As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
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Analysis: In house experts look at recent research, business intelligence, and a wide segment of first-party data to distill some likely trends for the automotive market.
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The total supply of unsold used vehicles on dealer lots, both franchised and independents, across the U.S. stood at 2.33 million units at the end of November, about 4% higher than a year ago.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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All eight major market segments again saw seasonally adjusted prices that were lower year over year last month, with compact cars showing the smallest decline.
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Declines in Manheim Market Report prices, days' supply, and average daily sales conversion rates are following typical patterns for November.
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Days’ supply in October was 26% above year-ago levels. Used-vehicle inventory has been holding at about this level since mid-January.
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Days’ supply climbed to 49, the highest since May 2021. The question now is: Will demand keep up with supply?
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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