Used car retail sales declined 8 percent in the final weeks of 2022 when compared to the same period of 2021, according to Cox Automotive’s Auto Market Report this week.
“Used sales saw a typical seasonal decline,” according to Jeff Smoke, Cox Automotive Chief Economist.
The used car market fared better than the new retail sales sector, which saw a 20 percent year over year decline.
“The holidays did not deliver the typical uplift in new retail sales,” Smoke said.
Higher interests are impacting sales. Used car rates in December were at 12.37 percent, which were up 3 percentage points from 2021, according to data from Dealertrack.
Smoke pointed out spending on vehicles was up a robust 19 percent year over year in the latest week of data.
Smoke, Senior Economist Charlie Chesbrough and the Cox Automotive Industry Insights will hold its 2023 Industry Insights and Sales Forecast Call 11 a.m. Jan. 12.
Another update will be provided on CPO sales, which were up in November by 17,000 and were expected to approach 2.45 million for the year.