The larger supply of used vehicles in the marketplace hasn’t yet been enough to offset prices, which generated record high average used vehicle values. Dealers saw an average of $16,800 in used vehicle sales last year versus $15,900 in 2013. Certified pre-owned (CPO) vehicles had a very strong year – 20.8% of used cars sold at franchised dealerships, the highest percentage since CPO programs were introduced.
Expects CPO Popularity to Continue With Lease Returns in Excellent Shape:
Used cars being traded faster than previous years, helping dealers maintain large CPO inventory.
One Age Category Seeing Noticeable Change Has Been 11–16 Year-Old Vehicles:
Represent nearly one-in-seven in sales and have seen an increase of 13.6%.
Interest Rates for Used Loans Have Declined and Loan Terms Are Longer:
Consumers can buy more expensive vehicle for lower monthly payment than in past.