Used-Vehicle Inventory Slightly Declines in October; Days’ Supply and Listing Prices Rise

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of October were lower than in September.

---

---

As October opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.15 million units, down 4% from a year ago and down from the 2.18 million units at the start of September.

The retail used-vehicle sales pace declined month over month in the most recent 30-day period. While sales had been trending down slightly in the first half of September, Hurricane Helene most likely impacted sales toward the end of the month. Retail used-vehicle sales of 1.38 million vehicles in September were 9% below the 1.51 million reported for the month of August. Still, used-vehicle sales were healthy last month and higher year over year by 5%.

USED-VEHICLE INVENTORY VOLUME AND DAYS’ SUPPLY

The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. With the slower sales in September, the days’ supply measure was driven higher, increasing to 47 at the beginning of October, up four days from the beginning of September but down four days compared to last year.

The average used-vehicle listing price was $25,361, up from the revised $25,135 at the start of September and now down 5% from a year earlier. The increase in the average listing price was mostly due to a mix shift, with more 0- and 2-year-old vehicles being sold. Retail used-vehicle prices have been consistently lower through the first nine months of 2024 compared to year-ago levels.

AVERAGE USED-VEHICLE LISTING PRICE

Used-vehicle listing prices decreased month over month, mostly due to a shift in mix.

Affordability remains challenging for consumers, and supply is more constrained at lower price points. Used cars below $15,000 continue to show low availability, with only 33 days’ supply, which is four days lower than the same time last year and 29% less than the industry average. The top five sellers of the month were listed at an average price of $23,759, about 6% below the average listing price for all vehicles sold. Once again, Ford, Chevrolet, Toyota, Honda and Nissan were the top-selling brands, accounting for 51% of all used vehicles sold.