Article Summary

Total available new vehicle inventory in the US sits at 3.01 million units. This figure reflects a 2.8% decline compared to November 2024. 

This analysis is updated monthly to provide readers with the most current state of US vehicle inventory. 

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US auto inventory levels decreased 0.9% month-over-month (MoM) in November 2025, according to the latest S&P Global Mobility Retail Advertised Inventory data.

Total available new vehicle inventory in the US sits at 3.01 million units. This figure reflects a 2.8% decline compared to November 2024. 

Toyota continues to be the largest outlier with a 44.6% increase in advertised inventory year-over-year (YoY). Their sister luxury brand, Lexus, also saw a 35.2% increase. 

YOY change in inventory volume:

  • Toyota +44.6%
  • Lexus: +35.2%
  • BMW: +15.6% 
  • Ford: -10.6%
  • Mercedes-Benz: -13.6%
  • Chevrolet: -14.3%

Addressing affordability with discounts

As affordability continues to be top-of-mind with consumers, S&P Global Mobility data shows that discounts on new vehicles overall increased by $163 in November, to an average of $3,389 per vehicle. 

While discounts are expected during a model year changeover, discounts on MY26 vehicles have increased at a much faster pace compared to the MY25 changeover from last year. There was an average discount of $2,636 on MY26 vehicles in November compared to $1,518 on a new MY25 vehicle this time last year, an increase of 74%.

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Additionally, more than 54% of vehicles listed for sale are listed under MSRP, compared to 46% a year ago. 

That number grows to 61% in the compact utility segment, the industry’s largest segment, which includes smaller utility vehicles such as the Honda CR-V and Toyota RAV4.

Inventory age increases this month

The average age of new vehicle inventory has climbed by 4 days from October, now reaching 73 days. This uptick suggests vehicles are staying on dealership lots longer before being sold, possibly reflecting shifting market dynamics, slower sales, or increased supply. 

Dealers may need to adjust pricing strategies or marketing efforts to move older inventory and maintain healthy turnover rates. Monitoring this trend is crucial, as prolonged inventory age can impact cash flow and profitability. 

Staying proactive in managing inventory will help dealerships adapt to changing market conditions and optimize their operations for the months ahead.

EV inventory grows for second straight month

The industry is still seeing the impact of EV sales that were pulled ahead in September when the federal tax credits expired. As anticipated, EV inventory grew 5.5% from October but is 32% lower than last November. 

Chevrolet Equinox EV surpassed the Ford Mustang Mach-E in having the most available EV inventory and accounts for nearly 12% of all available EVs.

Hybrid new vehicle inventory growing to meet demand

Hybrid vehicles are growing sharply in popularity, and hybrid new vehicle inventory has grown accordingly. There are 327,150 hybrids listed for sale which is a 26% increase YOY. Discounts were roughly $400 less on a hybrid and the average age of hybrid inventory is 57 days, more than two weeks less than the industry average. 

In closing, November 2025’s new vehicle inventory data highlights a market in transition, with overall volumes continuing to trend downward following several months of growth earlier in the year. The rise in advertised discounts and the growing share of vehicles listed below MSRP reflect both heightened affordability concerns and a market adjusting to shifting supply. Meanwhile, the surge in hybrid inventory and the evolving EV landscape underscore consumers’ increasing interest in alternative powertrains.  

With S&P Global Mobility's vehicle inventory data, automakers can identify market opportunities and risks, optimize incentive spending, refine production strategies, and stay ahead of the competition in a rapidly changing landscape.

We provide inventory data at the national, state, DMA and dealer levels, covering more than 19,000 dealer sites. Learn more and download a data sample.

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This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.

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Article

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Automotive Industry Forecast and Analysis