Page 8 California Auto Outlook -10.2% -15.5% -23.8% -16.4% -5.5% New vehicles All used vehicles 3-year-old or newer used vehicles 4- to 6-year-old used vehicles 7- to 10-year-old used vehicles California Used Vehicle Market Declined 15.5 Percent in 2022 Percent Change in New and Used Vehicle Registrations 2022 vs. 2021 FOUR KEY TRENDS IN USED VEHICLE MARKET Data Source: AutoCount data from Experian. CALIFORNIA USED VEHICLE MARKET 01. 02. The California used vehicle market shifted into a lower gear during 2022. Used vehicle registrations fell 15.5% from 2021 to 2022. New vehicle market was off 10.2%. Record high-prices at the beginning of last year and cooling demand as the economy softened are the key causes for the decline. The used vehicle market responds quickly and efficiently to shifts in supply and demand and that has been plainly evident during 2022. Wholesale used vehicle prices have generally drifted lower during the past few months and new vehicle inventories continue to be constrained due to supply chain issues. This should provide some support to used vehicle sales during the next six to 12 months, although sales are likely to drift lower. Below average new vehicle sales during the past three years are putting a squeeze on supplies of late model used cars. Registrations of vehicles three years old or newer declined by 23.8% in ‘22. BEST SELLERS IN CALIFORNIA USED VEHICLE MARKET Market Share for Top 15 Selling Models in State Used Vehicle Market (only includes vehicles 8 yrs. old or newer) - 2022 Data Source: AutoCount data from Experian. The graph below shows market shares for the top 15 selling models in the California used vehicle market (only includes vehicles 8 years old or newer). Honda Civic Retains #1 Ranking in California Used Vehicle Market 3.8% 3.0% 2.9% 2.7% 2.0% 2.0% 1.8% 1.8% 1.7% 1.7% 1.4% 1.2% 1.2% 1.0% 1.0% Honda Civic Honda Accord Toyota Camry Toyota Corolla Toyota Tacoma Chevrolet Silverado Toyota RAV4 Ford FSeries Nissan Sentra Nissan Altima Honda CR-V Ram Pickup Ford Fusion Ford Explorer Jeep Wrangler 03. 04.
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