Used Vehicle Inventory Remains Flat As Sales And Prices Rise

During the course of the pandemic, new vehicle production was impacted dramatically, which led to record-low inventory levels across the board amid high demand. Thus, many consumers looked to the used vehicle market, which promptly had the same sort of effect. Throughout the course of 2024, new vehicle inventory has expanded in a big way, though strong sales continue to keep pricing afloat – and the same is also somewhat true of the used vehicle market, too.

According to Cox Automotive, the total supply of used vehicle inventory on dealer lots in the U.S. closed out November 2024 at 2.18 million units, which is unchanged from the 2.18 million units present at the beginning of the month – but also down six percent compared to a year ago. The days’ supply of used vehicle inventory finished November at 46 – one fewer than the start of the month and nine days less than last year – with an average list price of $25,565 and odometer reading of 69,734 miles.

Meanwhile, used vehicle shoppers purchased 1.42 million units in November 2024, up two percent from 1.39 million in October and higher year over year by 13 percent. As for the average used-vehicle listing price of $25,565, it was up slightly from $25,493 at the start of November, but is also down three percent from a year ago – reflecting a similar trend that has perpetuated through the first 11 months of 2024 compared to year-ago levels.

Regardless, used vehicle affordability remains a major issue, particularly when we look at inventory levels by price point. Used vehicles priced under $15,000 stood at a 34 days’ supply last month – nine days fewer than a year ago and 12 days below the industry average. The top five best-selling used models in November 2024 came in at seven percent lower in terms of supply as well, with an average price tag of $23,882. As for The Blue Oval, used Ford branded vehicles have actually increased in terms of average pricing as of late, though Lincoln models have dropped – faster than most other brands, in fact.