California Auto Outlook California Used Vehicle Market Declined in First Quarter of 2023 Percent Change in New and Used Vehicle Registrations YTD ‘23 thru Mar. vs. YTD ‘22 THREE KEY TRENDS IN USED VEHICLE MARKET Data sourced from Experian Automotive. CALIFORNIA USED VEHICLE MARKET 01. 02. The California used vehicle market declined by 7.8 percent in the first quarter of this year versus a year earlier, while the new vehicle market was up by nearly 6 percent. Used vehicle market should continue to under-perform the new vehicle market for the remainder of the year. As shown on the graph to the left, the 3-year-old or newer market held up relatively well early this year. Used registrations of 3-year- old or newer vehicles improved while registrations for older vehicles moved lower. 03. 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Less than 4 years old 5-8 years old USED VEHICLE BRAND MARKET SHARE Brand Market Share for Top 15 Selling Brands, by Vehicle Age (YTD ‘23 thru March) Ford market share was higher for vehicles 5-8 years-old. Data sourced from Experian Automotive. The graph below shows used light vehicle registrations by brand for two age categories: vehicles less than 4 years old and vehicles 5-8 years old. Brands are positioned from left to right based on overall market share. Toyota was the best-selling brand for vehicles less than 4 years old. Toyota is Top Seller in California Used Vehicle Market 5.8% -7.8% 2.4% -9.2% -8.1% 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 41 California New Car Dealer Quarterly
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