Used vehicle prices could drop further by year end to 5% of last year's prices, though the comparisons are to record highs.
Source: Cox Automotive
Used vehicle asking prices fell again through November 2022 to the lowest average since last spring, Cox Automotive announced on Dec. 16. The fall is attributed to stabilized inventory and a drop in sales.
Total days’ supply at the end of November stood at 52 — 17% above year-ago levels. October ended with a revised 53 days’ supply. Used inventory levels have been in this ballpark for several months, Cox noted in its release.
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“Since June, inventory has been relatively stable, though there have been slight declines starting in October,” Quentin Wallace, Cox Automotive research manager, said in a news release. “While we were expecting an increase in used inventory to end the year like prior years, that hasn’t occurred yet, and we might see even lower levels into December.”
“Despite the slowdown in recent weeks, we continue to see abnormally strong used-vehicle sales for this time of year. Traditionally, the end of the year sees much softer used-vehicle sales activity,” said Wallace.
The average listing price was $27,156 at the end of November, down from the revised $27,578 at the end of October. Prices are now down 2% from a year ago, as predicted, and could drop further by year-end to 5% below year-ago prices.
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