The average used-vehicle listing price dipped below $28,000. The inventory volume and days’ supply are both above last year, although sales remain low.
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Available vehicle inventory inched higher, edging closer to normal. Key stats: 2.38 million unsold vehicles, 51 days' supply, 69,737 average mileage.
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The Cox Automotive Insights team looks at key industry trends ahead that overall point to a healthy year.
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Analysis: A big drop of 20% to 30%, as one report suggests, is highly unlikely. History tells us a decline of more than 10% is rare indeed.
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Manheim Forecast: Tax refunds and a supply-constrained market will likely lead to another round of price increases in the first half of 2022
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During the first 15 days of December, the Manheim Used Vehicle Value Index hit 239.8, a 49% increase from December 2020.
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Available inventory edged slightly higher but remain below normal.
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Wholesale prices appear to have peaked the week before Thanksgiving as weekly prices have declined slightly in each of the last two weeks. But retail prices continue to increase.
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The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
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October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
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