Used-vehicle inventory levels rose for the fourth consecutive month at the start of December, surpassing the previous 2025 high set in November, according to Cox Automotive’s analysis of vAuto Live Market View data released Dec. 12.

Nationwide, dealers – both franchised and independent – had a total supply of 2.31 million used vehicles on their lots at the beginning of December. That figure is 6% higher than the same time last year and over 2% higher than the 2.26 million in early November.

The retail used-vehicle sales pace remains strong, up 1.9% year over year and 2.3% month over month in the most recent 30-day period. Used retail sales reached 1.39 million vehicles in November, up from the 1.36 million reported in October. 

The uptick in November was most likely driven by what purchasers are viewing as a favorable purchasing window, with factors such as declining prices, improving used vehicle credit rates, and continued gains in credit availability contributing alongside the used market’s strong value proposition – offering more affordable alternatives than the new-car segment.

Used Vehicle Inventory Reaches New High

The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. Used vehicles had 50 days’ supply at the start of December, unchanged from the upwardly revised level at the beginning of November but up two days compared to the same time last year.

Days’ supply remains above prior-year levels, though still constrained. Compared with recent years, supply is lower and roughly flat with 2019.

“Used-vehicle inventory continues to build, reaching a new high for 2025 as December begins,” said Scott Vanner, manager of economic and industry insights at Cox Automotive, in a Dec. 12 news release. “This sustained increase, paired with steady sales and easing prices, reflects a market where affordability and improving credit conditions are drawing buyers to used vehicles.”

Affordable Used Vehicles Limited

Used-vehicle retail prices declined in the latest measure. The average used vehicle listing price was $25,730, up less than 1% from a year earlier but down from the revised $25,947 at the beginning of November.

Price-conscious buyers have limited options for affordable used vehicles. Used cars priced below $15,000 remain in short supply, with only 36 days’ supply, 14 days below the overall industry average. The top five sellers of the month averaged $23,824, more than 7% below the average listing price for all used vehicles sold. Once again, Ford, Chevrolet, Toyota, Honda, and Nissan were the top-selling brands, accounting for 50% of all used vehicles sold.

The retail used-vehicle sales estimates are based on observed unit changes tracked by vAuto, a Cox Automotive brand specializing in inventory management. The vAuto Live Market View database provides guidance on sales pace and volume over time. Full-year sales volume, based on registrations and other sources, is updated annually.