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.”