Finding the right product at the right price is more challenging for used vehicle buyers today, amid higher interest rates and recession fears.
Cox estimates that used retail sales increased 11% in August from July and that used retail sales were down 9% year over year.
The used market this year is feeling the effects of high-inflation and elevated used-vehicle prices. Sales continue to be soft, but the market is not under stress
The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
The overall used-vehicle market is experiencing a weaker spring than expected
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
Cox Automotive is forecasting a strong year for CPO at three million units, an increase year over year and above the record set in 2019.
With record numbers of lease-holders choosing to keep instead of return their leased vehicles, the pool of available CPO-eligible inventory is lower than usual.
Demand is strong and expected to break records in 2022 because CPO fits an important sweet spot in the vehicle market.
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