Key takeaways
- Inventory: 2.31 million used vehicles on Dec. 1, a 2025 high; up 6% year over year and a little over 2% from early November (2.26 million).
- Days’ supply: 50 days entering December, unchanged month over month; two days higher than the same time in 2024.
- Sales pace: Last 30 days up 1.9% year over year and 2.3% month over month; November retail sales estimated at 1.39 million (vs. 1.36 million in October).
- Prices: Average listing price $25,730, down from $25,947 in early November; up less than 1% year over year.
- Affordability: Sub-$15,000 vehicles at 36 days’ supply (14 below industry average), indicating tightness in lower price bands.
- Brands: Ford, Chevrolet, Toyota, Honda and Nissan accounted for roughly 50% of November used-vehicle sales.
Inventory and supply dynamics
Used-vehicle inventory continued a four-month climb, with December opening levels surpassing November’s prior 2025 high. Despite the higher unit count, days’ supply held steady at 50, indicating the market is absorbing additional vehicles. Cox Automotive notes supply is higher than last year and roughly flat with 2019, yet remains constrained relative to the immediate past.
Demand and sales pace
The retail pace strengthened into November, with sales up modestly on both monthly and annual bases. A stable days’ supply alongside higher inventory suggests a quicker sales rate over the most recent 30 days, helping keep the market balanced.
Pricing trends
Average listing prices edged down month to month but were nearly flat year over year, signaling a plateau versus late 2024. Cox Automotive indicates easing prices, improving credit rates and availability are supporting demand and creating a more favorable purchasing window for buyers.
Affordability and model mix
Affordable inventory remains scarce. Vehicles under $15,000 sat at 36 days’ supply, well below the overall average, reinforcing tight conditions in entry-level segments. The five best-selling models averaged a $23,824 listing price, more than 7% below the overall average, reflecting budget-conscious shopper preferences.
Brand concentration
Brand share remained concentrated: Ford, Chevrolet, Toyota, Honda and Nissan collectively represented about half of November’s used sales. Their scale, broad model ranges and steady flow of trade-ins and off-lease returns continue to anchor used-market availability.
Outlook
With inventory rising but days’ supply steady, dealers enter December with more selection while avoiding a buildup that could quickly pressure prices. Key indicators to watch include used retail sales, inventory levels and days’ supply, with affordability and credit conditions likely to shape buyer behavior through year-end.
