Used Car Price Trends by Body Type

The automotive world is as diverse as it is dynamic. As consumers’ preferences shift and technology evolves, so do the types of vehicles rolling off the assembly line. So, what better way to get a glimpse into these trends than by diving headfirst into vehicle identification numbers (VINs)?

Overview of vehicle resale values

Preliminary findings show an overarching trend: all vehicle types experience some level of depreciation. However, the drop isn’t as breathtaking as a cliff dive. Instead, it looks more like a gentle hill. Most vehicle types maintain over 90% of their original value within the first year of ownership, with a typical decline ranging from 4% to 10%.

Now, let’s put our analysis into higher gear and examine specific trends for each body type.

• Wagons start out strong, holding 94.6% of their original value in February 2023, reaching their peak at 95.9% by May 2023, but then experience a gradual decline, falling to 90.9% by February 2024.
• Sport Utility Vehicles (SUVs)/Multi-Purpose Vehicles (MPVs) show an almost identical trend, starting at 95.2% in February 2023, peaking at 96.5% in April 2023, and then softening to 90.1% by February 2024.
• Sport Utility Trucks (SUTs) buck the trend a bit. They not only manage to maintain a high percentage of their original value but in some instances even exceed it. SUTs peaked at an impressive 97.6% in June 2023 before eventually cooling down to 94.7% in February 2024.
• Sedans/Saloons, much like their SUV counterparts, started at 94.9% in February 2023, peaked at 96.3% in April 2023, and then shifted down to 90.0% in February 2024.
• Roadsters are the wild cards in this data deck, showing the most dramatic variation. After peaking at 95.4% in February 2023, they experienced a drop to 73.6% in January 2024 before recovering slightly to 79.5% in February 2024.
• Pickups prove to be a sturdy investment, maintaining a high percentage of their original price throughout the period. They started at 96.6% in February 2023, hit the high note at 97.4% in April and May 2023, before eventually dipping to 91.1% in February 2024.
• Minivans follow a similar trajectory to pickups, starting at 95.2% in February 2023, climbing to 97.4% in June 2023, and slowing down to 91.1% in February 2024.
• Hatchbacks/Liftbacks/Notchbacks started the period at 93.7%, reached their top speed at 95.2% in June 2023, and then gradually decelerated to 89.6% in February 2024.
• Crossover Utility Vehicles (CUVs) started at 95.7% in February 2023, throttled up to 97.0% in April 2023, and then hit the brakes, slowing to 91.0% in February 2024.
• Coupes started at 95.6% in February 2023, revved up to 96.4% in June 2023, and then downshifted to 85.8% in February 2024.
• Finally, convertibles/cabriolets started at 94.7% in February 2023, achieved 95.8% in May 2023, and then decelerated to 85.8% in February 2024.

Classy cars and their prices

Cars! A vast galaxy of variety, each with a different swagger and price tag. Who doesn’t love a good pore over some dashing data? So, let’s buckle up and take an analytical joyride through the rollercoaster trends of mean debut prices dwelling within different car body classifications.

Right off the bat, we can say there’s a hefty price chasm separating the chart-toppers (roadsters) from the friendliest folks on the block (Sport Utility Trucks).

• Wagons, the trusty steeds of the budget landscape, sprinted off the start line with a debut price of $20,480 in February 2023. They’ve gently slid downhill from there, wrapping up at a frugal $18,899 in February 2024.

• SUVs/Multi-Purpose Vehicles, those voluminous chariots, made their entrance at a lofty $29,821 in February 2023. Hopping between minor peaks and valleys, they rounded the year off at $27,051.

• Sport Utility Trucks (SUTs) claimed the medal for the most wallet-friendly charmers on the roster, cruising comfortably from $15,920 in February 2023 to a meager $14,753 in February 2024.

• Sedans and saloons, after a slight trip from $21,585 to $19,991, held their ground against competition owing to their dual weapons — style and versatility.

• Roadsters, the bon vivants of the car world, began their journey at a whopping $53,850 in February 2023. From then on, the road was as wild as their design, ultimately peaking at $49,899 in February 2024.

• Trucks, typically on the pricier side, debuted in February 2023 at $40,468, took a heat-check in May 2023 at $38,094, before hitting cruise control at $34,986 in February 2024.

• Minivans, the unsung family favorites, ignited with a sticker price of $23,105 in February 2023, concluding a fiscally tight year at $22,018 in February 2024.

• Hatchbacks/Liftbacks/Notchbacks held their fort somewhere around $21,328 and $19,567, demonstrating their stick-to-your-guns worth in a capricious market.

• The Crossover Utility Vehicle (CUV) class was on a steady decline, dropping from $21,704 in February 2023 to $18,464 in February 2024. Coupes have a price of $39,424 in February 2023 and $40,688 in February 2024.

• Finally, Convertibles/Cabriolets: started the Year 2023 at an impactful $45,142, topped out in April 2023 at $43,204, before winding their way down to $41,571 in February 2024.

   

Key Takeaways

The reigning monarch: SUVs and MPVs

Sport Utility Vehicles (SUVs) and Multi-Purpose Vehicles (MPVs) have bolted to the front of the pack. Resembling a pyramid, the bulk of the VINs congregate at the top. In February 2024, a massive 641,496 VINs were attributed to this class. This king-sized figure reaffirms the undisputed popularity of the versatile SUV and MPV class.

Growth: A widespread phenomenon

It turns out that more VINs are being pumped out across the board. Dissecting the data, it’s evident that year-on-year growth isn’t exclusively reserved for our SUV/MPV overachievers. Amid the variety of body classes, growth was the underlying constant—a promising sign for the auto industry.

Solid performers: Sedans/saloons and pickups

Trailing behind the high-flying SUV/MPV class are the steadfast sedans/saloons and pickups. As of February 2024, these classes clocked 357,700 and 238,620 VINs, respectively. While not hitting the stratospheric figures of the SUVs/MPVs, these vehicle types have carved out a considerable market share for themselves.

Auto-world underdogs: Roadsters and SUTs

Ladies and gentlemen, meet the underdogs of our vehicle line-up—the roadsters and Sport Utility Trucks (SUTs). These niche classes recorded 448 and 1,124 VINs in February 2024, respectively—a testament to the smaller, yet loyal, enthusiast base gravitating towards these distinctive vehicle styles.

The modest aristocrat: wagons

Remember wagons, once the embodiment of family vacations and weekend escapades? Fast forward to February 2024 and they’ve clocked 7,502 VINs. While not matching the mainstream behemoths’ figures, they continue to hold their ground in the market.

The unconventional contenders: hatchbacks/liftbacks/notchbacks, convertibles/cabriolets, and coupes

Beyond the conventional, we have the hatchbacks/liftbacks/notchbacks class amassing 57,235 VINs. Then there are the convertible enthusiasts and coupe admirers, pushing their classes to 18,123 and 36,270 VINs, respectively. These figures prove that quirks and uniqueness still have their charm!

Minivans and crossover utility vehicles: a special mention

These two classes deserve a shout-out. While minivans (with 36,950 VINs) might seem trapped in the nostalgic era of suburban bliss, don’t write them off just yet. Meanwhile, the Crossover Utility Vehicle class—with a comfortable 24,059 VINs—is hinting at an emerging preference for hybrid-like vehicle styles.

The changing prices of vehicle types over time

We dug into the data and unearthed one particularly interesting trend that prevails across all vehicle types. Generally, the steepest price drops happened between January 2024 and February 2024. Bargain car seekers, mark your calendars. This suggests that some annual post-holiday sales or pricing strategies are common industry-wide. From mid-2023 to February 2024, a gradual decline in prices of all body types was quite evident.

SUVs and MPVs hold their ground

Durable stalwarts, Sport Utility Vehicles (SUVs) or Multi-Purpose Vehicles (MPVs), were like steady roadsters cruising along at a reliable pace. Their average highest price was pegged at $28,607 in May 2023, reflecting a mild descent to $24,377 by February 2024. Interpreting this, we could say that the demand and supply for these popular vehicle types remain stable most of the time.

The rollercoaster ride of roadsters

Roadsters, meanwhile, have seen some dramatic twists and turns. They peaked at a massive $61,968 in March 2023 but took a sharp detour down to a more agreeable $39,663 by February 2024. The erratic pricing trend here suggests a more volatile market for these high-octane cars.

Pickups’ price endurance

Pickups, known for their hardy nature, have been holding their value with a gritty determination. From a peak of $39,092 in February 2023, their value took a gradual slope and stood quite firm at $31,866 by February 2024. This trend is a testament to the die-hard popularity of pickups.

Minivans’ stable journey

The family car of choice, minivans, trudged through a gradual price decrease from a high of $23,719 in June 2023 to $20,062 in February 2024. This suggests a constant, almost reassuring, market scenario, potentially influenced by families frequently upgrading as the need arises.

Seasonal flips of convertibles

Lastly, we have convertibles or cabriolets, the epitome of sunny day adventures. They also presented a pretty clear decrease in average prices from $42,752 in February 2023 down to $35,653 in February 2024. This is probably a reflection of the seasonal ebb and flow of the convertible market.

So, there you have it. From roadsters to pickup trucks, we’ve got your vehicle price trends covered. Dig into this smorgasbord of data-driven insights into the vehicular world and come back for more delightful data analysis. And as always, drive safe, car hunters!

Average vehicle age

• Spanning across sprightly vehicles averaging 6 years, to grand old-timers nearing 16, the average vehicle age is as diverse as the features they boast. If our vehicles could talk, they’d spin tales of the changing automotive market trends and our evolving preferences.
• First off, kudos to the Sport Utility Vehicle (SUV) and Multi-Purpose Vehicle (MPV) clan. Averaging at a tender age of approximately 6.3 years, these vehicles are reflective of the trend towards larger, more versatile vehicles. Sadly, their wagon counterparts appear to draw the short straw, standing around 3 years older on average.
• However, it’s the lovable Sport Utility Trucks (SUTs) that are the true long runners of this automotive marathon. As per data from February 2024, these utility stars average a ripe old age of 15.8, while their pickup parking buddies enjoy a relatively youthful vibe, with the average age sitting around 6.95 years. Perhaps, SUTs are the automotive equivalent of the rugged outdoorsy types we all secretly admire?
• Remember those snazzy roadsters? They deliver an age curve as dramatic as their acceleration, skidding from 14.94 years in April 2023 to a ripe 17.57 years by July 2023.
• In another corner of the automotive playground, convertibles and cabriolets are showing all of us how aging is done right. Transitioning from 10.3 years in February 2023 to 10.51 years by February 2024, these vehicles are owning their age.
• Meanwhile, the middle-of-the-road gang, embodying sedans, hatchbacks, Crossover Utility Vehicles (CUVs), and coupes, hover within the 7 to 9 years range, offering a blend of surviving and thriving.

Average days on market: Insights and findings

The automobile market is an exciting arena with dynamic trends that ebb and flow. Today, we’re cracking open the data trove, conducting a deep analysis of Average Days on Market (ADM), the time it usually takes for a car to sell. And guess what we discovered? The body type of a car has a significant role in determining how long it waits on the sales list. Specifically, roadsters play the waiting game longer, while Crossover Utility Vehicles (CUVs) have a quicker exit.

Drawing from a trove of data, we’ve noticed an overall increase in the time vehicles spend on the market. Let’s drive through each vehicle type’s journey.

A journey through vehicle types

• The trusty wagons, for starters, aren’t doing too shabbily. They hit the auction with an average selling time of 57.47 days in February 2023, only to see a steady climb to 91.18 days a year later.
• Those dependable allies, SUVs and MPVs, are experiencing a longer shelf life. Starting at an average 64.62 days on the market in February 2023, they were sticking around till 96.63 days by the next year.
• Sedans, despite their sleek appeal, aren’t off the sales block very quickly either. They loiter around for 58.24 days to start and then finish the year-long run at 97.36 days.
• The stylish roadsters, however, are having a hard-knock journey. Taking an average of 83.89 days to sell in February 2023, they saw a steep rise to an eye-popping 144.39 days on the market by February 2024.
• The sturdy pickups showed a similar upward trend, shifting from an Average Days on Market of 68.45 to a noticeable 105.61 over the same timeline.
• In a delightful twist, Crossover Utility Vehicles seem to beat the trend and sell faster than others. Starting at an average sale time of 58.67 days, they moved on to a relatively slower rise to only 88.72 days by February 2024.
• Coupe lovers beware, though, as our data shows a growing trend from 69.17 days to an alarming 129.37 days within a year.
• Finally, the summer-friendly convertible/cabriolet isn’t faring too well either. They showed up first at 79.19 days and, a year later, stuck around for an ample 132.83 days.

The mileage math

It’s interesting to see how mileage averages for different body types of vehicles have all been on the rise. You’d think with all our modern gadgets keeping us in touch remotely, we wouldn’t need to physically get around as much. But, turns out, we’re busting the odometer more now than ever before, across all vehicle categories — from spacious minivans to hunky pickup trucks.

Let’s take a closer look at these mileage marathons.

Hitching a ride with bigger bodies

For those of you who fancy a roomy ride, you might be on to something. Wagons have seen a significant bump in their average miles from 77,132.06 in February 2023 to 86,345.8 by February 2024. Minivans were not far behind, accelerating from an average of 84,249.05 miles to a whopping 95,563.59 miles in the same timeframe.

On the rougher side of life, the hefty Sport Utility Vehicles (SUVs) and Multi-Purpose Vehicles (MPVs) saw their average miles climb from 60,284.89 to 70,909.19 during the same period. The sleeker Crossover Utility Vehicles (CUVs) had a similar leap – from 69,490.07 miles to 84,764.12 miles.

Even pickup trucks are getting a workout, jumping from 64,230.29 miles to 83,524.06 miles. Leading the pack, though, are the Sport Utility Trucks (SUTs), with their average miles surging from an already impressive 150,924.01 to a stunning 155,642.94 miles.

Cruising with smaller bodies

Moving towards more compact vehicles, sedan models saw their average mileage increase from 69,490.32 miles to 80,090.87 miles. Hatchbacks witnessed a steady climb as well, increasing from 62,444.12 miles to 70,859.25 miles.

Thrills and spills with sportier bodies

As for you adrenaline junkies and sun-worshippers, here’s the scoop on the sportier side of the car world. Roadsters saw a bump in average miles, going from 59,178.14 to 61,980.11. Coupes also saw a surge, escalating from 59,530.48 miles to 65,410.93 miles. The more leisurely convertibles experienced a modest increase, from 51,840.33 miles to 56,480.96 miles.

Conclusions

To sum up this joyride of data, it’s clear that most vehicles maintain a high percentage of their original value during the first year of ownership. However, roadsters show the most volatility, so if you’re looking to invest in a vehicle that holds its value, you may want to steer clear of those. For those seeking a sturdy investment, SUTs and pickups tend to hold their value exceptionally well. As always, remember that cars are not just about numbers — they’re also about the joy of the drive. Happy motoring!

AI Disclaimer: The images presented here were created using artificial intelligence (AI) technology. While we strive for accuracy, they are artistic representations and may not depict exact or true-to-life details. We do not guarantee the accuracy, relevance, or completeness of any information in these images. For accurate and detailed representations, we recommend consulting the vehicle manufacturer directly.