The average used car in America was listed for $25,540 last month – up slightly from the month before but 4% lower than a year ago.
The numbers come from Kelley Blue Book parent company Cox Automotive.
Used car sales traditionally pick up in spring, as tax return season gives millions of Americans the freedom to car shop. The pattern held in 2024. The average used car dealer started March with a 46-day supply of used cars to sell and finished the month with 44.
Despite thinner supply, we don’t expect used car prices to rise significantly. The wholesale prices dealers pay at auction for the used cars they later sell have fallen in recent weeks – a sign that retail prices will likely fall or stay low.
New car prices have been falling throughout the year, too, recently nearing a 2-year low.
Though prices are lower than a year ago, the least-expensive used cars remain hard to find. Dealers ended March with just a 33-day supply of the older, higher-mileage used cars they price below $15,000.
The top five sellers of the month — Ford, Chevrolet, Toyota, Honda, and Nissan — accounted for 49% of all used vehicles sold at an average price of $23,089, more than 9% below the average listing price for all vehicles sold.
