Used vehicle retail listing prices drop below $26K

February 21, 2024

Used vehicle retail prices dipped below $26,000 at the start of February.

According to Cox Automotive data from vAuto, the average listing price for a used vehicle in February was $25,328. That was down from January’s $26,505. Prices are down from February 2022 and 2023.

Though prices are down, so is inventory. The total of unsold used vehicles was 2.33 million at the start of February. At the start of the year, inventory was at 2.4 million.

The days of supply has slipped to 49 days from 58 at the start of 2024.

The lack of new vehicle supply during the pandemic continues to impact the used market.

“Fewer new vehicles produced in 2021 meant lower leasing, which equals fewer lease maturities starting this year,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “After being low for the last two years, used-vehicle supply is expected to improve later in 2024 – but that will be without much help from off-lease supply.”

NIADA Author

The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of some 40,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry. For 75 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA, visit www.niada.com.