So Many Used Cars, So Little Time
Cars. We use them every day. Some, to get from point A to point B, others for special occasions, like weddings and even funerals. They are perhaps the number one relied-upon technology, and it certainly shows in the numbers. For instance, there are about 253 million cars on the road today. To put to scale, that is nearly 30 times the population of New York City. With that many cars in operation, it’s little wonder there are so many used cars for sale.
When a dealer posts used cars for sale, they really mean it. In 2015, United States used car sales hit record numbers, and overall sales have grown by 55% in the last five years. In total, almost 40 million used cars are sold by private sellers and dealerships every year. One could attribute the used car boom to Honda: in 2016, the Accord line sold 344,000 used cars on its own, and Motor Trend agrees, ranking Accord as the number one most popular used car in the United States. To say that millions of Americans rely on used cars is certainly understated.
That’s not to say truck dealerships don’t hold a stake in the “Used Cars for Sale” race, as almost a third of vehicles available right now are six cylinder motors, roughly equal to the number of four and eight cylinder vehicles combined. This is hardly shocking as nearly 48,000 used Dodge Ram pickups were sold in September 2016, alone. In the same time, used Ford truck sales numbered nearly 68,000. Needless to say, truck dealerships have had their work cut out for them as well.
The sale of used cars is directly correlated to the demand of a growing population. While dealerships account for the majority of sales, private sellers can find a decent market, especially for people who can’t afford a loan from a large dealer. A smaller local dealer with used cars for sale may be a more viable option. Even a “Used Cars for Sale” sign on a neighbor’s lot may be better for some bad-credit buyers, depending on their situation (and their risk tolerance for lemons). For car buyers with the credit and cash to invest in a vehicle, used auto dealers have no shortage of options.
With the influx of used cars for sale, it’s not difficult to find options, but it can be difficult to pick the right one. With so many choices, it is the journey on the long road ahead that is important. Used car sales continue to be a viable option for millions of Americans, and should continue to rise. Because if recent years are any indicator, the used car boom shows no sign of slowing down anytime soon.