January 16th, 2024, Janice Fernandes
After a two-year decline from record highs, used vehicle prices are expected to creep back up to stabilize this year, reports CNBC. Using data from YouGov Global Profiles, we look at what the pre-owned car buying landscape is likely to look like in 2024. We also look at the new car buying landscape here.
The overall data of 48 markets reveals that the preference for pre-owned cars stands at 17%. This figure, however, varies significantly when we delve into specific countries. Topping the list is the United Arab Emirates, where 31% of car buyers lean towards a second-hand vehicle. Saudi Arabia closely follows at 28%, while Egypt records slightly more than a quarter (27%). These figures indicate that consumers in the Middle East region are most intent on buying a used car in the next 12 months.
Sweden emerges as the country with the highest intent towards pre-owned cars (20%) in the European region. On the other hand, consumers in Denmark are the least likely of all to say they intend purchasing a second-hand car in the next 12 months (9%).
Meanwhile, Germany, known for its automotive prowess, exhibits a preference of 14%. Great Britain aligns closely with Germany, reflecting a similar 14% inclination towards pre-owned cars. US consumers (18%) are as likely as overall respondents (17%) to say they intend to buy a used car in the next 12 months.
In APAC, nearly one-fifth of urban Indians (19%) show preference for pre-owned cars. In contrast, countries like Australia and Singapore exhibit a lower inclination – 15% and 11%, respectively.
A look at the global data – for all 48 markets – by age and gender demographics reveals that internationally, men are slightly more likely to buy a used car in the next 12 months than women (19% vs. 14%).
A similar proportion of consumers across age groups indicate intent to purchase a used car this year, but the intent drops slightly among older consumers with 12% of those over 55 years.
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Methodology:YouGov Global Profiles is a globally consistent audience dataset with 1000+ questions across 48 markets. The data is based on continuously collected data from adults aged 16+ years in China and 18+ years in other markets. The sample sizes for YouGov Global Profiles will fluctuate over time, however the minimum sample size is always c.1000. Data from each market uses a nationally representative sample apart from India and UAE, which use urban representative samples, and China, Egypt, Hong Kong, Indonesia, Malaysia, Morocco, Philippines, South Africa, Taiwan, Thailand and Vietnam, which use online representative samples. Learn more about Global Profiles.
Image: Getty Images