Total used-vehicle sales in July are estimated to be near 3.1 million units, down 14% from July 2021, according to numbers released by Cox Automotive on Aug. 16. The seasonally adjusted annual rate (SAAR), or sales pace, is estimated to be near 36 million, down from last July’s 41.8 million level and below June’s revised 36.4 million pace. Used retail sales are estimated to be lower in July.
“Higher prices and higher interest rates are slowing sales in the used market," said Charles Chesbrough, senior economist at Cox Automotive, in a news release. "Sales of used vehicles will face increasing headwinds throughout 2022 as rising interest rates continue to slow economic activity.”
Retail used-vehicle sales — the volume of vehicles sold via a dealership, thus removing private party sales — are estimated to be down 13% from July 2021. The used retail sales pace ticked down to 19 million in July from June’s revised 19.2 million level.
Year to date, the total used market is on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.