- Dealers listed the average used car for $25,470 to start the month
- Prices are dropping despite new car tariffs
The average used car was listed for $25,470 at the start of June, $20 lower than a month ago and 1% lower than a year ago.
The drop mirrors a $12 drop in the price of the average new car, and comes despite tariffs raising automakers’ costs.
Related: Is Now the Time to Buy, Sell, or Trade-in a Car?
Inventory levels remain below historical norms, but the pace of sales has stayed relatively slow as Americans keep their powder dry in an uncertain economy.
Slow Sales Pace, Still Limited Selection
- Pandemic-era factory shutdowns mean fewer used cars today
As June opened, the total supply of used vehicles on dealer across the U.S. stood at 2.21 million units, down from 2.22 million units at the start of May but nearly unchanged from a year ago.
That equates to a 43-day supply of cars — a low figure by historical standards. The numbers remain low because automakers built about 8.1 million fewer cars at the height of the COVID-19 pandemic than they otherwise would have.
That leaves sales lots with few of the newer used cars they might sell as certified pre-owned vehicles.
Dealers are shortest on the older, higher-mileage vehicles they can sell for under $15,000, showing just a 31-day supply.
The top five sellers of the month appeared at an average price of $23,779, 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 50% of all used vehicles sold.
Foot traffic into dealerships stayed relatively steady from April’s slow numbers.
