Used-car sales expected to drop again in 2023

For Groves, the metaphorical switch seems to have flipped at the end of 2022, especially in October and November.

“When you see new car lots (mine or someone else’s) start to fill up inventory, you’ll see the pendulum swing back,” he said.

Thomas Castriota, dealer principal of Castriota Chevrolet in Hudson, Fla., said a modest increase in new-car inventory in 2023 could ultimately provide a significant boost to the used market.

Off-lease vehicles will not return to the market in 2020, 2021 and 2022 as new car production plummeted. The loss of these vehicles in the used pipeline will be partially compensated when new vehicles are traded in today, Castriota said. car news.

But affordability concerns weigh heavily on us.

“We are seeing leasing customers buy cars because at our particular store they can’t afford new lease payments that are probably significantly higher than they were three or four years ago,” Castriota said. says.

The average consumer lives paycheck to paycheck, and most can’t afford the higher costs, he said.

Castriota said: It’s not their economic zone. “

This article was optimized by the SEO Team at Clickworks SEO