In 2023, the average purchase value for a used automobile in Japan was around 1.72 million Japanese yen, increasing from 1.57 million Japanese yen in 2022. The most commonly purchased price range for used cars was usually between 500 thousand and one million Japanese yen.
Outlooks for Japan’s used auto market
The recent trends have been encouraging; registrations of used cars indicate a vivid circulation, and the average value of used auto purchases hit a record high in 2022, despite prices briefly glitching in 2020. But the grain of salt is evident: mainly younger generations opt for used cars. Clients in their 20s and 30s contribute significantly to the market size as they spend more on their vehicles on top. It is, therefore, Japan’s demographic development that depresses market outlooks.
The used EV-market: small steps
Another issue in the automotive world is CASE (connected, autonomous, shared and service, and electrified vehicles). As the government pushes domestic dealers to substitute their lineup of new passenger cars with electrified models by 2035, this government policy would have implications for the used auto market once implemented. One result would be a larger supply of used electrics, whose market is currently in its infancy. Because used cars and commercial vehicles are not affected by the announced 2035 sales ban, EVs may remain a niche product in the used car market for longer than that.
Average price of used automobile purchases in Japan from 2015 to 2023
(in million Japanese yen)
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Recruit Holdings. (November 21, 2023). Average price of used automobile purchases in Japan from 2015 to 2023 (in million Japanese yen) [Graph]. In Statista. Retrieved October 31, 2024, from https://www.statista.com/statistics/1248149/japan-average-sales-price-used-automobile/
Recruit Holdings. "Average price of used automobile purchases in Japan from 2015 to 2023 (in million Japanese yen)." Chart. November 21, 2023. Statista. Accessed October 31, 2024. https://www.statista.com/statistics/1248149/japan-average-sales-price-used-automobile/
Recruit Holdings. (2023). Average price of used automobile purchases in Japan from 2015 to 2023 (in million Japanese yen). Statista. Statista Inc.. Accessed: October 31, 2024. https://www.statista.com/statistics/1248149/japan-average-sales-price-used-automobile/
Recruit Holdings. "Average Price of Used Automobile Purchases in Japan from 2015 to 2023 (in Million Japanese Yen)." Statista, Statista Inc., 21 Nov 2023, https://www.statista.com/statistics/1248149/japan-average-sales-price-used-automobile/
Recruit Holdings, Average price of used automobile purchases in Japan from 2015 to 2023 (in million Japanese yen) Statista, https://www.statista.com/statistics/1248149/japan-average-sales-price-used-automobile/ (last visited October 31, 2024)
Average price of used automobile purchases in Japan from 2015 to 2023 (in million Japanese yen) [Graph], Recruit Holdings, November 21, 2023. [Online]. Available: https://www.statista.com/statistics/1248149/japan-average-sales-price-used-automobile/