Fourth Quarter 2024 Page 13 -0.1% 0.6% 9.5% -7.7% -1.2% New vehicles All used vehicles (10 yrs. old or newer) 3 year old or newer used vehicles 4 to 6 year old used vehicles 7 to 10 year old used vehicles SAN DIEGO COUNTY USED VEHICLE MARKET Registrations of Three Year Old or Newer Vehicles Up by 9.5% in 2024 Percent Change in New and Used Vehicle Registrations 2024 thru 2023 Data sourced from Experian Automotive. THREE KEY TRENDS IN USED VEHICLE MARKET 01. 02. 03. The San Diego County used vehicle market increased a slim 0.6% from 2023 to 2024. The new vehicle market was essentially unchanged during the same period. As shown on the graph to the left, the three year old or newer market had the largest percentage gain last year. Registrations of 4 to 6 year old vehicles fell 7.7%. Weak new vehicle sales in 2022 and lower lease penetration will result in tighter supplies of three year old vehicles in 2025. Large increases in new vehicle sales during the past few years led to the 50% improvement in used Tesla registrations last year (see table below). 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 4 yrs. old or newer 5 to 8 yrs. old USED VEHICLE BRAND REGISTRATIONS Toyota and Honda Are Top Sellers in County Used Vehicle Market Brand Market Share for Top 15 Selling Brands, by Vehicle Age (2024) The graph below shows used light vehicle registrations by brand for two age categories: vehicles newer than four years old, and vehicles five to eight years old. Brands are positioned from left to right based on total market share. The table below shows the percent change in used registrations from 2023 to 2024 for the top 15 selling brands. Data sourced from Experian Automotive. % Change in Registrations 2024 vs. 2023 Year Earlier 8 yr. old or newer vehicles Brand % change Tesla 50.0% Mazda 8.6% Volkswagen 3.7% Kia 3.7% BMW 3.3% Subaru 3.2% Chevrolet 1.7% Toyota 1.7% Mercedes 0.5% Hyundai -1.0% Ford -2.9% Lexus -3.4% Honda -5.2% Jeep -7.5% Nissan -8.0%
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