Total used-vehicle sales in April are estimated to be near 3.37 million units, down 14% from April 2021, according to Cox Automotive. The seasonally adjusted annual rate (SAAR), or sales pace, is estimated to be near 38.0 million, down from last April’s 44.2 million level, and above March’s revised 36.6 million pace. Used retail sales were also estimated to be lower in April.
Total Used and Used Retail SAAR
According to Charles Chesbrough, senior economist at Cox Automotive: “Limited new-vehicle inventory hAccording to Charles Chesbrough, senior economist at Cox Automotive: “The used-vehicle market is much slower this spring than last year. Vehicle buyers today are facing much higher prices, and there are no stimulus checks to provide some help, unlike last April.”
Retail used-vehicle sales — the volume of vehicles sold via a dealership, thus removing private party sales — are estimated to be down 13.2% from April 2021. However, the retail sales pace ticked up to 20.0 million in April from March’s revised 19.3 million level.
Total Used and Used Retail Volume
Year to date, the total used-vehicle market is on pace to finish down more than 10% from 2021’s 40.6 million total.
The Cox Automotive estimated total and retail used-vehicle SAAR and volume are updated monthly and are subject to change due to market volatility.