The recent data from the used vehicle market in the United States reveals a shift in consumer preferences. For the first time in recent memory, pickup trucks have not dominated the top spots on the used vehicle charts. The Ford F-150 emerged as the most popular used vehicle in the country last year, signaling a change in consumer demand [b277f9df].
The rise in gas prices has prompted many consumers to move away from large trucks and SUVs and opt for smaller, more fuel-efficient models. As a result, the Ram 1500 lost its position as the third best-selling 1-5-year-old vehicle in America in 2023, being replaced by the Chevrolet Equinox. This shift highlights the growing importance of fuel economy and value in the used vehicle market [b277f9df].
The Toyota Corolla also experienced a significant rise in popularity, moving from the 13th best-selling used model in 2022 to the eighth best-selling vehicle in 2023. Similarly, the Toyota Camry surpassed the Honda Civic to become the most popular passenger car in America last year. These changes indicate a shift towards smaller, more fuel-efficient cars in the used vehicle market [b277f9df].
In the used electric vehicle (EV) segment, the Tesla Model 3 emerged as the best-selling option in America, followed by the Chevrolet Bolt and the Nissan Leaf. The aging Tesla Model S and Model X saw a decline in popularity as the Bolt and Leaf overtook them in sales. This data reflects the increasing demand for affordable and accessible used EVs [b277f9df].
The shift in the used vehicle market towards smaller, more fuel-efficient models and electric vehicles challenges the dominance of pickup trucks. As consumers prioritize fuel economy and value, automakers will need to adapt their offerings to meet these changing demands [b277f9df].
Meanwhile, in Belgium, the market for used cars continues to grow. In January, the number of used car registrations in Belgium increased by 8.4% compared to the same month the previous year, reaching 61,908 units. The mobility federation Traxio describes this growth as impressive, following a successful year in 2023. Several key factors contribute to the positive evolution of the used car market, including their more affordable prices, which have even slightly decreased at the beginning of this year. Gasoline engines account for 54% of used cars, while the share of diesel vehicles continues to decline at 32.7%. The number of used electric cars registered by individuals has almost doubled, mainly in Flanders, thanks to the impact of the Flemish subsidy for electric vehicles. The best-selling used car brands are Volkswagen and BMW, followed by Mercedes, Opel, and Peugeot. The most popular models in January were the VW Golf, VW Polo, Opel Corsa, and BMW 3 Series [5f4e2d3a].
The data from Belgium highlights a similar trend towards smaller, more fuel-efficient cars in the used vehicle market. The increasing popularity of used electric cars also reflects the global shift towards sustainable transportation. As consumers in Belgium prioritize affordability and environmental consciousness, the market for used cars is expected to continue evolving in response to these changing demands [5f4e2d3a].