According to estimates from vAuto Live Market View data, retail used-vehicle sales declined 7% in April compared to March. Despite this decrease, the total retail sales volume reached 1.45 million units, marking a 4.8% increase year over year. This trend was accompanied by a reduction in days’ supply at the beginning of April, indicating a tightening market from the previous month.
Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive, commented on the market dynamics, noting the typical slowdown in consumer demand for used vehicles as tax refund season concludes in April. He highlighted that elevated interest rates have contributed to consumers needing more incentives to purchase during this period. While prices were lower than in 2023, they were still sufficient to attract more buyers, leading to higher sales compared to the previous year. However, the industry has challenges like tight inventory and affordability issues.
The estimates for retail used-vehicle sales are derived from observed unit changes tracked by vAuto, a brand under Cox Automotive specializing in inventory management. April’s used car sales totaled 1.45 million units, surpassing figures from April 2023 but falling short of the average volume recorded in April over the past five years, which stood at 1.56 million units.
Both overall retail used-vehicle sales and certified pre-owned (CPO) vehicle sales declined in April compared to March, according to data analyzed by Cox Automotive. CPO sales decreased by 2.5% or over 5,400 units compared to April 2023, with last month’s estimated sales at 209,265 units, down from 231,927 in March but still reflecting a 9.8% increase. Year-to-date total CPO sales volume showed a slight uptick of 0.2% compared to the previous year.
