The coronavirus pandemic has affected many industries including car sales. This meant consumers could find good deals over the past few months, but now sales are starting to bounce back.
According to the car review site iSeeCars.com, used car sales declined 38% this April compared to April 2019. But in the time between April and May 2020, they jumped 105.5%!
This data is based on analyzing more than 3.6 million used car sales in April and May 2019 and the same period this year.
Some other key findings from the report:
- Sales of cars priced at $10,000 or less saw the most growth in May 2020 compared to the same time last year.
- There are five models of pickup trucks on the 15-vehicle list of top used sales in May 2020.
Let’s take a look at the used cars with the biggest jumps in sales in May 2020.
These Used Cars Saw the Biggest Sales Growth in May 2020
|Model||% Change from Last Year||% Change from Previous Month|
|Nissan Rogue Sport||14.8%||44.8%|
|Jeep Grand Cherokee||11.8%||67.0%|
|Ram Pickup 1500||9.0%||49.8%|
|GMC Sierra 1500||7.3%||41.0%|
|Chevrolet Silverado 1500||7.3%||46.5%|
Of course, the question of whether you should buy a car right now is more complex than just the latest sales trends.
Millions of Americans have lost their jobs and are now receiving unemployment benefits. That is why money expert Clark Howard says buying a car now should be only for those with a strong foundation financially.
“If you are a lucky person who has a job that is secure and you were planning to buy either a new or used vehicle, this is a great time to buy,” Clark says.
If you’ve determined that it makes financial sense for you to buy now, Clark.com is here to help. Read our guide on how to buy a used car.