Used Car Markets Worldwide: Key Differences and Insights

Explore the global used car market: trends, growth forecasts, consumer attitudes and regional import restrictions. Understand how second-hand cars shape mobility.

Listening closely to the hum of the global used car market reveals more than old engines changing hands — it’s a snapshot of how people spend, save and signal status around the world.

 Numbers that drive the story

In 2024, the global used car market clocked in at an estimated $1.9 to $2.6 trillion. Analysts expect this figure to climb past $3.3 trillion by 2034. What’s fueling this growth? Easy — the boom in online sales, digital tools that make buying smoother and a steady love for SUVs and hybrids. Around 70% of deals still happen offline, but the online slice is revving up fast, with a 14% annual growth forecast through 2030. At the same time, car history checks are becoming the norm, helping buyers steer clear of hidden headaches.

 Who wants new, who’s fine with used

Attitudes toward used cars vary wildly from country to country — and behind the stats lie cultural quirks and priorities. In China, new still reigns supreme: 93% of buyers want a brand-new car. Japan and Spain aren’t far behind, with around 90% leaning new too. For these markets, reputation, cutting-edge tech and status count for a lot.

The UK flips the script — 81% of Brits are happy to buy second-hand. Germany’s middle ground means about 45% pick used cars without blinking. In the US, it’s a closer call: 51% want new wheels, 35% are fine with used, and the remaining 14%? They’re on the fence or skipping car ownership altogether in favor of rentals or sharing schemes.

Romania takes pride in older rides — many drivers there choose cars aged 10 to 15 years. India’s ratio tilts heavily used too, with about 1.5 second-hand cars sold for every new one — a response to the surge in new car prices.

 Local stories under the hood

The Manheim Index shows used car prices climbing in the US: up nearly 5% year-on-year by April 2025. The average three-year-old car costs around $30,500 now, and cars are sitting on lots for 38 days as shoppers weigh their options.

In Europe, SUVs rule the second-hand game, accounting for 56% of sales in 2024. Germany and Italy kept the market humming, while France closed the year with a slight dip. Buyers in the Baltics and Eastern Europe still worry about shady histories and rolled-back odometers.

Asia’s trends run in different lanes. In India, new car prices jumped 32% in just a year, pushing buyers to used models. China is pushing second-hand cars — including EVs — to emerging markets. Japan, meanwhile, stays a heavyweight in exports, feeding right-hand-drive markets like New Zealand.

Africa’s approach is unique. In 27 countries, there are no age restrictions on imports, turning parts of the continent into a landing strip for older, less green cars. Kenya and Nigeria are fighting back with rules banning imports older than eight years.

Latin America is tightening up too. Mexico says yes only to cars under five years old. Argentina swings the other way — only cars older than 30 can come in, unless they’re driven home by returning citizens.

 Used EVs: a cautious ride

The second-hand EV market still has its training wheels on. In the UK, used electric cars made up just 2.4% of all used sales in Q2 2024. Australia’s resale scene for EVs is cooling — rapid tech upgrades and falling new prices are dragging down old EV values. Now, less than a third of Australians consider buying an electric car, compared to over half just two years ago.

 Rules of the road

Policy shapes this market too. Mauritius and Seychelles only let in cars under three years old. Egypt and South Africa flat-out ban used imports. Singapore’s COE system keeps roads young by capping car numbers and encouraging exports.

Second-hand and proud

The used car market is no longer just for bargain hunters — it’s a flexible way to own a car without the steep price tag. Some buyers crave the shine of something new. Others know the value of a car with a little history. One thing’s clear: as tech changes and economies shift, this market has plenty of life left in it — with many more miles to go.