Used-vehicle sales revived last month after a September plunge as consumers sought to minimize expense amid overall inflation.
Deliveries among both franchised and independent dealers rose 3% month-over-month, up about 2% from a year earlier to 1.4 million units, Cox Automotive reported. That left days’ supply down one day to 48.
Certified preowned sales were up even more, by 8%, or 3% year-over-year and ahead of the new-vehicle market to nearly 209,000 units. That’s also up about 3% year to date from last year, Cox said.
In September used sales fell 5% as the Federal Reserve’s recent rate cut hadn’t yet trickled down to auto lending, though that was up about 7% year-over-year, according to Cox.
Last month brought increased sales “likely driven by buyers viewing this as a favorable purchasing window,” said Cox Economic and Industry Insights Manager Scott Vanner, “with factors such as improved credit access and the used market’s value proposition contributing to the momentum.”
Affordability pressures have squeezed many consumers on both the new and used ends of the market as overall inflation prevails. Some models’ used units are even selling for close to their new versions’ prices.
