Used-Vehicle Inventory Increases to Start November, Days’ Supply Drops With Strong Sales

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of November were higher than in October but lower than in early November 2023.

As November opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.17 million units, up from the 2.15 million units at the start of October and down 6% from a year ago.

The retail used-vehicle sales pace increased month over month in the most recent 30-day period. Used retail sales of 1.44 million vehicles at the start of November were higher than the 1.35 million reported at the start of October, an increase of 7%. Despite Hurricane Milton most likely disrupting some sales at the beginning of October, used-vehicle sales were strong last month and higher year over year by 12%. 

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. Days’ supply was 45 at the beginning of November, down three days from the beginning of October and down nine days compared to last year. This trend indicates that used-vehicle inventory is tighter despite the monthly rise in vehicles listed.

The average used-vehicle listing price was $25,499, up from the revised $25,339 at the start of October and now down 4% from a year earlier. The increase in the average listing price for a used vehicle was mostly due to a mix shift. In October, the mix comprised a higher percentage of younger vehicles, particularly due to a seasonal surge of 2024 model-year units entering the used market. Retail used-vehicle listing prices have been consistently lower through the first 10 months of 2024 compared to year-ago levels.

AVERAGE USED-VEHICLE LISTING PRICE

Used-vehicle listing prices increased 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, seven days lower than the same time last year and 12 days below the industry average. The top five sellers of the month were listed at an average price of $23,931, 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.

Scott Vanner

Senior Analyst of Economic and Industry Insights

Scott Vanner is a senior analyst 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.