Used Cars Sales: How car age & location varies across US
SEE ALSO: Used Car Super Search
In a new study of used car sales, LendingTree analyzed more than 600,000 auto loan queries from prospective borrowers in the top 100 U.S. metros (based on population). We discovered the national average age of a used car people sought to finance was about five years old. But some parts of the country prefer older used cars more than others.
- Spokane, WA: Residents here sought the oldest cars, pushing the previous top city, Portland, Ore., to 10th place. Vehicles at least 7.66 years on average were what people sought to finance.
- Wichita, Kan. ranked second among cities where people sought older used cars. Car buyers here sought loans for cars just under 7 years old.
- Ogden, Utah ranked third nationally for those seeking to buy the oldest cars, with an average age of 6.80.
- The heartland of the U.S. dominated last year’s list of places that buy the oldest cars, but more Southern cities join the top 10 this year including Knoxville and Chattanooga, Tenn., and Greenville, S.C.
- Across the board, the average age of vehicles for which people are seeking financing has dropped from 6 years in 2018 to 5.34.
- San Jose, Calif., heart of the wealthy Silicon Valley, prefers newer used cars, at an average of 3.54 years.
- Miami also stays under the 4-year mark while another Florida city, Orlando, stays under five years.
- California is a large market for newer used cars. In addition to San Jose, San Franciscans sought loans for cars with an average age of 4.03 years while Los Angeles and Oxnard stood at 4.42 and 4.67 years, respectively.
- East Coast dwellers from Washington D.C. to Boston largely sought newer used cars. Among these, New Yorkers wanted the newest used cars, an average age of 4.04 years.
- In cities where buyers preferred newer used cars, the vehicles they purchased were 4.12 years younger than the ones purchased by buyers in the places that buy the oldest used cars.
Key facts about places that buy the newest used cars
For the full study and additional data, please visit: https://www.lendingtree.com/auto/places-that-buy-the-oldest-used-cars/