Retail used-vehicle prices have been consistently lower through the first seven months of 2024 compared to year-ago levels.
The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
Used-vehicle sales in the period were up more than 5% year over year, in line with spring fever and the tax refund season.
Total days’ supply at the start of March fell to 44, compared with the revised 53 at the beginning of February, a 20% decline.
Domestic brands continue to have the highest inventory while Asian imports rank lowest.
Inventory levels reach the highest point since June 2020 while the number of buyers who can afford a new vehicle is the best since June 2021.
Chip Cooper of Cooper Motors shares his take on where vehicle supply and availability are headed this year and offers a creative way to spec to get the job done.
For the full year, Cox Automotive estimates sales for used retail were down about 3%, curtailed by a constrained supply of newly used vehicles in the market.
EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
The total U.S. supply of available unsold new vehicles in November climbed 57%, or 925,000 units, from the same time a year ago.
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