Cox Automotive presented the updated forecast during its Industry Insights and Sales Forecast Call T<\/a>uesday.<\/p>\n\n\n\n
Used vehicle sales enjoyed a strong September, with rolling 30 days sales up 7 percent from the previous year, according to Cox Automotive.<\/p>\n\n\n\n
\u201cUsed vehicle sales are having quite a moment,\u201d said Chris Frey, Senior Manager, Economic and Industry Insights at Cox Automotive. \u201cThey\u2019ve been bucking season trends since July.\u201d<\/p>\n\n\n\n
Used vehicle inventory is down 10 percent and the days of supply is at 44.4 days.<\/p>\n\n\n\n
Sales are expected to soften in the third quarter due to the high interest rates, inventory and continued affordability issues.<\/p>\n\n\n\n The average listing price is down 5 percent year over year, but is still north of $26,000. \u201cAffordability is near an all-time low,\u201d said Jonathan Gregory, Senior Manager, Economic and Industry Insights at Cox Automotive. \u201cInterest rates are the No. 1 issue holding back sales.\u201d \u201cWe upgraded the CPO numbers. It shows the demand is there,\u201d said Jonathan Smoke, Cox Automotive\u2019s Chief Economist.<\/p>\n\n\n\n Smoke said inventory issues with the supply of certified pre-owned vehicles is the one thing that could hold the sector back in the final quarter of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"Used vehicle sales are expected to end the year at 35.7 million, according to a new forecast from…\n","protected":false},"author":1,"featured_media":3310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[28,3],"tags":[],"class_list":["post-4272","post","type-post","status-publish","format-standard","has-post-thumbnail","category-independent","category-industry","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=4272"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3310"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=4272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=4272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=4272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/niada.com\/dashboard\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-28-094218.jpg\")
<\/figure>\n\n\n\n
The average interest rate for used vehicle loans are at 14.03 percent.<\/p>\n\n\n\n
The new forecast for certified pre-owned sales increased to 2.7 million from 2.2 million.<\/p>\n\n\n\n