Used car market sees higher sales and lower market days’ supply in Oct.

Used retail vehicle sales and unit inventory increased in Oct., amid looming affordability concerns for consumers, according to the latest Cox Automotive report. 

The details: Used vehicle sales increased by nearly 7% month-over-month from Sept., while inventory for both franchised and independent dealers increased a little under 1% for unsold used vehicles as of Nov. 4.   

• 1.4 million used vehicles were sold at retail – from both franchised and independent dealers – during Oct., an increase of 12% year-over-year.  

• As of the beginning of this month, used vehicle inventory was at 2.17 million unsold vehicles, up slightly from 2.15 million units at the start of Oct. and down 6% from a year ago.

• Day’s supply of used vehicles going into Nov. was down to 45 days. 

Digging deeper: Used vehicle pricing was up slightly, as many consumers continue to struggle with the affordability of vehicles and skim availability of lower cost used vehicles.

• The average used-vehicle listing price ticked up slightly to $25,499, — though it’s down 4% from a year earlier. 

• Used vehicles below $15,000 were more scarce, with only 33 days’ supply, seven days lower than the same time last year and 12 days below the industry average.

• The average mileage for used vehicles unsold was 70,326. 

In the spotlight: Among all used vehicles sold, the top-selling brands were Ford, Chevrolet, Toyota, Honda, and Nissan with an average list price of $23,931, roughly 6% below the average listing price for all used vehicles sold.

Looking ahead: Shrinking days’ supply and faster turnover may push dealers to prioritize stocking late-model, higher-margin vehicles to capitalize on strong demand. However, addressing the growing affordability gap will be equally critical. Dealers who can innovate with targeted financing options or diversify inventory stand to capture a broader range of buyers.

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