Moderate Used-Car Asking Value Lowest Since April – Remarketing

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The average listing price was $27,564 at the end of October, down from the revised $28,266 at the end of September. That price is only 2% ahead of a year ago.  -  Graphic: Cox Automotive

The typical list value was once $27,564 on the finish of October, down from the revised $28,266 on the finish of September. That value is handiest 2% forward of a yr in the past.

Graphic: Cox Automobile


Used-vehicle asking costs fell right through October to their lowest moderate since April as stock suits pre-pandemic 2019 ranges, in keeping with the Cox Automobile research of vAuto To be had Stock information launched Nov. 17.

The overall provide of unsold used cars on broker a lot, each franchised sellers and independents, around the U.S. stood at 2.44 million gadgets on the shut of October, about the similar as it’s been for the previous few months however 10% upper than in October 2021 and as regards to pre-pandemic 2019 ranges.

General days’ provide on the finish of October stood at 51, when put next with the revised 53 days’ provide on the finish of September. Days’ provide in October was once 26% above year-ago ranges. Used-vehicle stock has been conserving at about this stage since mid-January.

The Cox Automobile days’ provide is in keeping with the day by day gross sales price for the latest 30-day length, on this case, finishing Oct. 31. Gross sales within the length have been 1.43 million cars when put next with the revised 1.40 million for the similar 30-day length in September. For all of October, Cox Automobile estimates used retail gross sales rose rather month over month and have been down 13% from a yr in the past. Qualified pre-owned gross sales slipped through 4% from a yr in the past however higher 3% from September.

The typical list value was once $27,564 on the finish of October, down from the revised $28,266 on the finish of September. That value is handiest 2% forward of a yr in the past. “Asking costs are in any case reflecting decrease wholesale costs,” stated Charlie Chesbrough, senior economist, Cox Automobile, in a information unlock. “Through Thanksgiving, the cost hole between this yr and remaining yr, now at 2%, will be long past.”

As with new vehicles, the decrease the cost the tighter the stock. With each $10,000 building up in value class, the times’ provide will increase. Days’ provide for less than $10,000 cars is 33. On the reverse finish of the spectrum, days’ provide for cars over $35,000 is 68. Manufacturers with the bottom days’ provide of used cars – beneath 50 – Honda, Hyundai, Lexus, Mazda, Toyota and Volkswagen.

 

Firstly posted on Car Remarketing



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