The average used car was listed for $25,251 in June, down about $400 from May’s price and down more than $1,700 from last June, according to data from Kelley Blue Book parent Cox Automotive.
Used car sales appear to have slowed last month. But that might not say anything about demand.
Mid-month, a major cyberattack disrupted operations at many dealerships nationwide. Sales slowed due to the disruption, not from lack of demand.
Related: Average New Car Price Held Steady In June
Most car dealerships manage their operations with the help of software specifically designed for them. Several companies make dealership management systems (DMS) software, which dealerships use to do everything from tracking inventory to scheduling service appointments.
Hackers took one of the largest DMS systems offline for nearly two weeks in June, demanding a large ransom to restore it. The hack has since been resolved, and the service restored. But, for two weeks, business slowed at many dealerships nationwide as salespeople returned to pen-and-paper processes to sell cars.
The average used car dealer today reports a 53-day supply of used cars in stock – up seven from the beginning of June and up four days compared to a year ago. But the count may not be accurate, as dealerships are still inputting sales from late June into their systems.
Still, our analysts can spot trends that might inform your car shopping this month.
Used cars priced below $15,000 remain in short supply. Ford, Chevrolet, Toyota, Honda, and Nissan dealers continue to sell more used cars than dealerships representing other brands.
But shoppers can expect more actionable intelligence as fall approaches and dealerships report their inventory more accurately. Shopping for a used car in late summer will likely require patience and a longer hunt for the car you want.
