According to vAuto Available Inventory data from Cox Automotive, unsold used car inventory closed higher in 2023 than it did in February.
At the beginning of February, there were 2.33 million unsold used cars available for purchase on dealer lots nationwide, including both franchised and independent dealers. This is a 7% increase from the same time last year but less than the revised 2.39 million units at the beginning of January.
Compared to the revised 58-day supply at the beginning of January, the total days’ supply at the beginning of February dropped to 49. Due to an increase in used car sales throughout the month, the days’ supply decreased by 16% from the start of the year as inventory fell.
Jeremy Robb, Senior Director of Cox Automotive’s Economic and Industry Insights, stated that “EV talk is everywhere, even in the used-car days’ supply discussion.” Used EV sales contributed to a decrease in the number of days supply in January. Cox Automotive calculates days’ supply based on the retail sales rate for the most recent 30-day period ending on February 5.. Although sales of used cars are higher than the 1.30 million recorded last month, they remain unchanged from a year earlier.
The average price for a used car listed was $25,328, which was 4% less than a year ago and down from a revised $26,505 at the beginning of January. Despite used car prices being lower than they were in 2022 and 2023, they are still significantly higher than they were in 2019.
