Used-Vehicle Sales Pick Up, Despite Higher Prices – Remarketing

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Sales of used vehicles, while still pricey, started to heat up the last week of February, drawing down supply. - Source: Cox Automotive

Gross sales of used automobiles, whereas nonetheless expensive, began to warmth up the final week of February, drawing down provide.

Supply: Cox Automotive

Tax refunds lastly are arriving, ushering within the conventional spring bounce for used-vehicle gross sales, in keeping with the Cox Automotive evaluation of vAuto Obtainable Stock information launched March 17. Gross sales of used automobiles, whereas nonetheless expensive, began to warmth up the final week of February, drawing down provide.

The stock of used automobiles started constructing to extra regular ranges on the finish of January, forward of the spring promoting season. On March 1, the overall provide of unsold used automobiles on seller tons throughout the U.S. stood at 2.62 million models. That in contrast with Cox Automotive’s revised variety of 2.55 million on the finish of January. The provision coming into March was almost 5% above a 12 months in the past.

Nevertheless, gross sales heated up by the top of the month and closed with a days’ provide of 51, down from the revised variety of 55 on the finish of January. The times’ provide on the finish of February was up 11% 12 months over 12 months.

The Cox Automotive days’ provide relies on the day by day gross sales fee for the latest 30-day interval, which on this case ended March 1. Cox Automotive estimated that used-vehicle retail gross sales elevated 3% in February from January however had failed to indicate the standard seasonal enhance pushed by tax refund season till the final week of the month.

“We’re lastly starting to see the essential spring bounce in our used-vehicle information,” mentioned Charlie Chesbrough, Cox Automotive senior economist, in a information launch. He famous that within the final week of February, used-vehicle gross sales had been up a hefty 104,000 models from the earlier week, marking one of the best week for used-vehicle gross sales since late November.

“Excessive costs don’t appear to be hampering gross sales,” Chesbrough mentioned. “However the sizzling gross sales prompted a giant drop within the days’ provide.”

On the finish of February, the common itemizing value dipped once more to $27,608, about the identical as a month earlier however off the December peak when it surpassed $28,000, in keeping with Cox Automotive information. Nonetheless, the common itemizing value was 28% above the top of February 2021. On the wholesale aspect, used-vehicle values, in keeping with the Manheim Used Car Worth Index, declined 2.1% in February on a seasonally adjusted foundation and have declined 3.8% within the first 15 days of March in comparison with the complete month of February.

The bottom value segments had the bottom stock and lowest days’ provide, in keeping with Cox Automotive evaluation of vAuto Obtainable Stock information. Automobiles underneath $10,000 had solely a 32 days’ provide. These priced between $10,000 and $15,000 had a 37 days’ provide. Worth segments from $15,000 to $35,000, which characterize the most important quantity of provide, had days’ provide starting from 43 to 59 – the upper the value phase the upper the times’ provide.

Initially posted on Vehicle Remarketing



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