Cox: Used Sales Fall in ’22, Rise in ’23

By Staff Writer June 28, 2022

Cox Automotive’s Mid-Year Reviews forecasts 37.1 million used-car sales this year, falling from 40.6 million in 2021.

Cox predicts a small boost in 2023 with 37.5 million.

The Mid-Year Review reports that used-car prices are up 15% year over year but dipped 1% last week.

The company also reports that delays in tax returns kept the “spring market slower and longer than usual.”

But it also reports used car prices are “declining at a normal, seasonal pace.”

The average list price in June 2022 is $28,208 with average mileage of 67,893. That jumped from last year’s average list price of $24,589 with similar mileage.

Good news for dealers is that supply is 7% above last year’s at the same time. Cox cited lower sales for the increased supply.

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Last modified on Tuesday, 05 July 2022 12:07