Used vehicle inventory hits highest level since the pandemic in October
Used vehicle inventory in the United States reached its highest point since the COVID pandemic in October, rising 4.8 percent from a year earlier to a 50.4 day supply, according to the latest CarGurus Intelligence Report covered by CDG News. Late model vehicles three years old and younger drove 60 percent of the year over year increase, and vehicles one year old or younger now make up almost 20 percent of listings. Demand stayed ahead of supply growth, climbing 5.8 percent from last October, while the average used price slipped 0.7 percent from September to $29,800, dropping below $30,000 for the first time in six months. On the new side, inventory rose 6 percent from September and the average price eased to $51,600, with hybrids drawing the strongest demand.
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