Used cars have been a real headache for buyers, as new car prices have pushed used models into the stratosphere in rarity and cost. That trend is more dramatic with some vehicles than others, however, as iSeeCars’ recent study found that some used models saw significant market share growth, and the increase is relatively closely correlated with their price.
The Hyundai Sonata was the used model with the most notable market share growth in the study, with a remarkable 484.3% increase since 2014. The remaining top 10 used models with the highest market share growth include:
Hatchbacks, sedans, and wagons led the used-car growth trend. iSeeCars’ executive analyst Karl Brauer said, “While not as popular with new car buyers, older sedans, wagons, and hatchbacks are gaining market share in the used car market. Their lower cost, lighter use, and higher fuel efficiency make them an excellent alternative to larger trucks and SUVs that cost more upfront and more to fuel and insure.”
iSeeCars cited durability and technology as primary factors driving the growth in some models’ interest in the used car market. Ten-year-old vehicles in 2024 are safer, more fuel-efficient, and tech-forward than similarly aged vehicles would’ve been back in 2014, making the older used car market more compelling now than ever before.
The company looked at 169 million used car sales over the last ten years to reach its conclusions. The market share of cars ten years old or older were used, and heavy-duty vehicles were excluded from the study. Models must have been in continuous production between 1994 and 2023 to be considered for the study.