26 November 2025
US new vehicle inventory grows for third straight month
By Kent Chiu and Steve Giordano
Article Summary
Total available new vehicle inventory in the US sits at 3.04 million units. This figure reflects a small 0.4% decline compared to October 2024.
This analysis is updated monthly to provide readers with the most current state of US vehicle inventory.
US auto inventory levels increased 5% month-over-month (MoM) in October 2025, and have now risen every month since July, according to S&P Global Mobility’s Retail Advertised Inventory data.
Total available new vehicle inventory in the US sits at 3.04 million units. This figure reflects a small 0.4% decline compared to October 2024.
Figure 1: Total retail advertised inventory over time
In sharp contrast to the industry, Toyota new vehicle inventory increased 36% year-over-year (YOY).
Figure 2: Toyota and Chevrolet retail advertised inventory over time
Toyota RAV4 inventory has steadily increased since November 2024, likely in anticipation of the upcoming redesigned MY26 version. In November 2024, there were 27,051 RAV4s listed for sale, and this number has risen significantly to 66,432 by the end of October 2025.
In contrast, total Chevrolet inventory decreased 16% year-over-year (YOY). Inventories for the Chevrolet Silverado and Chevrolet Equinox have both declined, with decreases of 19% and 17%, respectively. This drop in new vehicle inventory for both models has occurred across fuel types, affecting both gasoline and battery electric vehicle variants.
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EV inventory increases after tax credits expire
There was a 14% increase in advertised EV inventory from September 2025 as the federal tax credits expired. Several electric vehicles saw a dramatic increase that well outpaced the industry.
Honda Prologue: +157%
Hyundai Ioniq 5: +135%
Cadillac Optiq: +84%
Chevrolet Equinox: +48%
Figure 3: Electric vehicle inventory over time
EV discounts increase in October
Despite expectations that advertised discounts would decline with the expiration of federal incentives, S&P Global Mobility data reveals that discounts increased by 6% in October. A closer examination shows that different brands are employing varied strategies based on their specific business conditions.
For instance, following the expirations of federal incentives, Hyundai is launching the new MY26 Ioniq 5 with an MSRP averaging approximately $7,000 lower than the outgoing MY25. Hyundai's electric vehicle (EV) inventory also grew by over 6,000 units from September to October, leading to an increase in MoM discounts for Hyundai EVs.
Conversely, discounts on Audi EVs decreased by 41%, with only 849 electric Audis available in dealer stock. Overall, the expiration of federal credits has not significantly impacted how dealers are advertising their EV inventory. In October, 48% of dealer inventory was advertised below MSRP, a level that has remained consistent since the summer months.
Industry-level discounts for new vehicle inventory on the rise
According to S&P Global Mobility data, there has been an increase in the number of vehicles advertised below the Manufacturer's Suggested Retail Price (MSRP), with average discounts rising by $221 to $3,229. As the end of the year approaches, further discounting is anticipated as pressure mounts from the inventory of MY26 units, prompting dealers and manufacturers to clear out older MY25 units.
Amid ongoing concerns about vehicle affordability, it is noteworthy that discounts on MY26 vehicles are growing at a significantly faster rate than in previous years. This trend is illustrated in Figure 4, where the red line representing MY26 incentives shows a sharp increase compared to the trends observed for MY24 and MY25.
Figure 4: Average advertised discount by vehicle model year
Conclusion
In conclusion, as of October 2025, US new vehicle inventory has risen for the third consecutive month, totaling 3.04 million units despite a slight year-over-year decline. The EV segment has seen a 14% increase in inventory post-tax credit expiration, and discounts are rising, indicating an increasingly competitive market landscape.
As the year progresses, manufacturers and dealers must adapt to these trends and manage new vehicle inventory levels to effectively meet consumer demand.
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.
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.