In recent years, the automotive market has witnessed a dramatic surge in the prices of both new and used vehicles. Despite this, certain types of vehicles have not only maintained their popularity but have also become increasingly expensive. This trend is especially noticeable in pickups, SUVs, and crossovers.
Today, finding these vehicles at a reasonable price is almost a herculean task, particularly for models in good condition with low mileage. The Ford Explorer, a crossover/SUV depending on the generation, exemplifies this trend. Securing a used Ford Explorer for under $20,000 has become challenging, yet its popularity among used vehicle shoppers remains undiminished.
In 2023, the Ford Explorer solidified its position as a leading choice in the used vehicle market. Despite a slight dip in sales percentage from three percent to 2.8 percent, it rose to the third most popular used SUV in the United States, up from sixth place in 2022. It trailed behind the Chevy Equinox, which topped the list with four percent of total sales, and the Toyota RAV4 at 3.2 percent. Close contenders included the Nissan Rogue and the Honda CR-V, which also saw substantial sales.
To provide a comprehensive overview of the used vehicle market, iSeeCars conducted an extensive analysis of over 9.2 million used car sales from the last five model years (2018 – 2022). This study calculated the share of each model’s sales nationally, as well as within each metro area and state.
One noteworthy trend highlighted by the analysis was the rise of the Honda CR-V. “Used Honda CR-Vs made big gains in 2023, moving up four slots among all used vehicles, and gaining two slots in the SUV category,” noted Brauer. The CR-V has now become Honda’s best-selling new model, surpassing the Accord and Civic, which had dominated the brand’s sales for decades. Its increasing popularity in the used market is a clear testament to its enduring appeal.
As we delve deeper into the nuances of the used vehicle market in 2023, it’s evident that SUVs and pickups are not just surviving the soaring prices; they are thriving. Their sustained popularity, in the face of economic challenges, underscores their appeal and the evolving preferences of consumers in the automotive sector.
