It’s a Seller’s Market in a Used Cars' World
Share this article:
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
The Median Amount People Paid for a Used Car Was $9,000
Women: Median budget: $8,000 Median paid: $8,100 Men: Median budget: $9,000 Median paid: $10,000 $11,500 in Florida $10,750 in California $10,000 in New York $10,000 in Ohio $10,000 in Texas $10,000 in Georgia $9,000 in Illinois $7,500 in Pennsylvania $7,150 in Michigan $4,750 in North Carolina
BMW Was the Most Commonly Purchased Used-Car Make
BMW: 14% Audi: 10% Chevrolet: 10% Honda: 9% Ford: 9% BMW – 17% Audi – 13% Ford– 9% Chevrolet– 8% Toyota – 7% Honda – 13% Chevrolet – 11% BMW – 11% Ford – 9% Toyota – 7% Boomers Chevrolet – 16% Ford – 13% Hyundai, Acura, Kia, Chrysler – 6% Gen X BMW – 12% Ford – 10% Chevrolet – 9% Millennials BMW – 17% Audi – 11% Honda – 9% Gen Z Chevrolet – 13% Honda – 11% Ford – 11% Pennsylvania (Ford was the most common) Illinois (Chevrolet was the most common) Georgia (Honda was the most common) North Carolina (Audi, Nissan, Chevrolet, and Ford tied for the most common)
One-Fourth of Respondents Did Not Get the Make and Model of Car They Originally Wanted
18% of respondents had to settle for a different make and model altogether. 4% had to downgrade from their preferred make and model. 3% had to upgrade from their preferred make and model
Over Half of Respondents Say They’re Loyal to a Certain Car Brand
A majority (56%) of men say they are loyal to a certain car brand. A majority (52%) of women say they are not loyal to a certain car brand.
The Majority of Used Car Buyers Plan to Resell the Vehicle
Car make was BMW (19%). Payment method was cash (32%). Purchase location was a used car dealership (38%).
Good Gas Mileage Was the Most Important Factor in Respondents’ Search for a Used Car
Good gas mileage: 26% Low mileage: 18% Lowest price possible: 15% Looks good: 14% Newer car: 11% Fully electric: 9% Fast car: 7%
Most Respondents Did Not Say They Got a Great Deal on the Car
27% said they were just relieved to have a vehicle (regardless of price). 18% felt neutral. 10% felt like they were ripped off. 44% said they got a great deal. The median budget was $8,000 and median actual amount paid was $9,500. So they tended to have paid $1,500 more than they wanted to. The most common buying source were used car dealerships (42%). It was most common for them to spend one to three months searching before buying the car (45%). The median budget and actual amount paid were the same: $8,000. Used car dealerships (36%) and private sellers (35%) were the most common buying sources. 38% said it took them less than a month to find the car.
Buyers Preferred the Term “Pre-owned” to “Used”
“Pre-owned car”: 36% “Used car”: 29% “New-to-you car”: 22% “Second-hand car”: 13%
Over One-Third of Used-Car Buyers Felt “Exhausted” During the Process of Getting a Car
Most Respondents Did Not Purchase Their Car From a Dealership
The Majority of People Used Cash or Personal Savings to Pay for Their Used Car
Cash – 36% Personal savings – 21% Auto loan – 18% Credit card – 13% Traded in for another car – 6% Friends and family pitched in – 6%
Men prefer to buy sportier cars like BMWs, while women prefer more practical cars like Hondas. Most of our respondents (56%) don’t believe they got a great deal on their used car. A majority of used car buyers (59%) intend to resell the vehicle. Over one-third of respondents were “exhausted” by the process of buying a used car, even though most of them (71%) were only searching for three months or less.
About the Author
Share this article: