Vehicle inventory continues to be tight and in July 2021, a new record was set for the average listing price of used vehicles. Having broken $25,000 in June for the first time, the current average list price of $25,500 is 28% higher than the same point in 2020, and 32% higher than in 2019.
A lack of both new and used vehicle inventory is driving prices up, with used vehicle availability down 14% from 2019 and 12% from 2020. Many who would prefer a new vehicle are being forced into the used vehicle market due to a lack of inventory, so there are more buyers chasing after even fewer vehicles.
- Used vehicles under $10,000 have the lowest available inventory, with only a 30-day supply
- Used vehicles over $35,000 have the highest available supply at 49 days
- Franchised dealer inventory has stayed relatively stable with 1.45 million vehicles, a 40-day supply and average mileage on used vehicles of 62,359
- Independent dealer inventory has slightly increased to 989,000, with a 45-day supply and average mileage on used vehicles of 78,267
Article Source: https://www.automotive-fleet.com
Link to complete source story: https://www.automotive-fleet.com/10149740/used-vehicle-prices-set-new-records-amid-tight-supply
Disclaimer: In the News blog posts are Doering's take on the best content and the latest news in the Fleet Management Industry. Doering did not write the original source article.