April 2024 Used Car Insights

  • Used-vehicle inventory fell to 2.22 million units at the start of April.
  • Used days’ supply fell to 44.
  • The average used-vehicle listing price slipped to $25,407.

Total Unsold Vehicles*

MonthAmount
January2.33M
February2.27M
March2.22M

Average Mileage*

MonthAmount
January69,240
February70,053
March69,232

Days’ Supply*

Month# of Days
January49
February44
March44

Average Listing Price*

MonthAmount
January$25,638
February$25,151
March$25,407

Used Vehicle Value Index**

MonthValue
January202.1
February203.8
March199.2

Average Trade-In Equity***

MonthAmount
January$8,345
February$7,912
March$7,558
“Affordability matters more than ever to consumers, and declines in used-vehicle prices help offset higher interest rates. Once tax return season got underway, many consumers had more income to use as a down payment, driving customers into retail dealerships.”

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

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Sources:

* Cox Automotive Insights

** Manheim
*** J.D. Power