Key takeaways
- Used-vehicle inventory reached 2.26 million units as of Nov. 3, a 1% increase from early October and 3% higher year over year—setting a new 2025 high.
- October used retail sales rose to 1.40 million (from 1.36 million in September), up ~3% month over month and 2% year over year.
- Days’ supply stood at 48 at the start of November, down one day from early October but up one day from early November 2024.
- The average listing price edged up to $25,945 in early November, +2% year over year, largely due to a newer model-year mix.
Demand, supply, and pricing
Inventory expanded while sales quickened, suggesting buyers found more choices heading into November. Despite modest improvement, supply remains tight versus recent years and 2019. Prices firmed alongside demand, with mix effects from newer vehicles lifting the average without necessarily indicating broad inflation.
Affordability and lower-price segment
Budget inventory is scarce: vehicles under $15,000 show just 34 days’ supply, 14 days below the overall average. This tightness helps keep pressure on entry-level prices and may push shoppers toward slightly higher-priced models with better availability.
Buyer preferences and model mix
The month’s top five-selling models averaged $24,037, over 7% below the overall average, signaling consumer gravitation to relatively lower-priced options even as headline prices rise. A higher share of newer units—supported by off-lease returns and trade-ins—continues to shape the inventory mix and support average prices.
Brand performance
Ford, Chevrolet, Toyota, Honda, and Nissan remained the top-selling brands, collectively accounting for about half of all used-vehicle sales, reflecting broad availability, brand familiarity, and price points aligned with buyer budgets.
Context and outlook
Days’ supply at 48 implies inventories would last just under seven weeks at the current sales rate if no additional vehicles were added. Compared with early 2024, the one-day increase in supply and 3% rise in total inventory indicate incremental progress rebuilding stocks, though overall availability remains below pre-2020 norms. Near-term conditions are improving with better selection and steady turnover, but affordability constraints persist at the lowest price points.
