Finding the right product at the right price is more challenging for used vehicle buyers today, amid higher interest rates and recession fears.
Higher interest rates are constraining affordability, and the number of potential buyers for used vehicles is declining when comparing 2022 to 2021.
Most loan types saw loosening in October, but certified pre-owned loans loosened the most month over month and year over year.
CPO has been up and down this year as it’s affected by supply and demand, but it should end the year at 2.4 million.
Cox estimates that used retail sales increased 11% in August from July and that used retail sales were down 9% year over year.
The used market this year is feeling the effects of high-inflation and elevated used-vehicle prices. Sales continue to be soft, but the market is not under stress
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.
The overall used-vehicle market is experiencing a weaker spring than expected
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
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