Used-vehicle supply is at a premium, falling to at least a seven-year low, Cox Automotive reported.
Used sales are hopping due to high new-vehicle retail prices, in addition to inflation, including gas prices.
In March, which Cox said is typically the strongest used sales month, the segment clocked in at an estimated 1.6 million units, the highest delivery volume in a year, Cox said.
Though that was down from last March, when consumers rushed to lots to beat tariff-inflated prices, inventory fell last month about 6% year-over-year to 1.95 million units, the thinnest since Cox started tracking the data in 2019.
Days’ supply was down by two days year-over-year to 37, its lowest point since 2021.
Last month’s sales volume mirrored 2022 levels, when supply of new units was at historical lows due to the pandemic, Cox said.
The average used-vehicle asking price was essentially flat for the month at $25,390, though credit access for auto borrowers improved, according to the company’s analysts.
