Used-Vehicle Sales Jump in February
Softening prices, rising credit availability and higher tax refunds could be behind February’s sales pace rise and accompanying dip in inventory, according to Cox Automotive.
SUVs accounted for nearly half of all used-vehicle sales for the month.
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- February saw a rise in the pace of used-vehicle sales, according to Cox Automotive.
- The increase in sales may be attributed to softening prices, increased credit availability, and higher tax refunds.
- This uptick in sales led to a decrease in used-vehicle inventory levels for the month.
*Summarized by AI
Across the U.S., used-vehicle lots held a total supply of 2.1 million units in February, according to a Cox Automotive data analysis.
That number was up about 2% from a year earlier but down about 3% month-over-month.
As inventory levels dropped, the used-vehicle sales pace rose about 6% year-over-year, and Cox estimates a sales volume of 1.4 million vehicles. The daily sales rate was up 13% month-over-month to 50,400 vehicles.
Used-vehicle days’ supply dropped two days year-over-year and seven days month-over-month for an average of 42 days.
Cox postulated that February’s upswing could be the result of rising credit availability, higher tax refund amounts, and “a bounce back from a weather-related slowdown in late January.” But price was also considered.
The average used-vehicle listing price was $25,287, slightly down from January’s $25,570. Cox said that lower SUV prices most likely drove the month-over-month decline because they accounted for nearly half of all used vehicles sold.
Th average listing price of the top five sellers of the month was $23,578, 7% below the average for all used units sold. And nearly half of used deliveries were Fords, Chevrolets, Toyotas, Hondas and Nissans.
Certified preowned vehicle sales rose 2% year-over-year and month-over-month to an estimated 207,263.
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