No More Cars?
How much worse can it get?
If you were hoping to buy a new used car you may want to rethink your choices.
According to Fox, CarMax data has revealed that the company experienced a fourth-quarter slowdown in used car sales because of the fact that their average retail selling price jumped 39.7% year-over-year to $29,312 which is an increase of around $8,300 per vehicle.
CarMax’s sales were down 5.2% in the fourth-quarter compared to the previous year.
In a statement from CarMax, they explained, “We believe a number of macro factors weighed on our fourth quarter unit sales performance, including declining consumer confidence, the omicron-fueled surge in COVID cases, vehicle affordability, and the lapping of stimulus benefits paid in the prior year period.”