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Used car inventory grew during 2023 in the USA, reaching a December level not seen since Q4 2022, while days supply has been stable for several months.

New-car prices, used inventory shortages drive stability in used-car market Cars Commerce booth at the 2024 NIADA Convention and Expo in Las Vegas. Photo by Andrew Friedlander.

Data shows the average transaction price for used cars dropped nearly 7% in the second quarter versus a year ago. For EVs, the drop is even bigger.

Used vehicle prices continue to drop and more certified preowned cars line dealers' lots as consumers seek alternatives to pricey new cars.