Used-Vehicle Sales Up From December
But year-over-year volume down on high borrowing rates, rough winter.
IMAGE: Pexels/Richard Taveira
Retail used-vehicle sales rose in January month-over-month but fell compared to year-earlier volume.
The 1.4 million sold at franchised and independent dealers was down 3% year-over-year, though that was up about 5% over December numbers, Cox Automotive said.
The month-over-month bump ate into inventory, pushing down days’ supply from 58 to 49. Used sales typically increase in January, while they peak in the spring with the help of tax returns, Cox said.
It attributed the year-over-year volume decline to a combination of continued high auto loan rates and the rough winter weather in many parts of the country.
“The good news for buyers: Retail prices are down roughly 4% versus 2023, and that can help with affordability as the tax-return season begins to accelerate in 2024,” said Senior Director of Economic and Industry Insights Jeremy Robb in a press release.
Certified preowned sales alone were flat year-over-year at more than 201,600, which was down 12% month-over-month.
Cox pointed out that CPO sales rose most of last year, helped along by automakers’ expansion of the number of eligible models. It forecasts CPO sales to reach 2.7 million units this year, up from 2.6 million in 2023, the annual average for the past decade.
Originally posted on Auto Dealer Today
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