Used vehicle days’ supply hit the lowest in three years for this time of year, as well as the same period in 2019, according to Cox Automotive analysis of vAuto Live Market View data released Aug. 15.
The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. Used vehicles had 43 days’ supply at the start of August, down four days from the upwardly revised level at the start of July and down two days compared to the same time last year. Days’ supply remains constrained at levels below those of recent years.
Meanwhile, used-vehicle inventory levels at the start of August showed little movement month over month. Still, they were up compared to early August 2024.
As August opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was mostly unchanged from the 2.2 million units at the start of July but up 1% from a year ago.
The retail used-vehicle sales pace was up 9% month over month in the most recent 30-day period. Used retail sales were at 1.52 million vehicles in July, up from the 1.39 million reported in June.
Demand remains strong as affordability challenges in the new market continue to push consumers towards used options, with the market also benefiting from gradually lowering credit rates and improved credit access. Sales continue to outperform recent years, with a 7% increase compared to the previous year.
Used retail prices increased compared to July but have shown little change over the last few months. The average used vehicle listing price increased to $25,527, up from the revised $25,342 at the beginning of July but nearly unchanged compared to the levels observed a year earlier.
Price-conscious buyers have limited options for affordable used vehicles. Used cars priced below $15,000 continue to have low availability, with only 31 days’ supply, which is 12 days below the overall industry average.
The top five sellers of the month were listed at an average price of $23,838, almost 7% below the average listing price for all vehicles sold. Once again, Ford, Chevrolet, Toyota, Honda and Nissan were the top-selling brands, accounting for 51% of all used vehicles sold.
