Prices Inch Down as Used-Vehicle Supply Holds Steady
The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
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All major market segments saw seasonally adjusted prices that were higher year over year in May, except for pickups.
The average listing price at the end of April was $28,365, surpassing the $28,000 mark for the first time since December 2021.
Year to date, the total used-vehicle market is on pace to finish down more than 10% from 2021’s 40.6 million total.
With a lack of used vehicles and rental units returning to market, demand continues to outweigh supply. When will the market come back down to earth?
The overall used-vehicle market is experiencing a weaker spring than expected
Combined sales into large rental, commercial and government buyers were up over 4% year over year in April.
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Sales are likely to be slightly less this spring selling season.
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
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.
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.
On a month-over-month basis, all major segments saw seasonally adjusted price declines, with pickups declining the most.
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