Pre-owned vehicle sales shine in Mexico

Owing to a lack of components such as microprocessors which continues to impact the supply of new cars in Mexico, fleet owners seeking to remarket their vehicles can count on a robust market as pre-owned vehicles sales are up 21% in the country so far in 2022.

During the first four months of the year, the pre-owned car market represented 17% of overall financed sales, more than 21% higher than the 14% reported in 2021, according to the Mexican Association of Automotive Distributors (AMDA) which also states that pre-approved buyers of new cars are waiting 30-90 days for their vehicles. 

As such, banks are focusing on the used car market which now boasts more than four times the new car market, Mexican transport portal Transporte reported, highlighting that the average finance rate in 1Q22 was approximately 12.2%.