January 2024 Used Car Insights

  • The total supply of unsold used vehicles is up 4% from a year ago
  • Days’ supply has remained consistent between 54 and 56 since the beginning of November
  • The average used-vehicle listing price is down 3% year over year

Total Unsold Vehicles*

MonthAmount
October2.30M
November2.36M
December2.39M

Average Mileage*

MonthAmount
October69,971
November70,368
December69,794

Days’ Supply*

Month# of Days
October49
November52
December56

Average Listing Price*

MonthAmount
October$26,752
November$26,553
December$26,446

Used Vehicle Value Index**

MonthValue
October206.1
November205
December209.1

Average Trade-In Equity***

MonthAmount
October$8,956
November$8,501
December$8,521
“After bottoming out at a low historical level in the first quarter of 2023, the supply of used units generally rose throughout most of 2023, ending at roughly the year’s highest levels in both volume and days of supply.”

Jeremy Robb, Senior Director of Cox Automotive Economic and Industry Insights

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Sources:

* Cox Automotive Insights

** Manheim
*** J.D. Power