February 2024 Used Car Insights

  • The total supply of unsold used vehicles is up 7% from a year ago.
  • Days’ supply is down 16% compared to the start of the year.
  • The average used-vehicle listing price is down 4% year over year.

Total Unsold Vehicles*

MonthAmount
November2.36M
December2.39M
January2.33M

Average Mileage*

MonthAmount
November70,368
December69,794
January69,240

Days’ Supply*

Month# of Days
November52
December56
January49

Average Listing Price*

MonthAmount
November$26,553
December$26,446
January$25,638

Used Vehicle Value Index**

MonthValue
November205
December209.1
January202.1

Average Trade-In Equity***

MonthAmount
November$8,501
December$8,521
January$8,345
“EV talk is everywhere, and now even in the used-vehicle days’ supply discussion. Used EV sales increased enough in January to help drive days’ supply lower.”

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

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Sources:

* Cox Automotive Insights

** Manheim
*** J.D. Power