In a survey conducted by SeekersTime, it has been found that the used vehicle market has been growing at a mass rate. The survey carried out in the developed and developing countries has highlighted that the growth rate of the used car market is more in comparison to that of the new car market. In the survey, the regions namely, the USA, the European countries, and the Asia Pacific region was covered. One of the reasons for the increase in the sale of the used vehicle market is the availability of online services for VIN number lookup. This has made it possible for people to know about vehicle history in a detailed manner.
As per the survey results, in the year 2018, the used car segment saw a registered growth rate of 15 percent which was thrice the growth rate of new cars segment. The availability of a high number of used cars is another reason which has contributed to an increase in the demand for pre-owned cars at a global level. According to the survey, people are getting good value for their money when they buy a used car. And the availability of good conditioned pre-owned cars is the making people buy such cars.
The survey indicated that the ratio of sale of new cars to old cars in the developed nations is 1:3. People are selling their new cars in order to upgrade them and hence the availability of pre-owned cars has increased significantly.
