Used Car Sales Hit New High Water Mark in 2021

This article was written by Michael Strong for TheDetroitBureau.com

DETROIT, MI (01.14.22) – Unmet demand for new vehicles due to unavailability forced many new vehicle buyers gobble up late model used vehicles in 2021, setting a new sales record at 40.9 million vehicles.

The total marks a 10% jump compared to 2020 results. According to Cox Automotive, more than half of those — 22.2 million — were sold by used car dealers. The strong sales came despite used car prices rising.

Used car sales set a new record of 40.9 million vehicles in 2021.

Used vehicles are expected to break a record, with the average monthly payment for used vehicles climbing to $520, an increase from $500 in the third quarter of 2021 and $437 in the fourth quarter of 2020, according to Edmunds.com.

That payment came over a slightly longer term compared to Q3 2021 — 70 months v. 69.6 months — but the payment jumped, and the amount financed rose by nearly $1,300: from $28,634 to $29,913.

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