On the Dash:
- Used inventory improved in April, but supply remains historically tight and below year-ago levels.
- Rising listing prices indicate consumer demand continues to outpace available inventory.
- Affordable used vehicles remain in limited supply, putting pressure on sourcing and pricing strategies.
According to the latest Cox Automotive data, used vehicle inventory increased in April from March’s record low, but supply remained below year-ago levels as strong consumer demand continued to push listing prices.
Combined franchised and independent dealerships held 2.04 million used vehicles in inventory during April, down 4.8% year over year. Despite the monthly recovery, inventory levels remained among the lowest recorded since 2019.
Used-vehicle retail sales slowed after March’s elevated tax-refund-season pace. Cox Automotive estimated April used retail sales at 1.43 million vehicles, down from 1.64 million in March. The daily sales pace declined roughly 10% month over month.
Analysts noted that comparisons to April 2025 remain difficult because tariff-related buying activity drove unusually strong demand last year. Even with softer monthly sales, April demand still outpaced 2023 and 2024 levels, supported by the affordability advantage of used vehicles over new models and improving credit availability.
Days’ supply increased to 43 in April, rising six days from March and one day year over year as inventory recovered and sales activity moderated.
Average used-vehicle listing prices climbed to $26,342 in April, up 3.0% year over year and 3.8% from March. Cox Automotive said the month-over-month increase followed normal seasonal trends, though its magnitude exceeded that of recent years. Used EV listing prices also rose 4.2% from March.
Affordable inventory remained limited for budget-conscious shoppers. Ford, Chevrolet, Toyota, Honda, and Nissan accounted for nearly half of all used vehicles sold during the month.
Certified pre-owned sales fell 7.3% year over year to an estimated 215,320 vehicles in April.
