Used Retail Vehicle Sales Decrease in April

According to vAuto Live Market View data estimates, retail used-vehicle sales in April decreased from March and were down by 7.0% month over month. A total of 1.45 million used vehicles were sold at retail – from both franchised and independent dealers – during April, up 4.8% year over year. Days’ supply at the start of April was down from a revised 46 days at the beginning of March.

 Monthly Used-Vehicle Retail Sales Volume

“As tax refund season winds down, it’s normal to see consumer demand for used vehicles back off in April, and that’s what we experienced this year as well,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “With interest rates remaining elevated, consumers need a bit more of a push to buy at this time of year. While prices were lower against 2023, it was enough to attract more buyers from the sidelines at this point. Used retail sales were higher against last year’s levels, but tight inventory and affordability issues continue to be a challenge for the industry.”

The retail used-vehicle sales estimates are based on observed unit changes tracked by vAuto, a Cox Automotive brand specializing in inventory management. April’s used car sales totaled 1.45 million, exceeding April 2023 but lower than the average volume sold in April over the past 5 years, which was 1.56 million.

CPO Sales Volume Dips in April

Both overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles decreased month over month in April, according to data reviewed by Cox Automotive. CPO sales in April were down 2.5%, or over 5,400 units, compared to April 2023. CPO sales last month are now estimated at 209,265, down from 231,927 in March, an increase of 9.8%. Year-to-date total CPO sales volume is higher by only 0.2% over last year.