The used-vehicle market faces a challenging year ahead as demand weakens and supply of nearly new vehicles is particularly constrained.
As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
After volatile highs and lows during the last three years, the market should hit equilibrium in the second half of 2023.
A data partnership between vAuto and Ready Logistics equips dealers to further evaluate a vehicle’s market potential by considering transport costs and time.
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.
Days’ supply in October was 26% above year-ago levels. Used-vehicle inventory has been holding at about this level since mid-January.
All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
See how Cox Automotive scored when its earlier outlook met the economic and market realities so far this year.
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