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The latest analysis from Cox Automotive, using vAuto Live Market View data, paints a clear picture of the U.S. used-car market in February 2026. Dealers across franchised and independent networks reported a total of 2.13 million used vehicles on lots — a level that is 1.6% higher than the same month a year earlier yet 2.6% lower than the 2.18 million units available in January 2026. The national average listing price for a used vehicle stood at $25,287, a figure that helps set the tone for buyer expectations and dealer pricing strategies.
Sales momentum and the factors behind it
Retail demand accelerated in February, with estimated used retail sales of approximately 1.41 million vehicles, up from 1.38 million in January and 5.5% higher than February 2026. On a per-day basis the market moved about 50,400 vehicles — a 13% jump from January’s 44,500 daily sales rate. Several forces likely combined to produce that lift: credit availability reached levels not seen since 2026, many consumers received larger tax refunds than in prior years, and the market rebounded after a weather-related slowdown late in January. Together, these elements bolstered the argument that the used market remains a compelling value alternative to new vehicles for many buyers.
Inventory depth and what the numbers mean
With climbing sales and slightly lower stock, the industry-wide days’ supply declined to 42 days in February. That metric is two days lower than a year ago and seven days below the revised January reading, signaling a leaner pipeline for dealers. Compared with earlier periods the market is noticeably tighter: supply sits 11 days below the February 2026 level. The squeeze is most acute in the budget segment — used cars priced under $15,000 showed only a 31-day supply, which is nine days shorter than the industry average. For retail operations that means more active sourcing and potentially faster turnover on competitively priced units.
Pricing patterns and vehicle segments
Prices softened marginally from January, with the average listing price decreasing 1.1% from $25,570 to $25,287, while remaining essentially flat year over year (up less than 1%). The month-to-month dip appears tied in part to continued price easing in SUVs, which made up nearly half of all used-vehicle transactions in February. Affordability pressures are visible: the top five sellers carried an average transaction price of about $23,578, nearly 7% below the overall used-vehicle average listing price. For buyers prioritizing value, options below certain price thresholds remain limited, and for sellers the market is nudging towards competitive pricing on popular SUV models.
Certified pre-owned and brand concentration
Certified pre-owned demand also ticked upward. CPO transactions climbed to an estimated 207,263 units in February, a rise of roughly 2% year over year and an increase of 2.2% month over month from January’s 206,505. The growth in certified pre-owned (CPO) aligns broadly with movements in the new-vehicle market, which saw a modest month-to-month improvement but remained lower on a year-over-year basis. This trend underscores sustained consumer interest in warranty-backed, lightly used options when outright new-car purchases feel out of reach.
Which brands are leading the market
Brand concentration remains pronounced: Ford, Chevrolet, Toyota, Honda and Nissan together represented nearly 50% of used-vehicle sales in February. That clustering highlights two realities — strong resale appeal for mainstream nameplates and a buyer preference for familiar, proven models. For dealers, this concentration means inventory planning should prioritize those makes while balancing opportunities in segments where pricing is cooling.
Implications for dealers and consumers
The February 2026 snapshot suggests a market where demand is strengthening, supply is leaner and pricing is fine-tuning by segment. Dealers will likely need to be more proactive in sourcing, especially for vehicles under $15,000, and to monitor shifts in credit availability and refund flows that influence buying behavior. Consumers who value warranty protection should watch the expanding CPO pool, while price-sensitive buyers may find better opportunities in the top-selling mainstream brands. Overall, the used-vehicle market remains an important counterbalance to the new-vehicle sector and continues to offer substantial value for many buyers.