Used-vehicle inventory levels at the start of April were lower than in March, according to the Cox Automotive analysis of vAuto Live Market data released April 19, as healthy sales fueled by tax refunds drew supply down to the lowest level since the spring of 2023.  

The total supply of unsold used vehicles on dealer lots – franchised and independent – across the U.S. stood at 2.22 million units as April opened, up 6% from a year ago but down from the revised 2.27 million units at the start of March.

As spring fever and tax refund season got underway, the market saw a typical heating of sales in new and used vehicles, which brought down days’ supply. Used-vehicle days’ supply at the start of April fell to 44, compared with the revised 46 at the start of March, a 4% drop. Days’ supply at the start of April was equal to the year-ago level.

The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period, when sales were 1.5 million units. Used-vehicle sales in the period were up more than 5% year over year, in line with tax refund season.

The average used-vehicle listing price was $25,540, up slightly from the revised $25,121 at the start of March but down 4% from a year earlier.

Interestingly, used cars below $15,000 continue to show constrained availability with only 33 days’ supply, 25% less than all other price ranges. Further, it emphasizes that affordability remains challenging for consumers, and supply is more constrained at lower cost points. The top five sellers of the month, Ford, Chevrolet, Toyota, Honda and Nissan, accounted for 49% of all used vehicles sold at an average price of $23,089, more than 9% below the average listing price for all vehicles sold. The South is running with the lowest days’ supply.