The average used-vehicle listing price was $25,251, down from the revised $25,642 at the start of June and down 7% from a year earlier.
Used-vehicle inventory levels at the start of July were lower than in June, as a widely used dealer management system (DMS) outage disrupted sales and inventory reporting, according to the Cox Automotive analysis of vAuto Live Market View data released July 19.
As July opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.08 million units, unchanged from a year ago but down from the 2.25 million units at the start of June.
The market saw a decline in sales for both new and used vehicles, most notably in the second half of the month, which drove measures of days’ supply higher. Although Cox estimates a decline in used retail sales for June compared to May, the disruption makes it challenging to provide an accurate report.
Inventory levels of both new and used vehicles decreased through June. However, the outage appears to have had less of an impact on the used-vehicle market. Used-vehicle days’ supply at the start of July was 53 days, up seven days from the beginning of June and up four days compared to last year.
The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period, when sales were 1.26 million units. Used-vehicle sales in the period were down 14% month over month and more than 6% year over year.
The average used-vehicle listing price was $25,251, down from the revised $25,642 at the start of June and down 7% from a year earlier. Retail used-vehicle prices have been consistently lower through the first six months of 2024 compared to year-ago levels and are now down at a level last seen in the summer of 2021.
Affordability remains challenging for consumers, and supply is more constrained at lower price points. Used cars below $15,000 continue to show low availability, with only 39 days’ supply, 35% less than the industry average. The top five sellers of the month were listed at an average price of $23,833, about 6% below the average listing price for all vehicles sold, and were once again Ford, Chevrolet, Toyota, Honda and Nissan, accounting for 49% of all used vehicles sold.
