Used Inventory Shrinks
Prices trending upward as wholesale increases trickle down.
The average used-vehicle listing price was moving up as March progressed.
IMAGE: Pexels/JESHOOTS.com
U.S. used-vehicle inventory fell in March to its smallest since 2019, Cox Automotive said.
Cox analysis of vAuto Available Inventory statistics shows the total on March 27 was 2.05 million units at franchised and independent dealers combined. Used days’ supply ended the month at 40, down from 44 month-over-month and 15% year-over-year.
“Finding the right product at the right price is more challenging for buyers today,” said Cox Automotive Chief Economist Charlie Chesbrough.
The average used-vehicle listing price was moving up as the month progressed, Cox said, though the ending $26,213 was down from $26,250 in February. It said wholesale price bumps after the new year will likely start affecting retail.
“Compared to Spring 2021, used-vehicle prices at retail have been relatively stable and trending downward,” Chesbrough said. “However, with tight inventory, still-high used-auto loan rates, and improving new-vehicle inventory, the used-vehicle market might be cooling off in the coming months.”
Brands with days’ supply under 40 for the month were Honda, Toyota, Mazda, Dodge, Nissan, Mitsubishi, Subaru, Hyundai, Chrysler, Chevrolet, Kia, GMC and Volkswagen, Cox said.
Originally posted on Auto Dealer Today
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