Page 8 California Auto Outlook California Used Vehicle Market Declined in First Quarter of This Year Percent Change in New and Used Vehicle Registrations YTD ‘24 thru March vs. YTD ‘23 THREE KEY TRENDS IN USED VEHICLE MARKET Data sourced from Experian Automotive. CALIFORNIA USED VEHICLE MARKET 01. 02. The California used vehicle market fell by 2.3 percent during the first three months of this year versus year earlier. The new vehicle market improved by 0.7% during the same period. State used light vehicle market is expected to be flat in 2024 as tight supplies continue to hold back sales. As shown on the graph to the left, the three year old or newer market fared better so far this year, but the small increase was primarily attributable to weak new vehicle sales in 2020. Three year old or newer vehicles this year consists of model years 2021 or newer. Last year, it included vehicles from the 2020 model year when new vehicle sales were held back by the pandemic. 03. 0.7% -2.3% 0.1% -13.9% -4.0% 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 2054 2089 2211 2362 2410 2684 2726 3092 3336 3416 3780 3866 4757 4761 6121 Hyundai Elantra Ford Fusion Nissan Altima Honda CR-V Nissan Sentra Toyota RAV4 Toyota Prius Toyota Tacoma Ram Pickup Toyota Corolla Chevrolet Silverado Toyota Camry Ford F-Series Honda Accord Honda Civic 1934 2040 2473 2875 3115 3198 3379 3573 3845 4479 4566 4943 5455 6117 6166 Kia Forte Toyota Highlander Nissan Altima Honda CR-V Tesla Model Y Ford F-Series Ram Pickup Tesla Model 3 Chevrolet Silverado Honda Accord Toyota Tacoma Toyota RAV4 Honda Civic Toyota Camry Toyota Corolla TOP SELLING MODELS IN USED VEHICLE MARKET Toyota Corolla and Honda Civic are Top Sellers in Used Vehicle Market The two graphs below show the top 15 selling models in California for two age classifications: vehicles 4-years-old or newer, and 5- to 8- year-old vehicles. Top 15 Selling Models for Vehicles 4-Years-Old or Newer YTD 2024 thru March Top 15 Selling Models for 5- to 8-Year-Old Vehicles YTD 2024 thru March Data sourced from Experian Automotive. 42 California New Car Dealer Quarterly
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