Vehicular communications have stringent latency requirements on safety-critical information transmission. However, lack of instantaneous channel state information due to high mobility poses a great challenge to meet these requirements and the situation gets more complicated when packet retransmission is considered. Based on only the obtainable large-scale fading channel information, this paper performs spectrum and power allocation to maximize the ergodic capacity of vehicular-toinfrastructure (V2I) links while guaranteeing the latency requirements of vehicular-to-vehicular (V2V) links. First, for each possible spectrum reusing pair of a V2I link and a V2V link, we obtain the closed-form expression of the packets’ average sojourn time (the queueing time plus the service time) for the V2V link. Then, an optimal power allocation is derived for each possible spectrum reusing pair. Afterwards, we optimize the spectrum reusing pattern by addressing a polynomial time solvable bipartite matching problem. Numerical results show that the proposed queueing analysis is accurate in terms of the average packet sojourn time. Moreover, the developed resource allocation always guarantees the V2V links’ requirements on latency.