According to Cox Automotive’s analysis of vAuto Live Market View data, used-vehicle inventory increased in April from March’s record low, though levels remained lower year over year. As the tax-refund season eased from its peak, the sales pace moderated and days’ supply climbed from March’s multi-year low. Average listing prices moved notably higher in April, suggesting demand remains ahead of available supply.
2.04M
Total Inventory
43
Days’ Supply
$26,342
Average Listing Price
USED-VEHICLE INVENTORY VOLUME
Combined franchised and independent auto dealers had a total supply of 2.04 million used vehicles on their lots in April. Volume is down 4.8% compared to a year ago, but inventory levels recovered from March’s record low. Total volume measured in April, at 2.04 million, is one of the lowest readings on record since 2019.
USED-VEHICLE RETAIL SALES
The retail used-vehicle sales pace declined in April, lower by 6.5% compared to a year ago. Used retail sales volume in April is estimated at 1.43 million vehicles, down from 1.64 million in March. The daily sales pace in April was lower versus March by approximately 10%.
Used-vehicle sales moderated in April, consistent with typical seasonal patterns. While April sales were significantly lower than a year ago, the comparison is difficult as April 2025 saw a market with exceptionally strong sales driven by a tariff-announcement surge. Sales in April still outpaced both 2024 and 2023 levels, and demand remained healthy, likely supported by the strong value proposition of used vehicles relative to new and improved credit availability.
USED-VEHICLE INVENTORY DAYS’ SUPPLY
The Cox Automotive days’ supply is based on the estimated daily retail sales pace for the most recent month. Days’ supply of used vehicles remains constrained compared to recent years, despite increasing to 43 in April, up 1 day year over year and higher by 6 days from the revised March measure, as the sales pace eased from March’s elevated level and inventory recovered from its record low.
AVERAGE USED-VEHICLE LISTING PRICE
The average used-vehicle listing price was $26,342, up 3.0% compared to the levels observed a year earlier and higher by 3.8% from the revised $25,370 recorded in March. The month-over-month increase follows a typical seasonal pattern, though the magnitude was larger than in recent years. Used EV listing prices increased 4.2% from March.
Price-conscious buyers continue to face limited options for affordable used vehicles. The top five sellers of the month had an average price of $24,511, approximately 7% below the average listing price for all used vehicles sold. Once again, Ford, Chevrolet, Toyota, Honda and Nissan were the top-selling brands, accounting for nearly 50% of all used vehicles sold.
CPO Sales in April
Certified pre-owned (CPO) sales decreased 7.3% year over year in April, according to data reviewed by Cox Automotive. CPO sales in April were down 3.5% month over month, a steeper decline than the new retail market, which also fell from March. April CPO sales are estimated at 215,320, down from 223,104 in March. CPO share of total used-vehicle retail sales was 15.1% in April, up from 13.6% in March. Year-to-date, CPO sales are running approximately 4% below the same period last year.
