Pandemic Auto Production Cuts Left 7.5 Million Vehicles Missing From Used Car Market

Cox Automotive estimates that pandemic-era production pullbacks created a shortage of 7.5 to 8 million vehicles in the used car market, keeping prices elevated and supply constrained years after the disruption ended. Incentive levels remain below pre-pandemic levels, and leasing rates—particularly for popular vehicle types—have not recovered. The analysis argues that automaker behavior during the pandemic has structurally changed industry practices in ways that will sustain high prices and low supply for all customer segments, including budget-conscious used car buyers.