Although both new and used car prices have been astronomically high the past few years, used cars still present a better prospect for consumers looking to purchase a vehicle at a more attainable price. While pickup trucks have generally been the more popular choice on the used car market, it now appears as though the Chevy Equinox is gaining some ground.
According to a report from iSeeCars, the Equinox claimed 2.1 percent of used car sales in the United States in 2023, which was enough to push the Bow Tie crossover above the Ram 1500 to third place overall. This is an interesting statistic, as the Equinox actually lost some of its share of the used car market from 2022, where it boasted 2.2 percent of used vehicle sales.
In regard to crossovers specifically, the Equinox stood high above the competition and claimed 4.8 percent of the market share, whereas the second-ranked Toyota RAV4 only had 3.8 percent of used crossover sales in 2023. In addition, just like above, the Bow Tie crossover lost some ground when compared to 2022, where it claimed 5.2 percent of used crossover market share.
“Trucks have been so dominant in the U.S. market for so long that it’s strange to see the Ram lose its top-three ranking, even to an SUV as popular as the Chevrolet Equinox,” iSeeCars Executive Analyst Karl Brauer stated. “This shift reflects the jump in gas prices during 2023, which led many consumers to move away from large trucks and SUVs and into smaller, more fuel-efficient models.”
As a reminder, the Chevy Equinox will be all-new for the upcoming 2025 model year, as the Bow Tie brand introduces the fourth generation of its compact crossover. As such, the 2025 Equinox will boast significant overhauls to its exterior styling, interior appointments, and powertrain configurations.