The most popular used cars in the US
Though used car prices skyrocketed throughout the COVID-19 pandemic, driven by supply chain shortages and increased demand across the country, customers are finally seeing some relief. The cost of used cars fell more steeply than nearly any other category in the May 2024 Consumer Price Index report from the Bureau of Labor Statistics, dropping 9.3% year over year from 2023 to 2024.
According to Consumer Reports, the average price for a used car was $28,550 as of May 2024, compared to the industry's peak of $31,400 in 2022. Prices have dropped even further on older models, and costs for cars between four and seven years old have declined by 19%.
But when you buy an older vehicle, you'll want to ensure that your car will see you through at least a few years on the road. To help start your search, Stacker used data from iSeeCars.com to identify the 20 most popular used cars sold nationwide in 2023. Cars are ranked by market share, rounded to the nearest tenth of a percent; though some appear the same, the more precise percentages are not equal. The iSeeCars.com analysis included more than 9.2 million used car sales from the most recent five model years, 2018 to 2022.
It's important to note that although used car prices are falling, the same can't be said for interest rates. Interest on a loan for a used car will likely be an additional 12% on average, according to Consumer Reports, which can add up significantly over time.
Before shopping for a used car, you may also want to see if any brands or models have been recalled due to a failure of safety protocols. For instance, Honda recalled nearly 250,000 vehicles in 2023, citing an engine manufacturing defect that could lead to increased accident risk. Check out the National Highway Traffic Safety Administration's website to see if there's a recall on a used car you may want to buy.
