Used Automobiles: Gross sales Up, Days’ Provide Down, Stock Flat – Remarketing
Retail used-vehicle itemizing costs have been constantly decrease by way of the primary 11 months of 2024 than year-ago ranges.
Used car stock ranges at the beginning of December had been unchanged from November however decrease than in early December 2023 as used car gross sales elevated, in accordance with the Cox Automotive evaluation of vAuto Reside Market View information launched Dec. 20.
As December opened, the full provide of used automobiles on supplier heaps – franchised and unbiased – throughout the U.S. was at 2.18 million models, unchanged from the two.18 million models at the beginning of November and down 6% from a yr in the past.
The retail used-vehicle gross sales tempo elevated month-to-month in the newest 30-day interval. Used retail gross sales of 1.42 million automobiles throughout November had been greater than the 1.39 million reported in October, a rise of two%. Used-vehicle gross sales had been seasonally stronger than regular final month and better yr over yr by 13%.
The Cox Automotive days’ provide is predicated on the estimated day by day retail gross sales fee for the newest 30-day interval. In early December, the times’ provide was 46, down in the future from early November and 9 days from final yr. Whereas we’ve got seen decrease days’ provide earlier in 2024, that is notably tight for this time of yr.
“Gross sales are working seasonally stronger than we normally see,” stated Scott Vanner, senior analyst of financial and trade insights at Cox Automotive, in a information launch. “As shoppers shrink back from unhealthy climate and the vacation season cuts down on promoting days, used gross sales developments in This fall typically decelerate a bit. This yr, we’re seeing stronger-than-usual efficiency, with gross sales up by double digits in comparison with final yr.”
The common used car itemizing value was $25,565, up barely from the revised $25,493 at the beginning of November and now down 3% from a yr earlier. Retail used-vehicle itemizing costs have been constantly decrease by way of the primary 11 months of 2024 than year-ago ranges.
Affordability stays difficult for shoppers, and provide is extra constrained at decrease costs. Used vehicles beneath $15,000 proceed to indicate low availability, with solely 34 days’ provide, 9 days decrease than the identical time final yr and 12 days beneath the trade common.
The highest 5 sellers of the month had been listed at a mean value of $23,882, about 7% beneath the common itemizing value for all automobiles bought. As soon as once more, Ford, Chevrolet, Toyota, Honda and Nissan had been the top-selling manufacturers, accounting for 49% of all used automobiles bought.
CPO Gross sales Improve Month Over Month in November
Each total retail used-vehicle gross sales and gross sales of licensed pre-owned (CPO) automobiles Elevated month over month in November, in accordance with information reviewed by Cox Automotive.
Nevertheless, CPO gross sales in November had been down 3.5% yr over yr, or 5,436 fewer models. Along with fewer promoting days, this lower is probably going because of the lack of provide of off-lease and trade-in models. Final month’s CPO gross sales are actually estimated at 208,708, up from 203,272 in October, marking a 2.7% improve. The year-to-date complete CPO gross sales quantity is 3.5% decrease than final yr’s interval. Cox Automotive’s year-end forecast for CPO stays regular at 2.6 million, with a minor surge anticipated in December.
