Used Sales Ending Year With a Bang
Late-year surge defies seasonal decline patterns, shrinking inventory.
Used-vehicle inventory, flat month-over-month, fell from last year by 6% to about 2.2 million units.
Pixabay/andreas
November used-vehicle retail deliveries by franchised and independent dealers combined climbed 2% month-over-month, up 13% from a year earlier, Cox Automotive data show.
The brisk volume, exceeding the seasonal normal, which tends to wind down late in the year, totaled 1.4 million units. The pace ate into days’ supply by one day to 46, which is off year-over-year by nine days.
It likely helped that the average listing price was down 3% year-over-year to $25,565, though inventory was less plentiful at lower price points, Cox said.
“As consumers shy away from bad weather and the holiday season cuts down on selling days, used sales trends in Q4 generally start to slow down a bit,” said Cox Senior Analyst of Economic and Industry Insights Scott Vanner. “This year, we are seeing stronger-than-usual performance …”
Inventory was flat month-over-month though down from last year by 6% to about 2.2 million units.
Sales of certified preowned units alone rose about 3%, though they were down year-over-year by about 4% to nearly 208,800, said Cox, which attributed the decline to fewer selling days in November and limited off-lease and trade-in vehicles.
Year-to-date CPO sales are also off by about 4% year-over-year, though Cox held its 2024 CPO forecast steady at 2.6 million units, as it expects a muted bump this month.
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