A recent Cox Automotive analysis of data from vAuto Live Market shows an increase in used vehicle inventory following an unimpressive tax refund season.
The beginning of May saw a total of 2.27 million vehicles in supply at franchised and independent dealerships nationwide. It’s a 6% increase from last year, and a number that’s grown from the 2.22 million vehicles reported this past April.
The used vehicle day supply was 46 at the beginning of May; one day more than last month. This number is based on the estimated daily retail sales rate of the most recent 30-day period–which in this case saw more than a 7% increase in used vehicle sales from last year.
Though used vehicle prices in 2024 are comparably lower to that of last year, they’ve been gradually increasing each month. The market for used vehicles under $15,000 is an ever-shrinking one, with dealerships typically having 36 days of supplies worth–22% less than every other price range. When looking at regions, the South currently has the lowest days’ supply of used vehicles.
The top five used vehicle brands of May were Ford, Chevrolet, Toyota, Honda, and Nissan. With vehicles being sold for 9% under the average listing price for all vehicles sold, these brands made up 49% of used vehicles sold in May.
