In what could be recorded as the most depreciating May and June in history for used vehicles, the decrease in prices presents an opportunity for those who have been waiting to find a vehicle at the desired price point, according to industry experts.
The scarcity of used vehicles less than 4 years old can be attributed to the reduced production of new vehicles during the COVID-19 pandemic in 2020 and 2021. As a result, sales in inventory channels such as leasing volumes, and rental and fleet sales have significantly declined, which has led to a tight supply of used vehicles.
Despite the challenging market conditions, projections from Cox Automotive suggest that modest price declines will persist in the second half of 2023. The company estimates that 35.7 million used vehicles will be sold in the U.S. this year, with a slight increase from their previous forecast of 35.6 million. Additionally, they anticipate 18.9 million used vehicles to be sold at retail, remaining unchanged from their previous forecast.
These figures demonstrate the evolution of the market since 2021, wherein high demand and favorable economic conditions elevated used-vehicle sales to a record-breaking total of 40.6 million, including 21.2 million retail sales.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
