Dealers' #1 source for auto industry news, content, coaching & analysis

Unsold used car inventory increases, driven by higher sales and lower prices

The average price for a used car listed was $25,328, which was 4% less than a year ago.

According to vAuto Available Inventory data from Cox Automotive, unsold used car inventory closed higher in 2023 than it did in February. 

At the beginning of February, there were 2.33 million unsold used cars available for purchase on dealer lots nationwide, including both franchised and independent dealers. This is a 7% increase from the same time last year but less than the revised 2.39 million units at the beginning of January.

Compared to the revised 58-day supply at the beginning of January, the total days’ supply at the beginning of February dropped to 49. Due to an increase in used car sales throughout the month, the days’ supply decreased by 16% from the start of the year as inventory fell.

Jeremy Robb, Senior Director of Cox Automotive’s Economic and Industry Insights, stated that “EV talk is everywhere, even in the used-car days’ supply discussion.” Used EV sales contributed to a decrease in the number of days supply in January. Cox Automotive calculates days’ supply based on the retail sales rate for the most recent 30-day period ending on February 5.. Although sales of used cars are higher than the 1.30 million recorded last month, they remain unchanged from a year earlier.

The average price for a used car listed was $25,328, which was 4% less than a year ago and down from a revised $26,505 at the beginning of January. Despite used car prices being lower than they were in 2022 and 2023, they are still significantly higher than they were in 2019.

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

Related Articles

Manufacturers In This Article

More Manufacturer News

Latest Articles

From our Publishing Partners