Used-Vehicle Inventory Builds as September Sales Pace Slows

September largely followed typical seasonal patterns, with retail used-vehicle sales declining from August while inventory and days’ supply increased, according to Cox Automotive’s analysis of vAuto Live Market View data. Average listing prices reached $27,235, their highest level since 2022, though essentially flat from August and up 6% from a year ago.

Inventory Rises and Moves Further Above Year-Ago Levels

Combined franchised and independent auto dealers had 2.21 million used vehicles on their lots in September, up 3.3% year over year and up 3.9% from August. A rise in inventory is not unusual for this time of year. Supply is above September 2023 and 2024 volumes but remains short of the roughly 2.42 million on dealer lots in September 2022.

Used-Vehicle Inventory Volume

Used-Vehicle Sales Pace Is Up From a Year Ago

The retail used-vehicle sales pace increased 2% year over year in September but declined 6.3% from August. Total retail used sales volume is estimated at 1.35 million, consistent with recent September volumes. The sales pace normally steps down from August to September, and this year’s decline was milder than in most recent years.

Used-Vehicle Retail Sales

The retail used-vehicle market continues to perform well despite economic headwinds like inflation, elevated gas prices, and affordability challenges, with sales running slightly above last year’s pace. An increased number of younger used vehicles are hitting the market, and sales of those under three years old are noticeably higher than a year ago. Those trends, along with used vehicles’ relative value compared with new models, are helping support demand. Credit access also improved in September, reaching its highest level since April 2015, according to the Dealertrack Credit Availability Index, helping buyers finance that demand even as borrowing costs rose. Deal structures have grown more complicated, but so far, consumers are doing what it takes to get into their next vehicle.

Ford, Chevrolet, Toyota, Honda and Nissan remained the top-selling used-vehicle brands in September, unchanged from August and collectively accounting for over 49% of all retail used-vehicle sales.

Days’ Supply Rises as Inventory Grows and Sales Pace Slows

Days’ supply, based on the estimated daily retail sales pace for the most recent month, was 49 in September, up one day year over year and up from 44 in August. Inventory rose 3.9% month over month while the sales pace fell 6.3%, lengthening days’ supply by five days.

Used-Vehicle Inventory Days’ Supply

Used-Vehicle Prices Reach Highest Level Since 2022

The average used-vehicle listing price was $27,235 in September, the highest monthly average since December 2022, though essentially flat from a revised $27,223 in August. Prices were up nearly 6% from a year earlier, and September was the third month of 2026 above $27,000, following June and August.

Average Used-Vehicle Listing Price

Affordable Used Vehicles Remain in Short Supply

Affordable used-vehicle options remain limited. Used vehicles priced below $15,000 had only 34 days’ supply, 15 days below the industry average. Supply in that price band fell 16.2% year over year and now accounts for 15.7% of all used-vehicle inventory, down from 19.4% a year ago.

Certified Pre-Owned Sales Fall From August

Certified pre-owned (CPO) sales were up 10% year over year in September but decreased 6% from August, according to data reviewed by Cox Automotive. September CPO sales are estimated at 213,525, down from 227,204 in August. CPO share of total used-vehicle retail sales was 15.8% in September, up from 15.2% in August.