Used-Vehicle Supply Rises; Average Listing Price Dips From Record Levels – Remarketing

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The average used-vehicle price is still high although it is down from recent peaks and should fall slightly in the coming weeks as it normally does after the holidays. - Source: Cox Automotive

The common used-vehicle worth continues to be excessive though it’s down from current peaks and will fall barely within the coming weeks because it usually does after the vacations.

Supply: Cox Automotive

Used-vehicle stock climbed throughout January to extra regular ranges on weaker gross sales, in response to the Cox Automotive evaluation of vAuto Out there Stock information launched Feb. 17. The common checklist worth dipped from document ranges in December.

The entire provide of unsold used autos on supplier heaps throughout the U.S. climbed to 2.55 million models on the finish of January, in contrast with Cox Automotive’s revised variety of 2.38 million on the finish of December. The availability on the finish of January was about 1% above a yr in the past.

On the finish of January, the times’ provide of unsold used autos was 56, up from the revised variety of 51 on the finish of December. Days’ provide started dropping final January, bottoming out at 30 in April and inching its method larger ever since. The times’ provide on the finish of January was 26% above the extent of the earlier yr.

The Cox Automotive days’ provide is predicated on the each day gross sales price for the latest 30-day interval. Used-vehicle gross sales in January had been down 1% from January 2021 and January 2020. The January used seasonally adjusted annual price (SAAR) was 39 million, down from 39.3 million in January 2021 and up from 36.2 million in December.

“Used autos are beginning to see some stock build-up forward of the prime promoting season as tax refunds are available,” stated Charlie Chesbrough, Cox Automotive senior economist in a information launch. “The stock quantity and days’ provide are each above final yr, although gross sales stay low. Spring ought to see robust demand.”

Nonetheless, excessive costs may mute gross sales, he added.. The common used-vehicle worth continues to be excessive though it’s down from current peaks and will fall barely within the coming weeks because it usually does after the vacations.

On the finish of January, the typical itemizing worth had fallen under peak ranges to $27,633 when it had been above $28,000, in response to Cox Automotive information. Nonetheless, the typical itemizing worth was 29% above the top of January 2021.

On the wholesale facet, the Manheim Market Report (MMR) values noticed weekly worth decreases in January that accelerated barely within the ultimate full week of the month. Nonetheless, worth patterns within the month different by car age and phase. Older autos noticed worth stability whereas newer autos leaned towards bigger declines.

The bottom worth segments – below $15,000 – had the bottom stock and lowest days’ provide at below 40. Value segments from $25,000 and up had the largest provide in each quantity and days’ provide – between 61- and 69-days’ provide. In between segments had between 49- and 57-days’ provide.

 

Initially posted on Vehicle Remarketing



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