While CPO outperformed total and retail used-vehicle sales in May, CPO sales are most likely muted due to high prices, declining credit availability and high interest rates.
As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
Most loan types saw loosening in October, but certified pre-owned loans loosened the most month over month and year over year.
The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
Certified pre-owned vehicles have been strong this year. If the segment's current pace continues it should be able to beat out last year's record sales year.
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.
Ford and Toyota had the most models named as having the best certified pre-owned value among 37 segments by Vincentric, the vehicle valuation firm announced.
The company sold 7,698 CPO vehicles through the month, representing a 2.5% year-over-year increase. One of the strongest performing vehicles for Kia was its Forte sedan, which experienced a 20.2% rise in sales.
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