Used-vehicle inventory volume at the start of November was slightly higher than in early October but days’ supply remained flat, according to the Cox Automotive analysis of vAuto Available Inventory data released Nov. 13.

The total supply of unsold used vehicles on dealer lots across the U.S. – franchised and independent – stood at 2.3 million units at the beginning of November. That was down 4%, or 93,298 units, from the same time a year ago.

“Used-vehicle inventory volume is still considered to be limited,” said Chris Frey, Cox Automotive senior manager of economic and industry insights in a news release. “It has been stuck in the 2.2 million to 2.3 million range for the past four months.”

Using estimates of used retail days’ supply based on vAuto data, an initial assessment indicates November began with 49 days’ supply, flat compared to the start of October and four days lower than how November 2022 began at 54 days. After topping 50 days in July, days’ supply for the used-vehicle market has fluctuated in the mid-to-high 40s.

The Cox Automotive days’ supply is based on the daily sales rate for the most recent 30-day period, ending Nov. 6, when sales were 1.4 million units, up 5% compared to the same period in 2022. Year-to-date retail sales through the first part of November are now down 4% compared to the same timeframe last year.

Average Used-Vehicle Listing Price Remains Under $27,000

The average used-vehicle listing price of $26,533 at the beginning of November was down from the start of October and down 3% compared to the same period in 2022. Used-vehicle listing prices have been below $27,000 since the end of July. Meanwhile, according to the Manheim Used Vehicle Value Index, wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.

As with new cars, and as has been the case for months, the lower the price segment, the tighter the inventory. Used vehicles priced under $10,000 had a days’ supply of 32, with days’ supply increasing with every higher price segment to the over $35,000 category with the highest days’ supply of 58.

Once again, Honda, Mazda and Toyota were the non-luxury brands with the lowest inventory of used vehicles through September. Honda had 39 days’ supply, while Mazda and Toyota both had 40 days’ supply. Most other mainstream brands – both luxury and non-luxury – had used-vehicle days’ supply under 50.