How have used vehicle sales evolved since 2022?

Used vehicle sales have shown notable trends since 2022, influenced by various factors such as economic conditions, consumer behavior, and market dynamics. Here's a detailed analysis:

1. Growth in Used Vehicle Sales: Used vehicle sales have been on an upward trend, with an estimated 1.57 million used vehicles sold in February 2025, a 6% increase year-over-year. This indicates a robust demand for pre-owned vehicles.
2. Market Recovery: After a hiatus due to the pandemic, the used car market in Turkey has picked up pace, with projections of reaching $28.2 billion by 2027, fueled by new car price surges and a 11.8% CAGR. This suggests a strong recovery and growth phase for the used vehicle sector.
3. Online Sales Expansion: Online platforms have become increasingly important in used car sales, with Ken Research predicting that 22% of used car sales in Turkey will be conducted online by 2027. This shift highlights the growing acceptance and convenience of digital marketplaces for used vehicle transactions.
4. Inventory and Pricing Challenges: Despite the growth, the used car market is experiencing an inventory crunch, leading to high prices and limited availability of new vehicles. This could be due to disrupted new-car sales translating into reduced used car inventory.
5. Regional Variations: Sales patterns differ regionally. For instance, the EU focuses on exporting used cars to Eastern Europe, the Caucasus, Central Asia, and Africa, while the US exports primarily to Mexico, Nigeria, and Benin. These geographic shifts reflect varying demand and market conditions.
6. Certified Pre-Owned (CPO) Sales Growth: CPO sales have seen a slight increase, with February 2025 estimates at 203,663, up from 203,071 in January. This indicates a growing segment of quality, certified used vehicles gaining traction with consumers.
7. Interest Rates Impact: Elevated interest rates, which started declining at the end of 2023, remain high for used vehicles, affecting affordability and demand. This financial factor influences consumer decisions, potentially slowing sales if rates remain elevated.
8. Brand-Specific Challenges: Brands like Tesla have faced backlash affecting their used vehicle market. For example, in Canada, Tesla owners have increased listings on resale platforms due to brand-related factors. This points to brand reputation and public perception impacting used vehicle sales.

In summary, used vehicle sales have evolved positively, driven by economic recovery, digital market expansion, and growing demand. However, challenges such as inventory constraints, pricing issues, and brand-specific factors present limitations to the market's full potential.