As we dive into the second half of 2023, let's take a look at how vehicle sales and trends shaped up in the first half. Consumer preferences in the automotive industry have undergone a significant transformation towards used vehicles and electric vehicles (EVs). Factors such as economic uncertainties, technological advancements, and growing environmental concerns have all contributed to reshaping the overall landscape of the automotive market.
The sales of used vehicles have experienced notable fluctuations during the initial half of 2023. The availability of inventory has played a significant role in influencing the sales of pre-owned cars, resulting in a similar trend where March stood out as a remarkable month for used car sales. Despite a significant decline in April, the market for used vehicles is now witnessing a resurgence.
Electric Vehicle Surge
With the rapid advancements in EV technology, there has been a remarkable surge in the demand for pre-owned electric and hybrid vehicles in the used car market. As EVs continue to improve their range and charging infrastructure becomes more accessible, consumers are becoming increasingly receptive to the idea of owning an eco-friendly vehicle at a more affordable price. According to our Cross-Sell Interactive® vehicle sales data for June, EVs have increased new and used sales by 28.4% since January. As Tesla remains to have a strong hold on the EV market, other major brands have expanded their EV footprint in 2023. For instance, Mercedes-Benz is seeing astonishing success with its C40 Recharge in major EV states like California, Florida, and Texas. Below are two charts showcasing the current market share of top EV brands across the three high-volume states mentioned previously.
SUVs and Trucks on The Rise
Another notable trend in 2023 is the increasing preference for larger used vehicles, particularly SUVs and trucks. This shift can be attributed to the rise of remote work and evolving lifestyles, as individuals prioritize spaciousness and versatility in their vehicles. Furthermore, the growing popularity of outdoor and adventure activities has significantly contributed to the demand for rugged and capable vehicles, making SUVs and trucks highly sought-after in the used car market.
The ever-changing trends in the 2023 used vehicle market provide valuable insights into the dynamic nature of the automotive industry. Consumers are eagerly embracing the world of electric and hybrid vehicles, while also demanding state-of-the-art autonomous features and even flexible subscription options. Whether you're a buyer or seller, understanding and adapting to these trends will be essential for staying ahead in the ever-changing landscape of used cars in 2023. Learn more with Cross-Sell vehicle registration data!