A used car, also known as a pre-owned vehicle and second hand car, is a vehicle that
has previously had one or more owners. Used cars are sold through a variety
of outlets, which include franchise and independent dealers, rental car companies,
leasing companies, and used car superstores. Some car retailers offer "no-haggle
prices," and "certified" used cars, and extended service plans or warranties.
Individuals can also sell and purchase used cars through resources, such
as newspaper and online classifieds.
With annual sales of nearly $370
billion, the used vehicle industry represents almost half of the U.S. auto retail
market and is the largest retail segment of the economy. In 2005, about 44
million used cars were sold in the U.S., which is more than double that of the
nearly 17 million new cars sold.
The used vehicle market is substantially
larger than other large retail sectors, such as the school and office products
market ($206 billion in estimated annual sales) and the home improvement
market ($291 billion in estimated annual sales). |
