Used-Vehicle Inventory Increases to Start January

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of January increased from December but were lower than in early January 2024.

As January opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.22 million units, up from the 2.18 million units at the start of December but down 5% from a year ago.

The retail used-vehicle sales pace was unchanged month over month in the most recent 30-day period. While used retail sales typically slow in December, used retail sales of 1.39 million vehicles during December were flat compared to the 1.39 million reported in November, showing a stronger seasonal trend than normal last month and were higher year over year by 12%. 

USED-VEHICLE INVENTORY VOLUME AND DAYS’ SUPPLY

The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. Used-vehicle days’ supply was 48 at the beginning of January, up one day from the beginning of December but down eight days compared to last year. Used days’ supply is tight for this time of year, as it has been over 50 days at the beginning of January in the past four years and was nearly 60 days in 2019.

The average used-vehicle listing price was $25,721, up from the revised $25,574 at the start of December and now down 3% from a year earlier. The increase in the average used-vehicle listing price was slightly smaller than the increases seen at the same time in the previous two years. Retail used-vehicle listing prices were consistently lower in 2024 compared to 2023 levels.

AVERAGE USED-VEHICLE LISTING PRICE

Used-vehicle listing prices started the year higher and is now approaching $26,000.

Affordability remains challenging for consumers, and supply is more constrained at lower price points. Used cars below $15,000 continue to show low availability, with only 37 days’ supply, ten days lower than the same time last year and 11 days below the overall industry average. The top five sellers of the month were listed at an average price of $24,048, 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 51% of all used vehicles sold.

Scott Vanner

Senior Analyst of Economic and Industry Insights

Scott Vanner is a senior analyst of Economic and Industry Insights at Cox Automotive, which works to find actionable insights for the industry posed by Cox Automotive clients. Scott works with the Sales, Finance, and Data Science organizations and creates innovative solutions often combining proprietary data from other Cox Automotive brands. Scott joined Cox Automotive in 2022.