New-vehicle inventories continue to tick up as the pace of vehicle sales remains healthy despite economic headwinds, according to data from Cox Automotive and the Automotive News Research & Data Center.
Cox’s most recent estimate of U.S. inventory is 1,928,619 vehicles, a 52-day supply. That’s up from 1,904,958 vehicles, or a 53-day supply, in the previous month, and about 71 percent higher than a year earlier.
Though supply is much higher compared with 2022, the level is well below historical levels. Cox computes days supply based on the selling rate of the previous 30-day period.
Steady supply and higher incentives are holding off the effects of rising interest rates, a trend that will likely continue, according to Cox analysts. The new-vehicle market should remain relatively strong going into the second half, unless the economy sees tighter credit or more job losses, Cox said.
Midsize, compact, subcompact and high-performance cars continue to be the only segments with less than a 40-day supply of inventory, according to Cox data. High-end luxury cars, full-size cars, electric vehicles and “uber-luxury” vehicles all had more than 80-day supplies.