Used-vehicle sales reached a nearly three-year high in August with an 8% month-over-month gain, according to Cox Automotive numbers.

Retail unit sales totaled 1.7 million for the month at franchised and independent dealers combined, about a 14% year-over-year jump and the highest volume since October 2021. Days’ supply was nevertheless also up from 41 to 44, Cox said.

Cox credited improved affordability, which it said has also been buoyed by consumer income growth and more lower-priced vehicles.

“The increase in sales is partly attributed to the change in inventory mix, with a notable rise in units sold priced under $15,000 in August,” said Senior Analyst of Economic and Industry Insights Scott Vanner.

The certified preowned segment of used sales rose last month by 11% over July to a little over 235,000 units, though that was off 3% year-over-year, Cox said. It attributed the outlier to the scarcity of trade-ins and off-lease units but nevertheless maintained its full-year projection of 2.6 million in CPO sales.

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