Used-Vehicle Inventory Holds Steady in August as Days’ Supply Hits Three-Year Low

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of August showed little movement month over month. Still, they were up compared to early August 2024.

As August opened, the total supply of used vehicles on dealer lots – both franchised and independent – across the U.S. was relatively unchanged from the 2.20 million units at the start of July but up 1% from a year ago.

The retail used-vehicle sales pace was up 9% month over month in the most recent 30-day period. Used retail sales were at 1.52 million vehicles in July, up from the 1.39 million reported in June. Demand remains strong as affordability challenges in the new market continue to push consumers towards used options, with the market also benefiting from gradually lowering credit rates and improved credit access. Sales continue to outperform recent years, with a 7% increase compared to the previous year.

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. Used vehicles had 43 days’ supply at the start of August, down four days from the upwardly revised level at the beginning of July and down two days compared to the same time last year. Days’ supply continues to be constrained, remaining below levels seen in recent years. Following this month’s decline, days’ supply is the lowest it has been in three years for this time of year, as well as the same time in 2019.

Used retail prices increased compared to July but have shown little change over the last few months. The average used-vehicle listing price increased to $25,527, up from the revised $25,342 at the beginning of July but nearly unchanged compared to the levels observed a year earlier.

AVERAGE USED-VEHICLE LISTING PRICE

Price-conscious buyers have limited options for affordable used vehicles. Used cars priced below $15,000 continue to have low availability, with only 31 days’ supply, which is 12 days below the overall industry average. The top five sellers of the month were listed at an average price of $23,838, almost 7% 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.

Scott Vanner

Manager of Economic and Industry Insights

Scott Vanner is a manager of Economic and Industry Insights at Cox Automotive, which works to find actionable insights for the industry posed by Cox Automotive clients. Scott works with the Sales, Finance, and Data Science organizations and creates innovative solutions often combining proprietary data from other Cox Automotive brands. Scott joined Cox Automotive in 2022.