You probably haven’t given much thought to the used car industry, aside from engaging with it to buy or sell your own used vehicle. But, there are lots of things that may surprise you. Here are 11 intriguing facts about the used car market that you’ve likely never heard.
1. Silver Used Cars Reign Supreme
Silver sits atop the mountain of color choices when it comes to used cars. Black is a close second, with white, red, blue, and gray rounding things out. An assortment of appreciated colors ensures that there’s something for everyone.
2. Odometer Fraud Is a Real Thing
The image of an unscrupulous used car seller dialing back the odometer is not just something found in cartoons. People actually do defraud buyers by taking miles off of a car in an attempt to make it look more desirable, typically to the tune of billions of dollars a year in fraudulent transactions.
3. It’s an Automatic World
Automatic cars outnumber manual vehicles by 10 to 1. It’s pretty obvious that just about everyone prefers driving an automatic car, and the number of people that even know how to operate a manual vehicle is on the decline.
4. The Used Car Market Dwarfs the New Car Market
The used car market is bigger—much bigger—than the new car market, even though you see a lot more advertising for the newer car industry. Funnily enough, 75% of cars sold are used. For most people, this fact is one of the most surprising things on the list!
5. Air Bags Are an Issue
When looking for a car, always be sure to have the airbags inspected. Cars that have been in an accident will need their airbags replaced correctly, which doesn’t always happen. This is one item you’ll definitely want to have checked before you purchase the car, as it dramatically increases the safety of the vehicle.
6. You’ll Never Get the Entire History of a Car
Services like Carfax are helpful, but you must accept that you’ll never know everything that’s happened to a car. These reports do their best to gather up all of the publicly available information, but not everything that happens to a car is made to be common knowledge.
7. Flood-Damaged Cars Are Ubiquitous
Be sure to do your due diligence and avoid purchasing a car that has been in a flood. Flood-damaged cars get dried up, dried out, and resold all the time. They’re not always easy to spot with just a quick look. Have a qualified mechanic give it a rundown before buying.
8. Three People Will Own a Car Over Its Lifetime (On Average)
When you consider both those who own a car from the time it’s made to the time it falls apart as well as the cars that reach several owners, the average ends up being three owners over a car’s lifetime!
9. Most Used Car Searches Are for Under $5,000
While you can find used cars at pretty much every price point, including over $60,000 for a used Tesla, people usually search for more reasonably priced cars like those under $5,000. At these prices, you can still find a reliable ride without breaking the bank, but it takes some time to find a winner.
10. A Decade-Old Car Still Sells
It’s interesting to note that it’s not just cars that have recently come out of a lease that fill up the used car market, but also cars that are a decade old or older. As long as they are from a trusted brand and were well-maintained by the previous driver and current seller, they still have something left to give a new owner.
11. People Just Love the V6
By far the most popular type of engine is the V6—probably because it offers that Goldilocks “just right” level of speed versus gas mileage. It has enough power to pin you back in your seat, but not so much that you’ll end up with a speeding ticket each month.
Come See Our Wonderful Used Cars
At Ride Time, we’ll continue to enthrall you with used car facts. Stop in today, and one of our ultra-knowledgeable staff members will walk you through the ins and outs of used car ownership.