- The 2024 used car market grew to 16.8 million units, but still lags behind 2022’s peak.
- Certified pre-owned vehicle sales dropped nearly 5% year-over-year in December.
- Dealership lots are down 5% in supply, adding pressure to a tight used car market.
Sales of used vehicles in the United States saw a modest bump last year, rising by just over 4.3%. While the 2024 numbers didn’t quite match the record-breaking highs of 2022, they were still a win for both franchised and independent dealers. In fact, December turned out to be a particularly profitable month, with sales spiking compared to the previous year, according to new industry data.
Last year, 16,851,978 used cars were sold through dealerships—an increase of 4.34% compared to 2023’s 16,151,073 units. However, it fell short of the 16,882,290 units sold in 2022. So, while there’s growth, it’s more like a slow, steady climb rather than a skyrocket.
Read: The Top 100 Best-Selling Used Cars, Trucks And SUVs Of 2024
In December, 1,390,749 used vehicles were sold by dealers in the US. That figure was relatively steady from the 1,386,219 units sold the month prior, but did represent a significant 12% increase from sales in December 2023. According to Cox Automotive senior analyst of Economic and Industry Insights, Scott Vanner, “December usually sees a drop in used-vehicle retail sales, this year they showed a stronger seasonal trend and were significantly higher than last year.”
He added, “December marked the second month of double-digit year-over-year sales growth, capping off a positive year for used-vehicle sales.” It’s safe to say that dealers were feeling pretty good about how things wrapped up.
USED CAR SALES USA
Certified Pre-Owned Sales Take a Dip
Certified pre-owned (CPO) vehicles didn’t share the same luck. While CPO sales in December did rise by 4% compared to the month before at 216,955 units sold versus 208,708, year-over-year sales dropped by 4.9%. The main culprits? Fewer selling days in December and a noticeable lack of off-lease and trade-in units.
Heading into January, dealership lots were sitting on about 2.22 million used vehicles, down 5% compared to a year ago, with roughly 48 days’ worth of inventory. The average listing price of a used vehicle is now $25,721, a slight increase over December’s $25,574, but still down 3% compared to last year. So, while prices are hanging around, the supply is thinner, which could mean tighter margins for buyers and sellers alike.
