Used car market statistics show a large U.S. market shaped by retail demand, wholesale values, limited inventory and uneven affordability. The measures below cover 2023–2025 observations and forecasts, and distinguish dealer sales, listings, auctions, lending and consumer prices.
Key Used Car Market Statistics
The most broadly useful measures are:
- In 2024, approximately 37.4 million used vehicles were sold in the United States across retail and other channels according to a Cox Automotive estimate.
- In 2024, approximately 19.9 million used vehicles were sold through U.S. retail dealers according to Cox Automotive.
- U.S. retail used-vehicle sales were estimated to be 4% higher in 2024 than in 2023.
- December 2024 U.S. used-vehicle sales were estimated to be 13% higher than in December 2023.
- August 2024 U.S. retail used-vehicle sales totaled an estimated 1.7 million units.
- Used retail inventory represented 41 days of supply at the start of August 2024 in the United States.
- U.S. dealer lots held an estimated 2.17 million used vehicles on August 1, 2024.
- The average U.S. retail used-vehicle listing price was approximately $25,467 during 2024.
- The 2024 average used-vehicle listing price was estimated to be 32% above the 2019 level.
- The Manheim Used Vehicle Value Index ended 2024 at 204.8 in the U.S. wholesale auction market.
- The December 2024 Manheim index was 0.4% above December 2023 on a seasonally adjusted basis.
- February 2024 U.S. certified pre-owned sales were estimated at 210,741 units.
- August 2024 U.S. certified pre-owned sales were estimated at 235,150 units.
- The average used auto loan rate was estimated at 14.3% in June 2024 in the U.S. used-auto lending market.
- U.S. listings priced below $15,000 had 31 days of supply on August 1, 2024.
- Cox forecast 2025 U.S. retail used-vehicle sales at 20.1 million units, approximately 1.2% above 2024.
Contents
- U.S. used car market sales scale and retail activity
- Used car market inventory, days’ supply and availability
- Used car prices, wholesale values and depreciation
- Certified pre-owned and channel trends
- Used car affordability, financing and consumer measures
- Used car market forecasts and supply outlook
U.S. Used Car Market Statistics: Sales Scale and Retail Activity
Cox Automotive estimated total U.S. used-vehicle sales at 37.4 million units in 2024, including retail and other channels. Its estimate for retail dealers was 19.9 million units, so the two figures describe different market scopes rather than interchangeable totals. Cox Automotive: Used-Vehicle Sales Increased Year Over Year but Were Hampered by Lower Supply
| Measure | Period | U.S. result | Definition |
|---|---|---|---|
| Total used-vehicle sales | 2024 | 37.4 million | Retail and other channels; estimate |
| Retail used-vehicle sales | 2024 | 19.9 million | Retail dealers; estimate |
| Retail year-over-year change | 2024 vs. 2023 | 4% higher | Initial vAuto Live Market View estimate |
| December year-over-year change | December 2024 vs. December 2023 | 13% higher | Initial Cox estimate |
Monthly estimates also show strong movement within 2024. February retail sales were 1.49 million units, up 13.5% from January and 10.7% from February 2023; March sales rose 6% from February; and August sales reached 1.7 million units, up 8% from July and 13.6% year over year. Cox Automotive: Used Retail Vehicle Sales Accelerate in February Cox Automotive: Manheim Index: Wholesale Used-Vehicle Values Lower than Expected in March Cox Automotive: Wholesale Used-Vehicle Prices Increased in August
Used Car Market Data: Inventory, Days’ Supply and Availability
Days’ supply expresses available inventory against a recent sales pace. Cox reported 56 days of used retail supply at the end of 2023, the highest weekly level of that year, followed by 53 days at the beginning of February 2024, 44 days at the beginning of March and 42 days at the end of March.
The March estimate was five days below the revised February level. Cox Automotive: Used-Vehicle Inventory Closes Out Year at Highest Level in Five Years Cox Automotive: Used Retail Vehicle Sales Accelerate in February Cox Automotive: Manheim Index: Wholesale Used-Vehicle Values Lower than Expected in March
| Inventory measure | Measurement period | Result |
|---|---|---|
| Used retail days’ supply | End of 2023 | 56 days |
| Used retail days’ supply | Beginning of February 2024 | 53 days |
| Used retail days’ supply | Beginning of March 2024 | 44 days |
| Used retail days’ supply | End of March 2024 | 42 days |
| Used-vehicle inventory | August 1, 2024 | 2.17 million units |
| Used retail days’ supply | August 1, 2024 | 41 days |
At the start of August 2024, estimated dealer-lot inventory was 2.17 million units, 3% below the year-earlier level and down from 2.22 million at the start of July. The 41-day supply was 12 days below early July and seven days below the year-earlier level, while the latest 30-day sales window recorded 1.60 million used-vehicle sales, nearly 15% above the comparable year-earlier pace.
Cox cautioned that a dealer-management-system outage created reporting volatility in the August supply measure. Cox Automotive: Notable Increase in Reported Sales Drives Used-Vehicle Inventory Lower in July
Used Car Prices, Wholesale Values and Depreciation Trends
Wholesale and retail listing measures answer different questions. The Manheim Used Vehicle Value Index (MUVVI) tracks U.S. wholesale auction values, while the average retail listing price describes advertised vehicles and is not a transaction price.
The seasonally adjusted MUVVI ended 2024 at 204.8, 0.4% above December 2023. It had reached an all-time high of 257.7 at the end of 2021 and fell to 196.1 in June 2024; the long-term average annual growth cited by Cox was 2.3%. Cox Automotive: Manheim Index: Used-Vehicle Values Stabilized in 2024
August 2024 provides a shorter-term comparison: the MUVVI rose to 203.9, up 1.2% from July but 3.9% below August 2023. The non-adjusted average wholesale price rose 2.2% month over month and was down 4.6% year over year. Cox Automotive: Wholesale Used-Vehicle Prices Increased in August
The Three-Year-Old Index fell 1.3% over the final four weeks of December 2024, including a 0.5% decline in each of the final two weeks. These are wholesale index movements, not direct measures of what every consumer paid. Cox Automotive: Manheim Index: Used-Vehicle Values Stabilized in 2024
Cox estimated the average U.S. retail used-vehicle listing price at approximately $25,467 during 2024, 32% above the 2019 estimate. Because this is a listing-price measure, it should not be treated as an average completed-sale price. Cox Automotive: Used-Vehicle Retail Listing Prices Decline
Certified Pre-Owned and Used Car Market Channel Trends
Certified pre-owned (CPO) vehicles are a subset of retail used-vehicle sales, so CPO volumes should not be added to total retail sales. Cox estimated February 2024 CPO sales at 210,741 units, up 2.3% year over year, or nearly 4,800 units, with an extra February selling day affecting the comparison.
| CPO measure | Period | Result |
|---|---|---|
| CPO sales | January 2024 | 201,621 units |
| CPO sales | February 2024 | 210,741 units |
| February year-over-year change | February 2024 vs. February 2023 | 2.3% higher |
| February month-over-month change | February 2024 vs. January 2024 | 4.5% higher |
| CPO sales | August 2024 | 235,150 units |
| August month-over-month change | August 2024 vs. July 2024 | 11.1% higher |
| August year-over-year change | August 2024 vs. August 2023 | 3.3% lower, or 23,588 units |
Cox’s August estimate was 235,150 CPO units, 11.1% above July but 3.3% below August 2023. The source noted that supply mix affects CPO volume, so a lower year-over-year count does not by itself describe all retail used-vehicle demand. Cox Automotive: Used Retail Vehicle Sales Accelerate in February Cox Automotive: Wholesale Used-Vehicle Prices Increased in August
Cox forecast 2024 CPO sales at 2.7 million units, representing forecast growth of 3% from 2023. This was a forecast published before the measurement period, not an observed full-year result. Cox Automotive: Cox Automotive’s Forecast: 2024 – A Return to Normalcy in the U.S. Auto Market
Used Car Affordability, Financing and Consumer-Market Measures
Borrowing costs were elevated in the Cox measures supplied for 2024. The average used auto loan rate was estimated at 13.98% in the May 2024 market report and 14.3% in June; lender mix and borrower mix were not specified in the reported snippet, so these figures are market measures rather than a universal buyer rate. Cox Automotive: Manheim Index: Wholesale Used-Vehicle Values Lower than Expected in March
Lower-priced inventory was especially constrained. Vehicles listed below $15,000 had 31 days of supply on August 1, 2024, which Cox compared with 29% less supply than the overall used market.
The comparison is based on days’ supply, not a count of vehicles. Cox Automotive: Notable Increase in Reported Sales Drives Used-Vehicle Inventory Lower in July
Cox estimated the average listing price for the five top-selling automakers—Ford, Chevrolet, Toyota, Honda and Nissan—at $23,922 in the August 2024 report period. Those five makes accounted for 51% of used vehicles sold in that report, while average listed mileage was 69,699 miles.
These are listing and sales-concentration measures for the specified U.S. report scope, not all vehicles in operation. Cox Automotive: Notable Increase in Reported Sales Drives Used-Vehicle Inventory Lower in July
For consumer inflation context, the Bureau of Labor Statistics reported that used cars and trucks represented 2.759% of the CPI basket in December 2025 for U.S. urban consumers. This is an expenditure weight, not market share or sales share; BLS covers two-to-seven-year-old vehicles in its used-cars-and-trucks CPI category and distinguishes it from Manheim’s professional-only wholesale auction index. BLS: Measuring Price Change in the CPI: Used Cars and Trucks
Used Car Market Forecasts, Supply Constraints and Outlook
Cox forecast U.S. retail used-vehicle sales at 20.1 million units in 2025, approximately 1.2% above 2024. This is a forecast, not a realized outcome, and it should be read separately from the observed or estimated 2024 sales figures. Cox Automotive: Manheim Index: Used-Vehicle Values Stabilized in 2024
The supplied market evidence points to a market where sales activity improved during parts of 2024 while inventory remained sensitive to sales pace and reporting conditions. Retail listings, wholesale auction values, CPO volumes, loan rates and CPI weights measure different populations and purposes, so none should be substituted for another when evaluating the used car market.
The central supply constraint is clearest in the affordable segment: the below-$15,000 category had 31 days of supply at the start of August 2024, compared with 41 days for the overall used retail market. Meanwhile, wholesale values remained below the late-2021 index peak even though the MUVVI ended 2024 slightly above its year-earlier level. Cox Automotive: Notable Increase in Reported Sales Drives Used-Vehicle Inventory Lower in July Cox Automotive: Manheim Index: Used-Vehicle Values Stabilized in 2024