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Prices in the used car market are steadily getting better, which is what money expert Clark Howard predicted would happen. Because the market continues to normalize, Clark wants you to consider a used car for your next vehicle.
“There was a time during COVID when I said it’s better to buy a new car instead of used, but now I’m back to saying the traditional advice: Used instead of new,” he says.
A recent report from vehicle research site iSeeCars shows the best-selling used cars through the end of last year.
Here are some key findings from the report:
To come up with its numbers, iSeeCars analyzed more than 9.2 million used car sales from model years 2018 to 2022. “Each model’s share of used car sales was calculated nationally, as well as within each metro area and state,” says the report.
“Trucks have been so dominant in the U.S. market for so long that it’s strange to see the Ram lose its top-three ranking, even to an SUV as popular as the Chevrolet Equinox,” Karl Brauer, iSeeCars executive analyst, says in a news release. “This shift reflects the jump in gas prices during 2023, which led many consumers to move away from large trucks and SUVs and into smaller, more fuel-efficient models.”
Let’s go over the best-selling used cars and then we’ll get into the best-selling used EVs.
| Model | 2022 % of Total 1- to 5-year-old Used Car Sales | 2023 % of Total 1- to 5-year-old Used Car Sales |
|---|---|---|
| Ford F-150 | 3.3% | 3.3% |
| Chevrolet Silverado 1500 | 2.9% | 2.6% |
| Chevrolet Equinox | 2.2% | 2.1% |
| Ram 1500 | 2.3% | 2.1% |
| Toyota Camry | 1.8% | 1.8% |
| Honda Civic | 1.8% | 1.7% |
| Toyota RAV4 | 1.7% | 1.7% |
| Toyota Corolla | 1.5% | 1.5% |
| Ford Explorer | 1.5% | 1.5% |
| Nissan Rogue | 1.7% | 1.5% |
Now let’s check out the best-selling EVs across the country.
| Model | 2022 % of Total 1- to 5-year-old Used EV Sales | 2023 % of Total 1- to 5-year-old Used EV Sales |
|---|---|---|
| Tesla Model 3 | 40.0% | 34.9% |
| Tesla Model Y | 10.3% | 11.9% |
| Chevrolet Bolt EV | 6.2% | 6.9% |
| Nissan LEAF | 6.7% | 6.2% |
| Tesla Model S | 9.8% | 5.6% |
| Tesla Model X | 7.7% | 5.5% |
| Ford Mustang Mach-E | 3.7% | 4.6% |
| Audi e-tron | 2.7% | 2.9% |
| Porsche Taycan | 2.4% | 2.4% |
| Volkswagen ID.4 | 1.7% | 2.2% |
Read the full report from iSeeCars.
Clark says of all the segments in the used car market that have affordable prices, electric vehicles give you the biggest bang for your buck right now.
“People are still looking for a deal on used cars,” says money expert Clark Howard. “And now there’s the added bonus attraction that used electric vehicles under $25,000 qualify, for most taxpayers, for a $4,000 tax credit.”
Read up on how you can get the Clean Vehicle Tax Credit on used electric vehicles.
This post was last modified on February 5, 2024 8:03 am
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