Used-vehicle inventory rose again at the start of November, reaching 2.26 million units nationwide—1% higher than early October and 3% higher than a year earlier—setting a new 2025 high. Despite this increase, inventory levels remain below those seen in recent years and below 2019 levels. Days’ supply stood at 48, down one day from October but still one day higher than last year, indicating that while supply has improved, it remains constrained.

Retail used-vehicle sales strengthened in October, rising more than 3% month over month to 1.4 million units, up from 1.36 million in September and 2% higher than October last year. Cox Automotive attributes this momentum to buyers viewing the current market as a favorable purchasing window, supported by improved credit access and the continued value advantage of used vehicles compared to new ones. The average used-vehicle listing price in early November increased slightly to $25,945, up from $25,889 in early October and 2% higher than last year.

Demand remains strongest for lower-priced vehicles, although selection remains limited. Vehicles priced under $15,000 were in especially short supply, with only 34 days’ supply—14 days below the industry average. The month’s top five selling brands—Ford, Chevrolet, Toyota, Honda, and Nissan—collectively accounted for half of all used-vehicle sales, with their best-selling models averaging $24,037, roughly 7% below the overall average listing price.