According to Cox Automotive’s vAuto Live Market View data analysis, the used-vehicle inventory at the start of December remained stable compared to November. Still, it showed a 6% decrease compared to the same period in 2023. As of December 5, 2024, the total unsold used vehicles on dealer lots across the U.S. stood at 2.18 million units. This figure was unchanged from November but marks a notable year-over-year decline.
Key Data Highlights:
- Total unsold used vehicles: 2.18 million (down 6% YoY)
- Days’ Supply: 46 days (down 1 day from November and down 9 days YoY)
- Average Listing Price: $25,565 (up slightly from $25,493 in November, but down 3% YoY)
- Average Mileage: 69,734 miles
Despite a lower inventory volume compared to last year, the retail sales pace of used vehicles increased month-over-month in the latest 30-day period. November retail used-vehicle sales reached 1.42 million, representing a 2% increase from October’s 1.39 million vehicles. This also marked a 13% year-over-year increase, highlighting stronger-than-expected seasonal demand.
While used-vehicle sales have been bolstered by higher consumer demand, inventory remains constrained, particularly for vehicles priced below $15,000. These more affordable options show a low availability, with just 34 days’ supply, 9 days fewer than the same time last year, and 12 days below the industry average. This shortage of affordable inventory continues to challenge consumers seeking budget-friendly vehicles.
Moreover, the average listing price for used vehicles rose to $25,565 at the beginning of December, up slightly from $25,493 in November. However, this figure is 3% lower than the average price recorded in December 2023. The increase in listing prices results from changes in the vehicle mix, as higher-priced models make up a larger share of the available inventory.
Affordability remains a significant concern for consumers. As lower-priced used vehicles are in limited supply, the average price of the top five sellers in November was $23,882, approximately 7% below the average listing price of used vehicles.
Popular brands and sales performance
The most popular brands in the used-vehicle market continue to be Ford, Chevrolet, Toyota, Honda, and Nissan, which together accounted for 49% of all used vehicles sold in November. These brands continue to dominate the retail used vehicle market by contributing strong sales and steady demand.
While used-vehicle inventory levels have remained stable through December, the market continues to face affordability and inventory constraint challenges, particularly at lower price points. The strong sales performance in November suggests that demand remains robust, but ongoing supply limitations may affect pricing and availability heading into the new year.
