While statewide sales of new cars got off to a fast start in the first quarter of this year, California’s used-vehicle market stumbled a bit.
The Sacramento-based California New Car Dealers Association said used light vehicle registrations in the first three months of this year totaled 873,426, down about 4 percent from 910,868 in the opening quarter of 2014.
CNCDA said the the sales sector of vehicles 3 years old or newer was the only one with a year-over-year increase.
Private party sales accounted for 58 percent of used-car transactions in the first quarter of 2015. Independent dealers sold 22 percent of the total, and franchised dealers sold 20 percent of used vehicles in the most recent quarter.
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CNCDA noted that 450,000 vehicles 10 years old or older changed ownership during the first three months of this year, a likely reason for the high number of private party sales.
Last week CNCDA said new-vehicle registrations in this year’s first quarter totaled 477,657, up 12.1 percent from 426,265 in the opening quarter of 2014. CNCDA projected that calendar new-vehicle registrations, including fleet sales, will exceed 1.9 million units in 2015 and possibly reach 2 million by year’s end. The all-time new-vehicle sales record of 2.15 million was set in 2005.