbacks are gaining share of the used-vehicle market. Their lower cost, less frequent use and better fuel economy make them a good alternative to larger trucks and SUVs, which have higher upfront costs and higher fuel and insurance costs,” said Karl Brauer, executive analyst at iSeeCars.
iSeeCars cites durability and technology as the main drivers of increased interest in some models on the used-car market: 10-year-old cars in 2024 are safer, more fuel-efficient, and more technologically advanced than their 2014 counterparts, making the older used-car market more attractive than ever before.
To reach its conclusion, the company looked at 169 million used-vehicle sales over the past 10 years. The market share of used cars older than 10 years is used, and larger vehicles are excluded from the study. The study only looked at models that were in continuous production from 1994 to 2023.
