Used Car Inventory Continues to Tighten, But Prices Drop Only Slightly [Yahoo! Finance]
Ford Motor Company (F)
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Source: Yahoo! Finance
Despite a significant drop in supply, previously owned vehicles saw only a small price hike in March of less than one percent. The average listing price, according to Cox Automotive, for a used vehicle in March was $25,390, which was up just 0.7 percent compared to February. That said, prices in March are typically higher than in February as March is when tax refunds typically start getting spent. However, Cox analysts noted that high prices for new vehicles continue to push buyers into the used market hoping for some relief. The result is that used car inventory is at its lowest level since 2019 and has dropped each of the last three months. There was a total of 1.95 million used cars on dealer lots last month, which was 5.9 percent less than the same period a year ago. "The retail used-vehicle sales pace was strong in March, but lower by 2.9 percent compared to a year ago," said Scott Vanner, manager of economic and industry insights at Cox Automotive. "Used retail sales volum
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