August Fails To Deliver Used-Car Sales
August used-car sales dropped 6.5% year over year, according to data from CNW Market Research. Compared with July, used sales were down 15%; CNW attributed the decline to seasonality. The total number of used-car shoppers fell more than 20% year over year to 8.5 million, which may account for the drop in volume.
The average transaction price for used vehicles, however, was $10,470, up 14.6% compared with last year. Customers with sub-550 credit scores accounted for 18.3% of August buyers, up 16% from last year.
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