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The ongoing difficulty in sourcing replacement vehicles is forcing companies to extend the service lives of vehicles that are unable to be replaced, which, inevitably, increases unscheduled maintenance expenses.
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While the total supply of unsold used vehicles is down from the same time a year ago, they are up from the end of June.
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The average listing price of a vehicle remained above $47,000 since April, while the ATP of a new vehicle in July was $48,334 compared with $48,671 in June.
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Wholesale supply has increased with weaker purchase activity in early July, yet it is otherwise normal for this time of year.
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The last several months have closely followed 2019 levels, the last normal year, which means dealers are balancing their inventory to the sales rate and keeping days’ supply steady even as total supply improves.
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While inventory is up substantially compared to 2021 and 2022 levels, it remains low by historical standards.
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Days' supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
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Estimates shows strong sales gains from rental, government, and commercial sectors as the supply chain squeeze of 2021-22 continues to ease.
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While inventory is up from 2022 levels, it remains low by historical standards. Meanwhile, the estimated typical monthly payment for a new vehicle declined to $754 from the peak of $791 in Dec. 2022.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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