Analysis of the Used Car Market in the United States

Abstract

Used cars are an essential part of the automobile market. With the change in people's car buying concept and increased consumer demand for cars, its market has become increasingly active. In this paper, we analyzed the United States used car market data to understand how factors like car brand, owner type, location, and mileage affect the price of used cars. We find that Asian brands account for a more significant proportion of the market. Comparing Honda and Toyota in Japanese cars, we assume that Toyota is relatively more cost-effective than Honda. We also identify several major sales hubs in the United States, such as New York and Massachusetts on the east coast, California on the West Coast, and Florida on the south. This paper thus provides used-car market potential consumers and existing sellers with price and location references.