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In the fourth quarter of 2024, there were around million vehicles operating on roads throughout the United States. Almost **** million used vehicles changed owners in the U.S. between the fourth quarter of 2023 and the fourth quarter of 2024, while new registrations of vehicles came to about **** million units during that period. 

Automotive market disparities

The number of licensed drivers had been steadily increasing up to just under ** in 2023, but the automotive market has been impacted by economic developments over the past few years. The U.S. vehicle fleet is aging, reflected by the slow increase in the average vehicle age from **** years in 2018 to over ** years in 2024. This is in part due to market disparities. The average selling price of new vehicles has been increasing to nearly * U.S. dollars in 2024, up from under * in 2016. Used car prices have been declining after the chip shortages linked to the COVID-19 pandemic, reaching around * U.S. dollars in 2024. The majority of U.S. car owners earned more than * U.S. dollars per years, with the * to * income group owning over ** percent of the vehicles in use.

The boom of the used vehicle market

Close to *** of new car buyers were born between 1946 and 1981, with Gen X being the leading consumers by age group for both the new and used vehicle market. Used light vehicle sales have been steadily increasing since 2010, representing well over double the size of the new light vehicle market in 2024. With a product range priced below new vehicle prices, used vehicles are gaining momentum in the United States. The average American household spends some U.S. dollars on vehicle purchases annually, with consumers in income groups earning above 100,000 U.S. dollars per year spending above dollars annually on car buying. Used vehicle financing options are naturally more affordable than new vehicle financing options, with an average monthly payment over *** dollars for loan payments for new vehicles.