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The used car market will be worth 2 trillion by 2028 globally

According to the latest study by Global Market Insights Inc., the growth of the second-hand vehicle sector will be a clear reality in the coming years. There are many factors that will influence this boom that will lead to this segment having a value of 2 trillion by 2028 globally.

To position themselves in such a competitive market, dealers currently adapt to this constantly evolving scenario and offer a large number of facilities when purchasing this type of vehicle. Service packages and guarantees are two aspects that consumers value at the time of purchase and where more news is being produced

In addition, another strong point of this segment, which distributors should take advantage of, is that the majority of second-hand vehicles available on the market are certified and have essential inspections to guarantee safe and efficient circulation.

These are the main reasons for the growth of second-hand vehicles

Continuing with the market report prepared by Global Market Insights Inc., the reasons that encourage the purchase of second-hand vehicles are the following:

The wide range of second-hand vehicles in the digital field makes it easy for consumers to consult the functionalities of each of the models and speeds up the purchase process.

Second-hand vehicles from 0 to 5 years old offer the buyer state-of-the-art technologies at a lower price. In a time of economic uncertainty, the client seeks to save as much as possible.

The benefits of buying second-hand vehicles at dealerships accelerate the sale of this type of vehicle. In addition, the increase in investments in the maintenance of used vehicles increases the market share.

The majority of used vehicles are used for personal purposes and that is why consumers are looking for different options that are somewhat cheaper than a brand new car. On the other hand, hybrid and electric vehicles are also experiencing an increase in demand. Its price is still higher than combustion vehicles. For this reason, the second-hand market acts as an accelerator by being able to access them at a lower price.

  • motor
  • Global Market Insights Inc.
  • faconauto
  • apmc

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