At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
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The second quarter – especially April – will be the strongest part of the year for used vehicle sales and values, and then slow down but not crash.
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On a month-over-month basis, all major segments saw seasonally adjusted price declines, with pickups declining the most.
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The average listing price dipped again to $27,608, still off the December peak when it surpassed $28,000. But the average listing price was 28% above that of February 2021.
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All major market segments saw seasonally adjusted prices that were higher year over year in the first half of March.
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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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