Sales of used vehicles are expected to tick up this year compared to 2021, a year when sellers saw soaring demand and consumers were hit with higher prices.
That said, according to new research from DesRosiers Automotive Consultants, opinions differed between independent used vehicle dealers and franchised new vehicle dealers as to how the year will play out for sales. The former expected an increase while the latter is poised for a drop. Overall, though, an increase is expected.
No matter what happens to sales volume, the vast majority on both sides are expecting price increases.
For new dealers, 57 per cent of respondents expect passenger cars to cost least 11 per cent more this year. But when looking at SUVs, 75 per cent predict a jump in prices of at least 11 per cent. And with pickups, 85 per cent expect to see prices jump that much.
Independents showed similar findings with 62 per cent, 76 per cent and 79 per cent predicting price jumps in each of those categories.
“The difficulties in the new vehicle market clearly spilled into the used vehicle market in a dramatic way,” said Andrew King, managing partner at DesRosiers. “Used vehicle dealers saw prices skyrocket by way of burgeoning demand and limited supply.”