Total used-vehicle sales in January were down 19% from one year ago, according to Cox Automotive estimates released Feb. 22. The January used seasonally adjusted annual rate (SAAR) was 32 million, which is down from December’s 36.2 million level, and down from January 2021’s sales pace of 39.3 million.
“Used-vehicle inventory has improved since last summer’s supply drought, but product availability remains well below pre-COVID levels,” according to Charlie Chesbrough, senior economist at Cox Automotive, in a news release.
Retail used-vehicle sales — vehicles sold via a dealership, thus removing private party sales — were down 18% in January year over year. The January used retail SAAR estimate was 16.9 million, down from 20.5 million last year and down from 18.9 million in December.