After hitting its high point in July, used vehicle inventory slipped in August.
According to Cox Automotive’s review of vAuto Inventory data, the total amount of unsold used vehicles was at 2.25 million at the start of September. That’s down approximately 7,500 vehicles from the start of August.
The Cox data shows inventory is down 9 percent or 233,636 vehicles from the beginning of September 2022.
“Used vehicle inventory had been increasing after hitting a low point in March,” said Chris Frey, senior manager of Economic and Industry Insights at Cox Automotive. “But that increase in inventory stalled in the middle of July and into August, as sales unexpectedly picked up.”
In August, Cox estimated 1.53 millions vehicles sold, an increase of 8 percent from August 2022. Retail sales remain 4 percent behind the first eight months of 2022.
“Used-vehicle sales have shown remarkable strength since mid-July, chipping away at available supply and denting the days’ supply figure,” said Frey.
The days of supply is a 44 days, down one day from the start of August.
The average listing price for vehicles was down to $26,651, a 6 percent drop in the past year. Prices have dropped roughly $400 in the past month.
The average mileage is at 69,893, down slightly from the start of August.