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Consumer Preference Continues to Shift Towards Utility Vehicles Through Q4 2023

Published: March 27, 2024 by Guest Contributor

From consumers seeking versatility and additional cargo space to more models becoming available—a discernible trend the automotive industry has seen in recent years is the shift towards utility vehicles such as SUVs and crossover utility vehicles (CUVs).

In fact, Experian’s Automotive Market Trends Report: Q4 2023 found that utility vehicles were a significant driver in new vehicle registrations, coming in at 57.3%, up from 56.2% through Q4 2022. Meanwhile, pickup trucks declined from 18.5% last year to 17.2% this quarter and sedans went from 17.1% to 16.5% in the same time frame.

Optimizing vehicle maintenance post-manufacturer warranty

Despite utility vehicles making up the majority of new vehicle registrations through Q4 2023, passenger vehicles (85.1%) and light trucks (82.7%) had the most vehicles that were outside of the general manufacturer warranty this quarter—mostly due to a high volume of registrations in previous years. By comparison, 67.1% of all utility vehicles were outside the general manufacturer warranty.

Understanding the current status of these vehicles enables aftermarket professionals to tailor their service recommendations accordingly. Furthermore, it will be important to monitor this trend over the next few years as the vehicles that are currently under manufacturer warranty will likely need maintenance after it expires.

Vehicle registrations and aftermarket sweet spot

When looking at overall registration trends, new vehicles increased 12.5% from last year—reaching 15.3 million through Q4 2023 and used vehicles declined 1.5% year-over-year to 38.2 million this quarter.

While monitoring vehicle registration trends helps aftermarket professionals properly assist consumers now and in the future, identifying and understanding the aftermarket “sweet spot” allows them to stay ahead of the curve and adapt to changes as the market continues to evolve.

Vehicles in the sweet spot are generally between six- to 12-model-years-old and have aged out of general OEM manufacturer warranties for any repairs.

Through Q4 2023, 35.5% of all vehicles in operation landed in the sweet spot, marking a 3.6% year-over-year increase. Though, the aftermarket sweet spot volume is expected to hit its peak in the next few months at nearly 116 million vehicles—considering the record high was 104 million through 2011 and the sweet spot volume reached 102.4 million through Q4 2023.

As aftermarket professionals look for ways to reach the right audience, leveraging registration data and the types of vehicles entering the market enables them to adjust their marketing strategies accordingly and plan their services effectively.

To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q4 2023 presentation on demand.

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Published: August 29, 2025 by Jonathan Reese

While many view Experian as a credit bureau, we have a rich history in identifying and analyzing emerging market shifts and consumer behaviors across industries, particularly automotive. In fact, Experian’s Automotive Consumer Trends Report: Q1 2025 is one of our many reports that provide essential intel for automotive professionals navigating today’s competitive landscape. And this quarter’s report sheds light on SUVs (including SUVs and CUVs)—a segment that continues to pique consumers’ interest. Data in the first quarter of this year found 62.8% of new retail registrations were SUVs, accounting for the largest portion of market share over the last 12 months—compared to sedans (18.4%), pickup trucks (16.6%), and vans (2.2%). While overall SUV registrations highlight the growing dominance in this sector, a closer look at the data revealed that electric SUVs are emerging as a contributor to this momentum. In Q1 2025, electric SUVs accounted for 10.5% of new retail SUV registrations—and within that group, 30.7% were registered in the state of California. It’s crucial for automotive professionals to monitor these trends and prepare accordingly as the fuel type continues to grow. Which electric SUV models are catching buyers’ attention? Knowing which types of electric SUVs are attracting consumer interest can enable professionals to align their offerings with market demand. The Tesla Model Y made up nearly half of the new retail SUV registrations for exotic and luxury in the last 12 months, coming in at 40.5%. Interestingly, the next closest model, Ford Mustang Mach-E, trailed behind at 5.8%. Rounding out the top five were the Hyundai IONIQ 5 (5.5%), Honda Prologue (4.9%), and Chevrolet Equinox EV (4.3%). Understanding SUV registrations goes beyond data—it’s about spotting the shift in consumer behavior as this segment as well as the EV fuel type continues to break ground in the automotive landscape. This insight gives professionals the leverage they need to adapt and refine their strategies in the next era of mobility. To learn more about SUV insights, view the full Automotive Consumer Trends Report: Q1 2025 presentation.

Published: June 24, 2025 by Kirsten Von Busch

Amid interest rates leveling out and some lenders reassessing go-to-market strategies, the automotive finance landscape is experiencing notable shifts in market share. According to Experian’s State of the Automotive Finance Market Report: Q1 2025, banks recouped some of their total finance market share for the first time in several years, reaching 26.6% during the quarter, up from 24.8% a year ago. On the other hand, captives’ total market share declined from 31.3% to 29.8% year-over-year and credit unions experienced a modest increase from 20.2% to 20.6%. Despite the overall market share shifts, captives continue to lead in new vehicle financing at 57.1% in Q1 2025, although down from 62.1% the year prior. Meanwhile, banks increased to 24.1% this quarter, from 20.4% in Q1 2024 and credit unions went from 9.6% to 10.9% during the same period. On the used side, banks and credit unions were grouped much closer together. Banks led the way with 28.4% of the used finance market in Q1 2025, up from 27.9% last year, while credit unions went from 27.7% to 28.2% year-over-year and captives declined from 8.5% to 7.4%. As market share movement continues to be a valuable indicator of shifting strategies and consumer behavior, it’s important for automotive professionals to keep a close eye on these shifts to uncover new opportunities while looking for ways to stay ahead of the rapidly evolving industry. Breaking down the latest finance trends Data in the first quarter of 2025 shows the automotive finance market continues to stabilize as automotive professionals gain clearer visibility into lender behavior and consumer demand. For example, the average loan amount for a new vehicle increased $1,110 year-over-year to $41,720 in Q1 2025. However, the average interest rate dropped from 6.9% to 6.7%, and the average monthly payment went from $737 last year to $745 this quarter. For used vehicles, the average loan amount saw a slight uptick of $90 year-over-year, reaching $26,144 this quarter. Meanwhile, the average interest rate declined from 12.4% last year to 11.9% this quarter and the average monthly payment trended lower at $521, from $524 in Q1 2024. Monitoring and leveraging market share shifts and financing trends can support strategic planning while empowering automotive professionals to anticipate consumer purchasing patterns and tailor conversations more effectively to meet buyers where they are during their car buying journey. To learn more about automotive finance trends, view the full State of the Automotive Finance Market: Q1 2025 presentation on demand.

Published: June 5, 2025 by Melinda Zabritski

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