What Cox Automotive labels as “affordability pressures” is helping boost sales in certified pre-owned cars, as it says some buyers are being “priced out” of the new-car market.
Cox reports 265,878 CPOs were sold in March, a 2.7 percent bump from a year ago. For Q1 it says 677,038 CPOs were sold, a 0.4 percent gain versus 2018 sales numbers. “This is in stark contrast to the weakness we have seen with new retail vehicle sales, which were down 4 percent for the quarter,” Cox says. It predicts the used-vehicle market will continue to see strong demand. “With favorable supply of off-lease units coming to market, the CPO market is primed to continue its growth heading into the spring selling season,” Cox predicts.