Used Car Research - The Best and Worst SellersThe most in demand used cars
Used car sales have boomed in recent years, not just because they can prove to be excellent value, but also due to pent-up demand post-lockdown, as well as a global chip shortage that has disrupted the new vehicle market.
This surge in demand is great news for car dealerships, but which are the vehicles that are flying out of the forecourts the quickest? And which are the used vehicles that hold their value the best?
To find out, we’ve analysed the current state of the used car market in the US. And if you’re buying a used car yourself, make sure that you don’t forget to sort out your car insurance before driving it away.
The most in demand used cars in the US
First, we’ve analysed Google search data from the last year to see which vehicles received the most searches from people looking to buy used models.
1. Jeep Wrangler – 760,940 annual searches
The Jeep is one of the most iconic vehicles of modern times, and its rugged four-wheel drive capabilities have seen the Wrangler model endure since 1986.1
Directly descended from the World War II Jeep,1 the Wrangler is an obvious choice if you’re heading off-road, but it’s also at home in cities too.
Searches for used Jeep Wranglers were higher than for any other vehicle in the US in the last twelve months, with just over three-quarters of a million searches.
2. Toyota Tacoma – 509,490 annual searches
Taking second place is the Toyota Tacoma, with just over half a million searches for used models in the last twelve months.
The Tacoma was Toyota’s first pickup truck when it launched in 1995 and it has been hugely popular since,2 winning Motor Trend’s Truck of the Year in 2005.3
While that initial Tacoma was a compact pickup, later models have seen the vehicle’s size increase into the mid-sized pickup we know today.
3. Tesla Model 3 – 490,360 annual searches
The popularity of electric vehicles is really starting to pick up in the States and as such, a healthy market of used EVs has emerged.
The Tesla Model 3 is one of the most popular EVs in the US and the same is true when it comes to the used market, with just under 500,000 searches to buy used in the last year. As well as its performance and impressive regular software updates, the Tesla Model 3 is one of the more affordable Tesla models, which only adds to its popularity with consumers.
The used cars that lose their value the quickest
Depreciation is something very important to consider when buying a car. It can also be a good indicator of where you can get the best deals when buying used, showing which vehicles will drop down to a more affordable price the quickest.
Looking at the 50 most popular used cars from the section above, here’s a look at which ones lose the most value within three years of being bought new.
1. Nissan LEAF – 49%
Electric vehicles are of course still a relatively new phenomenon, and the uncertainty around new technologies means that they could become outdated quickly as better models are introduced.
This could explain why the Nissan LEAF is the vehicle that loses the most of its value after three years, at almost 50%.
The LEAF is one of the best-selling EVs of all time and larger battery packs have seen its range grow from 117 km to 364 km, with older models quickly being improved upon.4
2. Range Rover – 44%
The Land Rover Range Rover is an instantly recognisable 4×4 that has stood the test of time, launching in 1970 and now in its fifth generation.5
It’s also one of the vehicles on this list that sees its value drop the most within three years, at 44%, although it’s also one of those that has the highest starting prices, starting at over US$100,000.
The Range Rover family has since expanded to include other popular models such as the Range Rover Sport, Evoque and Velar.
3. Nissan Altima – 42%
Another Nissan model takes third place, with the Nissan Altima having an estimated three-year depreciation rate of 42%.
The Altima is a mid-sized car that launched in 1992 and is one of the brand’s best-selling models.6
Buying a used Altima could prove to be a more cost-effective option than one of its competitors such as the Toyota Camry and Honda Accord.
Most popular used cars
We found the number of Google searches made between April 2021 and March 2022 in the US for used models of over a thousand vehicles, using Google Ads Keyword Planner.
For each vehicle, the number of annual searches for the following two terms were found, before these were combined:
- Used [model]
- Second hand [model]
Using the 50 most populated used models from the section above, CarEdge’s Car Depreciation Calculator was then used to find out how much the average value of each falls within the first three years of being bought new, assuming an annual mileage of 12,000 miles (19,312km).