TOKYO: Sales of used automobiles, excluding minivehicles, in Japan in fiscal 2023 increased 3.7% from the previous year to 3,604,871 units, the first rise in three years, the Japan Automobile Dealers Association said Wednesday.
Used auto availability improved as new vehicle sales rebounded after semiconductor shortages induced by the COVID-19 crisis were virtually resolved.
Exports of used vehicles to Russia fell by nearly 60,000 units from a year before for the seven months from last August, when Japan imposed export restrictions as part of its economic sanctions against Moscow for its invasion of Ukraine, according to Japanese Finance Ministry trade statistics.
“Used cars that were supposed to be sold in Russia may have stayed in Japan, possibly contributing to an increase in domestic distribution,” a JADA official said.
A scandal involving used car dealer Bigmotor Co. over fraudulent insurance claims had little impact on the used auto market.
In the fiscal year through last month, used auto sales rose 7.7% to 1,916,057 units for passenger vehicles with engine displacements of over 2,000 cc but fell 1.2% to 1,227,673 units for smaller passenger vehicles. Freight vehicles logged a rise of 2.3% to 374,363 units.
JIJI Press