An All-Time Record 40.9 Million Used Vehicles Were Sold In The U.S. Last Year

A record 40.9 million used vehicles were sold in the United States throughout 2021, an all-time record and a jump of roughly 10 per cent over 2020.

An analysis from Cox Automotive reveals that 22.2 million were retail sales where used cars were sold to consumers by dealerships and other retailers. This was a 13 per cent increase over 2020. Demand for used vehicles is expected to remain strong this year.

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In fact, Cox Automotive predicts that 39.3 million used vehicles and 16 million new vehicles will be sold this year. Of the used cars sold, 22.1 million are expected to come from dealerships and other retailers. While these figures are down slightly from the record-breaking 2021, they would still be higher than the 37.3 million used vehicles sold in 2020, of which 19.8 million came through retail outlets.

Cox Automotive’s Manheim Used Vehicle Value Index Call reveals a number of other interesting trends across the industry. For example, wholesale vehicle values rose by 1.6 per cent in December 2021 from the month prior and were up 46.7 per cent from December 2020. It has also been revealed that while the supply of new cars and used cars is down, it is slowly improving.

Auto News adds that used volume will soften more in the coming years as lower new-vehicle production in 2020, 2021, and 2022 reduces the number of vehicles available for the used market.