Though month-over-month used-vehicle sales fell in August, the seasonally adjusted annual rate rose year-over-year.
Cox Automotive analysis shows U.S. SAAR ended the month at 35.2 million units, up from 34.3 million a year earlier. Total sales fell from July by about 8% to three million, but Cox blamed in part straggling June sales reported in the previous month.
Retail used-vehicle sales alone, or sales by dealerships, also fell month-over-month, by a little over 3% to 1.6 million, and their sales pace was also down, from 20.6 million in July to 18.7 million.
Despite the drop, Cox says used sales are holding better than might be expected, given still higher prices and high interest rates. The prices are lower than they were during the height of the pandemic, and given high new-model prices, that’s helping keep used sales healthy.
“… used sales remain relatively strong because people still need personal transportation,” said Senior Manger of Economic and Industry Insights Chris Frey.
Originally posted on Auto Dealer Today