Total sales of used cars in April are estimated at 3.37 million units, which is 14% less than in April 2021, according to Cox Automotive on May 13.
According to the seasonal amendment, the annual rate (SAAR), or sales rate, is estimated at about 38 million, compared to last year’s level of 44.2 million in April and above the revised rate of 36.6 million in March. In April, retail sales of second-hand goods are also estimated to have fallen.
Charles Chesbra, a senior economist at Cox Automotive, said of the limited car stocks in a press release: “The used car market this spring is much slower than last year. Car buyers today face much higher prices, and there are no incentive checks to provide any assistance, unlike last April. ”
Retail sales of used cars – the volume of vehicles sold through the dealership, which excludes sales to individuals – are estimated to decrease by 13.2% compared to April 2021. However, the rate of retail sales in April rose to 20 million from a revised in March 19.3 million. Since the beginning of the year, the total used car market has shrunk by more than 10% from 40.6 million in 2021.
Originally posted on Car remarketing