Total used-vehicle sales in April are estimated to be near 3.37 million units, down 14% from April 2021, Cox Automotive reported May 13.
The seasonally adjusted annual rate (SAAR), or sales pace, is estimated to be near 38 million, down from last April’s 44.2 million level, and above March’s revised 36.6 million pace. Used retail sales were also estimated to be lower in April.
Charles Chesbrough, senior economist at Cox Automotive, said of the limited vehicle inventory in a news release: “The used-vehicle market is much slower this spring than last year. Vehicle buyers today are facing much higher prices, and there are no stimulus checks to provide some help, unlike last April.”
Retail used-vehicle sales — the volume of vehicles sold via a dealership, thus removing private party sales — are estimated to be down 13.2% from April 2021. However, the retail sales pace ticked up to 20 million in April from March’s revised 19.3 million level. Year to date, the total used-vehicle market is on pace to finish down more than 10% from 2021’s 40.6 million total.
Originally posted on Vehicle Remarketing