Japan Used Vehicle Sales Hit 21-Year Low in FY '07

Tokyo, Apr 13, 2008; Sales of used vehicles in Japan, excluding minivehicles, fell 8.3 pct from the previous year to 4,473,269 units in fiscal 2007, hitting the lowest level since fiscal 1986, industry data showed Thursday.

Used auto sales dropped for the second straight year, according to the data released by the Japan Automobile Dealers Association.

The poor performance came as the number of good-quality trade-in vehicles available on the used auto market decreased in line with sluggish sales of new vehicles, the industry group said.

Increased exports to Russia and other emerging markets were also behind the fall in domestic used auto sales, it said.

Of the total, used passenger car sales fell 7.4 pct to 3,838,336 units, slipping below the four-million mark for the first time in 19 years. Truck sales fell 13.5 pct to 507,479 units, the lowest level since the JADA started compiling the used auto sales data in 1978.

In March alone, overall used automobile sales fell 10.6 pct from a year earlier to 550,633 units, the association said.