Ecuador’s used car prices fell in 2024, mirroring the loses seen in new car sales.

The Ecuadorian used car market has seen a notable drop in prices, reflecting broader shifts in consumer behavior and the economic landscape. As the sector adjusts, one of Ecuador’s major used car dealers, 1001carros.com, is adapting by expanding into new vehicle sales, betting on growth despite a challenging 2024.

Price Decline and Market Contraction

Data from 1001carros.com reveals that the average price of used cars in Ecuador fell from $19,951 in 2023 to $18,943 in 2024. This decline aligns with a contraction in the new car market, which shrank by 18% in 2024 compared to the previous year. Since the used car market is estimated to be 2.5 to 3 times larger than the new car market, with between 270,000 and 324,000 used vehicles sold last year, the overall downturn suggests shifting consumer priorities.

Consumers facing economic uncertainties are opting for cheaper, more budget-friendly vehicles, a trend that was clearly reflected in 2024’s sales figures. Despite this, some companies still found ways to grow in a difficult environment.

1001carros.com Expands Despite Challenges

Grupo Baca’s 1001carros.com acknowledges that 2024 was a tough year, but the company still managed to expand its operations into Guayaquil and Cuenca. These new locations contributed to a 30% sales growth in those regions, according to the company’s general manager, Mariuxi Pérez.

The company sold 3,511 vehicles in 2024, including:

• 2,322 semi-new vehicles (the most in demand)
• 1,066 used cars
• 125 new cars

Looking ahead, 1001carros.com aims to increase sales by more than 20% in 2025, pushing their total above 4,000 vehicles.

Strategic Move into New Car Sales

To further drive growth, 1001carros.com is launching a dedicated new vehicle sales division, marking a significant shift for the company. As part of this effort, it has partnered with Chinese automaker Changan, a brand that has been steadily gaining traction in Ecuador’s market.

According to Lorena Vivanco, Changan’s manager in Ecuador, the partnership will also introduce Changan’s Deepal electric vehicle line into the country. Vivanco hinted that more new car brands may be added to diversify 1001carros.com’s portfolio, reinforcing the company’s position as a comprehensive vehicle retailer.

Top Brands in the Used Car Market

Despite shifting market dynamics, consumer preferences in Ecuador’s used car sector have remained relatively stable. The most in-demand brands include:

• Toyota
• Chevrolet
• Suzuki
• Kia
• Changan

Outlook for 2025

With the new car market still struggling to recover from its 2024 contraction, affordability will likely remain a key factor for buyers in the coming year. Companies like 1001carros.com are positioning themselves strategically—expanding sales channels and diversifying their inventory—to navigate this evolving landscape.

As Ecuador’s automotive market adapts to economic pressures, the interplay between new and used vehicle sales will continue to shape consumer decisions, pricing trends, and industry growth in 2025.