Retail used-vehicle listing prices have been consistently lower through the primary 11 months of 2024 than year-ago levels.
Used vehicle inventory levels initially of December were unchanged from November but lower than in early December 2023 as used vehicle sales increased, in accordance with the Cox Automotive evaluation of vAuto Live Market View data released Dec. 20.
As December opened, the whole supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.18 million units, unchanged from the two.18 million units initially of November and down 6% from a yr ago.
The retail used-vehicle sales pace increased monthly in probably the most recent 30-day period. Used retail sales of 1.42 million vehicles during November were higher than the 1.39 million reported in October, a rise of two%. Used-vehicle sales were seasonally stronger than normal last month and better yr over yr by 13%.
The Cox Automotive days’ supply is predicated on the estimated each day retail sales rate for probably the most recent 30-day period. In early December, the times’ supply was 46, down someday from early November and nine days from last yr. While now we have seen lower days’ supply earlier in 2024, this is especially tight for this time of yr.
“Sales are running seasonally stronger than we often see,” said Scott Vanner, senior analyst of economic and industry insights at Cox Automotive, in a news release. “As consumers draw back from bad weather and the vacation season cuts down on selling days, used sales trends in Q4 generally decelerate a bit. This yr, we’re seeing stronger-than-usual performance, with sales up by double digits in comparison with last yr.”
The typical used vehicle listing price was $25,565, up barely from the revised $25,493 initially of November and now down 3% from a yr earlier. Retail used-vehicle listing prices have been consistently lower through the primary 11 months of 2024 than year-ago levels.
Affordability stays difficult for consumers, and provide is more constrained at lower prices. Used cars below $15,000 proceed to point out low availability, with only 34 days’ supply, nine days lower than the identical time last yr and 12 days below the industry average.
The highest five sellers of the month were listed at a median price of $23,882, about 7% below the common listing price for all vehicles sold. Once more, Ford, Chevrolet, Toyota, Honda and Nissan were the top-selling brands, accounting for 49% of all used vehicles sold.
CPO Sales Increase Month Over Month in November
Each overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles Increased month over month in November, in accordance with data reviewed by Cox Automotive.
Nonetheless, CPO sales in November were down 3.5% yr over yr, or 5,436 fewer units. Along with fewer selling days, this decrease is probably going as a result of the dearth of supply of off-lease and trade-in units. Last month’s CPO sales at the moment are estimated at 208,708, up from 203,272 in October, marking a 2.7% increase. The year-to-date total CPO sales volume is 3.5% lower than last yr’s period. Cox Automotive’s year-end forecast for CPO stays regular at 2.6 million, with a minor surge expected in December.
This Article First Appeared At www.automotive-fleet.com
