Cox Automotive reported Thursday that used car sales skidded in August, following a report early this month that new car sales were flat.
This time, it's not just inventory. Cox Automotive said the slowdown is beginning to reflect the higher payments caused by both rising prices and rising interest rates.
Cox Automotive estimated that total used-vehicle sales in August were near 3.1 million units, down 11.4% from August 2021. The seasonally adjusted annual rate (SAAR), or sales pace, is estimated to be near 36.2 million, down from last August's 40.8 million level and below July's revised 38.3 million pace.
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