Used Vehicle Sales of Vehicles 0 to 3 Years Old Remain Significantly Below 2019 Levels

According to a recent report by Experian, used vehicle sales of vehicles 0 to 3 years old remain significantly below 2019 levels.  The decreased number of sales in the age range is likely due to fewer new vehicles being leased during the pandemic.  Between 2015 and 2019, nearly 30% of all retail sales were leases.  The new vehicle shortage, which began in early 2021 and continued through most of 2022, caused lease penetration to fall to 19%.  Lower levels of sales in the 0 to 3 age range will likely continue into the near future as Cox Automotive is forecasting that lease penetration will only rise to 21% in 2023.