Used vehicle retail sales slowed in November.
Sales were down 7 percent from October and lagged 2 percent behind November 2022, according to vAuto data released by Cox Automotive.
While sales were down, the listing price also was down, sliding 0.5 percent in November.
vAuto reported dealerships holding a 50-day supply of vehicles. That was three days behind the October figure. It was down five days from November 2022.
Cox Automotive’s Manheim Used Vehicle Value Index showed price decreases in the wholesale market. The index dropped 5.8 percent from last November. Auction prices were down 2.1 percent from October.
“While November’s decline was only slightly less than October’s, the move lower was on our radar, given the typical seasonal downward trend that paused in August and September,” said Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive in a press release. “Prices still have a chance of rising slightly in December, though we’re not predicting an odd spike or trough. Rather, we’re expecting a measured movement through the end of the month and the year, which should get us close to the January forecast for a 4 percent year-over-year decline by December 2023. We’ll share our 2024 forecast during our Jan. 8 call, but current views suggest less of a roller coaster in the new year.”
Manheim noted an 11.3 percent drop in compact car prices. Pickups were down 4.6 percent.
