Used-vehicle sales jumped in March to their highest volume in two years, days’ supply falling sharply from 53 to 44.
A confluence of factors drove up sales – spring shopping season, tax returns, price drops and affordability pressure from high interest rates – moving consumers to opt for used in many cases, Cox Automotive said.
Used retail sales rose about 19% month-over-month and 11% year-over-year to 1.66 million, their highest level since March 2022, Cox said. That’s still lower than the 1.95 million average of 2019 to 2022.
Certified preowned sales alone were also up by 1% year-over-year to nearly 232,000, a 10% month-over-month bump. Year-to-date CPO sales are also up 1% year-over-year.
