Over the last decade, the selling of used cars has outpaced the sale of new cars. According to Statista, the number of used light vehicles sold in the United States in 2019 was close to 40 million. Used automobiles account for about a third of the American economy. In 2020, the number of used cars sold in the United States is expected to be approximately 39 million. This chart depicts the potential worth of used vehicle stocks to investors over the next few years. In the last year, used pick-up truck prices have risen by a staggering 70%. The potential for expansion in the used car sector should be noted by investors. According to McKinsey, the digital revolution has been the single most disruptive force in the sector. Used car sales have benefited from end-to-end purchase capabilities, detailed vehicle data, and search tools. Other commercial sectors, such as finance, have also been impacted by technology.
Here is Insider Monkey’s list of the 10 best used car stocks to buy. America’s Car-Mart, Inc. is ranked tenth. Over the last year, the stock has returned 54 percent to investors. It has over 150 dealerships, most of which are located in the United States’ central regions. Penske Automotive Group, Inc. is ranked ninth. Over the last few months, the company’s stock has returned more than 71 percent to investors. It’s a Michigan-based transportation company with a large presence in the used automobile market. The company is a car dealership that sells both new and used vehicles. The stock of Sonic Automotive, Inc. has returned 18% to investors in the last year. On the list of the top ten best used vehicle stocks to purchase, the company is ranked eighth. The company’s headquarters are in North Carolina. Asbury Automotive Group, Inc. is ranked seventh. Over the last year, investors have received an 87 percent return on their investment in the company’s stock. It is a car dealership that sells both new and old vehicles. KAR is the sixth best used car stock to buy on the list of ten best used car stocks to buy. The company, which is situated in Indiana, sells used car auctions and related marketing services. Over the last few months, KAR stock has provided investors with returns of more than 16 percent. For more details, click 10 Best Used Car Stocks to Buy.