Loading...

New and Used Vehicle Registrations Decrease Through Q3 2022, As Inventory Remains Low

Published: January 9, 2023 by Guest Contributor

business woman in auto salon. concept of female driver

With low vehicle inventory and inflation continuing to affect the automotive industry, vehicle registrations have slowed down in 2022.

According to Experian’s Automotive Market Trends Report: Q3 2022, new vehicle registrations were down 16.4%, going from 12.2 million through Q3 2021 to 10.2 million this quarter. Used vehicles experienced a 12.6% decline, coming in at 29.8 million through Q3 2022, from 34.1 million the previous year.

Though vehicle registrations were down, there are still many insights to be gleaned from this data. Understanding which generations are still in-market currently and what vehicles are most popular can help automotive professionals better understand the landscape they’re operating in and set them up for continued success.

Generational trends in new vehicle registrations

Taking a deeper dive into who is buying the retail new vehicles, Gen X saw a slight year-over-year uptick in market share, increasing from 32.4% through Q3 2021 to 32.8% through Q3 2022. Millennials saw more significant year-over-year growth, as this group increased to 29.3% of new vehicle registrations this quarter, up from 27.9% this time last year—which resulted in the generation rebounding over Boomers, who decreased from 28.5% to 26.2% year-over-year.

In addition to that, Gen Z continues to forge a path, capturing more market share. Gen Z went from 5.6% through Q3 2021 to 7.2% through Q3 2022. In comparison, the Silent generation declined to 4.4% through Q3 2022, from 5.6% this time last year.

While national trends like these are informative for automotive professionals, focusing on local generational registration trends can bring even more insights for inventory acquisition and marketing strategies, among others. Additionally, it is critical for automotive professionals to not only understand who is currently searching for a vehicle, but the types of vehicles they are looking to get.

Full-size pickup trucks take the lead in overall road market share

When looking at what vehicles are most desired right now, full-size pickup trucks secured the number one spot in the top 20 vehicle segments on the road market share in both luxury and non-luxury for the first time in recent months.

For instance, pickup trucks comprised 16.3% for luxury and 16.4% for non-luxury through Q3 2022, with midsize sedans not too far behind—coming in at 13.9% for luxury and 16.2% for non-luxury this quarter. Though, it’s noteworthy that pickup trucks have long been one of the top vehicle segments, popular for their functionality and cargo carrying capabilities.

As the automotive industry continues to evolve, it’ll be important for professionals to analyze current registration trends as they prepare for the coming months to make more strategic decisions and remain successful in the shifting market.

To learn more about vehicle registration trends, watch the full Automotive Market Trends Report: Q3 2022 presentation on demand.

Related Posts

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

Understanding generational trends and preferences is more crucial than ever, especially for the financial services industry.

Published: June 24, 2025 by Josee Farmer

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

Subscribe to our Auto blog

Enter your name and email for the latest updates.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.