Affordability pressures are pushing more buyers toward the used market, according to a Cox Automotive report.
New-vehicle prices are currently at record highs and the high prices are shifting sales away from new-vehicles and toward certified pre-owned vehicles.
In the first quarter of 2019, sales of certified pre-owned vehicles totaled 265,878, a 0.4% increase over the same period in 2018.
This, according to the report, was a contrast to the 4% decline that new-vehicle sales saw in the first quarter of 2019.
"As the used-vehicle market continues to see strong consumer demand with favorable supply of off-lease units coming to market, the CPO market is primed to continue its growth heading into the spring selling season," the report noted.