Retail used-vehicle listing prices have been consistently lower through the first 11 months of 2024 than year-ago levels.
Used vehicle inventory levels at the start of December were unchanged from November but lower than in early December 2023 as used vehicle sales increased, according to the Cox Automotive analysis of vAuto Live Market View data released Dec. 20.
As December opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.18 million units, unchanged from the 2.18 million units at the start of November and down 6% from a year ago.
The retail used-vehicle sales pace increased monthly in the most recent 30-day period. Used retail sales of 1.42 million vehicles during November were higher than the 1.39 million reported in October, an increase of 2%. Used-vehicle sales were seasonally stronger than normal last month and higher year over year by 13%.
The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. In early December, the days’ supply was 46, down one day from early November and nine days from last year. While we have seen lower days’ supply earlier in 2024, this is particularly tight for this time of year.
“Sales are running seasonally stronger than we usually see,” said Scott Vanner, senior analyst of economic and industry insights at Cox Automotive, in a news release. “As consumers shy away from bad weather and the holiday season cuts down on selling days, used sales trends in Q4 generally slow down a bit. This year, we are seeing stronger-than-usual performance, with sales up by double digits compared to last year.”
The average used vehicle listing price was $25,565, up slightly from the revised $25,493 at the start of November and now down 3% from a year earlier. Retail used-vehicle listing prices have been consistently lower through the first 11 months of 2024 than year-ago levels.
Affordability remains challenging for consumers, and supply is more constrained at lower prices. Used cars below $15,000 continue to show low availability, with only 34 days’ supply, nine 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 $23,882, about 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 49% of all used vehicles sold.
CPO Sales Increase Month Over Month in November
Both overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles Increased month over month in November, according to data reviewed by Cox Automotive.
However, CPO sales in November were down 3.5% year over year, or 5,436 fewer units. In addition to fewer selling days, this decrease is likely due to the lack of supply of off-lease and trade-in units. Last month’s CPO sales are now estimated at 208,708, up from 203,272 in October, marking a 2.7% increase. The year-to-date total CPO sales volume is 3.5% lower than last year’s period. Cox Automotive’s year-end forecast for CPO remains steady at 2.6 million, with a minor surge expected in December.
