History of Used car in Timeline

A used car, also known as a pre-owned or secondhand vehicle, is a car that has had one or more previous retail owners. They are sold through various channels like dealerships (franchise and independent), rental companies, "buy here pay here" dealerships, leasing offices, auctions, and private sales. Some retailers offer fixed prices, certified used cars, and extended warranties.

March 2025: Increase in average prices for used vehicles in the United States

In March 2025, the average prices for 1–5-year-old used vehicles in the United States increased by 1% year-over-year, reaching approximately US$31,624, marking the first annual price increase since late 2022.

2025: Shift toward digital platforms for used-car transactions

By 2025, an estimated 55% of global used-car transactions occurred through digital platforms, reflecting a major shift toward online purchasing. Additionally, certified pre-owned vehicles accounted for approximately 33% of global used-car sales.

2025: Used-car market valued at US$1.81 trillion

In 2025, the global used-car market was valued at US$1.81 trillion, indicating a significant market size.

2025: Slowdown in used-car sales growth in Australia

In early 2025, used-car sales growth in Australia began to slow as consumer demand started to stabilize.

2025: Used vehicle financing averages and lending shift in the U.S.

In the first quarter of 2025, the average amount financed for a used vehicle in the United States was US$28,338, with an average interest rate of 11.3%. Banks’ share of used-vehicle financing rose to 28.4%, while captive lenders’ share fell to 7.4%.