Used-Vehicle Sales Down YOY But Up From December
Cox figures seem to bode well for spring sales.
Cox forecasts 2023 used-car sales to total 35.6 million, down 1% year-over-year.
IMAGE: jaygeorge
Used-car sales fell year-over-year in January but were up from December volume, according to a Cox Automotive report.
Sales were down 8% to about 2.8 million. The seasonally adjusted annual rate was an estimated 35.9 million, also down year-over-year but up from December, Cox said.
“The used market is showing some surprising strength to start the year,” said Cox Senior Economist Charles Chesbrough.
“Although down from last year, the recent sales pace has been ticking slightly higher. High prices in the new market, coupled with weakening used car prices, is supporting slightly stronger used demand.
Chesbrough said that if the trend continues, the spring selling season may be better than originally thought.
Retail sales of used cars – those excluding private-party transactions – are also estimated to be down year-over-year, by 7.5%, to 1.5 million but up from December, Cox said.
The company forecasts 2023 used-car sales to total 35.6 million, down 1% year-over-year.
Originally posted on Auto Dealer Today
More Industry
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →