{"id":4493,"date":"2024-01-10T08:31:31","date_gmt":"2024-01-10T14:31:31","guid":{"rendered":"https:\/\/niada.com\/dashboard\/?p=4493"},"modified":"2024-01-10T08:31:31","modified_gmt":"2024-01-10T14:31:31","slug":"used-vehicle-sales-expected-to-increase-in-2024","status":"publish","type":"post","link":"https:\/\/niada.com\/dashboard\/used-vehicle-sales-expected-to-increase-in-2024\/","title":{"rendered":"Used vehicle sales expected to increase in 2024"},"content":{"rendered":"\n<p>Used vehicle sales are expected to increase slightly in 2024.<\/p>\n\n\n\n<p>In the <a href=\"https:\/\/www.coxautoinc.com\/market-insights\/2024-cox-automotive-industry-insights-webcast-replay-available\/\" target=\"_blank\" rel=\"noopener\">2024 Cox Automotive Industry Insights<\/a> presented Monday, the annual forecast predicts 36.2 million used vehicle sales. That is up from the 35.9 million estimate in 2023.<\/p>\n\n\n\n<p>The used retail sales are expected to top 19.2 million, up from 19 million in 2023.<\/p>\n\n\n\n<p>\u201cThe used market starts a multi-year recovery, but is limited by supply while affordability constrains demand,\u201d said Jonathan Smoke, the chief economist at Cox Automotive.<\/p>\n\n\n\n<p>Certified pre-owned sales will grow by 100,000 vehicles to 2.7 million, according to the Cox Automotive forecast.<\/p>\n\n\n\n<p>Used retail prices decreased slightly in 2023, dropping 4 percent to nearly $26,000. Prices ended 2022 north of $27,000. &nbsp;Used retail sales finished 2023 down 3 percent for the year while seeing a 4 percent increase year over year for December.<\/p>\n\n\n\n<p>Used retail inventory also has been on the rise. It was up 2 percent or 37,000 vehicles from 2022. The days of supply hit a high point for the year in December at 56 days.<\/p>\n\n\n\n<p>Interest rates started to decline at the end of 2023, but remain elevated at just under 14 percent for used vehicles.<\/p>\n\n\n\n<p>\u201cInterest rates are the factor that\u2019s changed the most in the past two years,\u201d Smoke said.<\/p>\n","protected":false},"excerpt":{"rendered":"Used vehicle sales are expected to increase slightly in 2024. In the 2024 Cox Automotive Industry Insights presented&hellip;\n","protected":false},"author":1,"featured_media":3329,"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":{"0":"post-4493","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-independent","8":"category-industry","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4493","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=4493"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/4493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/3329"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=4493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=4493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=4493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}