- The common American used automobile purchaser paid $25,287 final month, down about 1% from the month earlier than.
- Analysts blame softening SUV demand, even earlier than fuel costs started to climb.
The common used automobile purchaser in America paid $25,287 in February, down 1.1% from January’s costs.
The info come from vAuto, an organization that gives a lot of the software program that powers automobile dealership operations. Kelley Blue Ebook father or mother firm Cox Automotive additionally owns vAuto.
Cox Automotive analysts write, “The month-over-month decline was most certainly pushed by continued value softening in SUVs, which accounted for practically half of all used automobiles bought in February.”
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That pattern might speed up in March, as fuel costs started rising sharply after the beginning of the present Iran warfare, which started as February ended.
Used automobile gross sales usually speed up this time of yr as People start receiving tax refund checks. Sellers enter tax refund season with 1.6% extra automobiles available than they’d this time final yr.
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However essentially the most reasonably priced used automobiles stay the toughest to search out. Sellers have only a 31-day provide of the older, higher-mileage used automobiles they will profitably promote for beneath $15,000, 9 days beneath the trade common used automobile provide.
Ford, Chevrolet, Toyota, Honda, and Nissan collectively accounted for practically 50% of all used automobiles bought final month.
