Used vehicle inventory rises in May

Used vehicle inventory is on the rise.

A report from Cox Automotive from reviewing vAuto data found 2.27 million in unsold used vehicles at the start of May. That was an increase of 50,000 from April. It was up 6 percent from May 2023.

“As tax refund season ended, the market saw a slowing of sales in both new and used vehicles,” said the Cox Automotive report. “Inventory levels of both increased through April. Used-vehicle days’ supply at the start of May was 46 days, compared with the revised 45 days at the start of April, a 2 percent increase. Against last year, days’ supply was unchanged at the beginning of May.”

The same report found the average listing price at $25,571, which was up from the April price of $25,536. The average mileage was 69,224.

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