Used-Vehicle Sales Drop 4% in January, NADA Used Car Guide Reports
The NADA Used Car Guide's used-vehicle price index slipped 0.3% in January, with sales volume coming in 4% lower than the same period last year.
MCLEAN, Va. — The NADA Used Car Guide's used-vehicle price index slipped 0.3% in January, with sales volume dropping 4% from the prior-year period.Wholesale prices for vehicle up to eight years in age also dipped 0.1%.
“Bouncing back after the holiday season slowdown, auction sales volume of models up to eight years old grew by 38 percent over the four-week period ending January 25, reaching 322,200 units,” noted Johnathan Banks, executive analyst for NADA Used Car Guide in a press release. "While sale volume was up significantly on month-over-month basis, volume was 4% lower than over the same period last year"
The rest of the quarter’s forecast, however, looks brighter. Due to the effects of winter storm Jonas on the East Coast, according to the report, used-vehicle prices are expected to rise approximately 1% in February and an additional 2% to 2.5% in March. This revision places prices 3% above December levels by the end of March; roughly 1% more than last month’s forecast.
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