The average price of a used car at an independent dealer is $24,998, up from $24,585 in November with an average mileage of 79,248, up from 78,267.
Source: Cox Automotive
Used car inventories rose in December with intraday supply reaching 51 for the first time since January 2021 and the average list price exceeding $28,000 for the first time, according to Cox Automotive analysis of vAuto’s available inventory data is published on Jan. 20. .
The total supply of unsold used vehicles at dealerships nationwide increased to 2.38 million units at the end of December, compared with Cox Automotive’s adjusted figure of 2.25 million at the end of November. Supply at the end of December was about 9% lower than the same period in 2020.
At the end of December, the daily supply of unsold used cars was 51 units, up from the adjusted 45 at the end of November. This is the first time since mid-January 2021, the daily supply exceeded 50. Daily supply started to decline in January of last year, bottomed out at 30 in April and inched higher since then. However, the supply of days at the end of December is nearly 4 days lower than the level of December 2020.
Cox Automotive Intraday Supply is based on daily sales rates for the most recent 30-day period. Used car sales in December fell about 4% year-on-year.
The average list price for used vehicles exceeded $28,000 per week for the last two weeks of December, closing the month at $28,205. This is up from a revised $27,726 in November 2021, when the average list price surpassed $27,000 for the first time. The average list price of used cars at the end of December increased 28% compared to the beginning of the year and 42% higher than the end of 2019.
Franchisees have 1.35 million used vehicles in stock for 48 days. That compares with 1.29 million vehicles in inventory for a 41-day supply in November 2021. The average list price for franchisees is $30,552 – crossing the $30,000 mark for the first time. That number was up from $29,728 in November with an average mileage of 63,372, up from 61,976 in November.
Non-franchised dealers have 1.03 million vehicles in stock for a 55-day supply in December. That compares with 1.01 million for a 48-day supply in November. The average price of a vehicle used at an independent dealer was $24,998, up from $24,585 in November with an average mileage of 79,248, up from 78,267.
The lowest price segment – under $10,000 – has the lowest supply under 7,000 vehicles for an intraday supply of 39. The $10,000 to $25,000 segments have an intraday supply of 46 to 48. 25,000 to 30,000 dollars have the most supply with over a million vehicles in stock in 52 days of supply. Prices above $30,000 also have a more than 50-day supply.
Originally posted on Vehicle Remarketing
