March Used-Car Sales Surpass 3 Million Units for First Time Since ‘02

For the first time in 11 years, March used-car sales exceeded three million units, a year-over-year increase of 11%, according to CNW Research. Sales totaled 3.7 million units, up from 2.7 units last year. Used sales totaled 3.1 million in March 2002. 

CNW’s data found that franchised dealers moved 1.08 million cars last month, 17.34% more than last year, while independent dealers sold 959,931 units, a 7.14% year-over-year gain. Private-party sales increased 8.75% to 960,804 units.

Sales were driven by an influx of older vehicles — particularly those from the 1998 model year and earlier — an uptick in late-model units less than six years of age, and a sizeable amount of younger buyers and sellers between ages 25 to 35, said CNW President Art Spinella.

Prices softened across all three dealer types. Franchised dealerships saw the smallest decrease to $12,715 from $12,789 a year earlier. Prices at independents slid to $6,765 from $7,188, while private-party transactions fell to $6,939 from $7,473.

Last month’s used-car sales totaled $27.2 billion, up from the $25.4 billion posted in 2012.