- The average used car in America was listed for $27,028 in July, only $1 more than June’s price.
- The month-to-month change is small, but prices remain 6% higher than a year ago.
Used car prices are high and not coming down. The listing price of the average used car in July sat at $27,028 — $1 more than June’s average, but 6% higher than a year ago. The data come from Kelley Blue Book parent company Cox Automotive.
The used car lot has become the go-to place for Americans seeking affordable transportation as new car prices hover near the $50,000 mark. But shoppers find little relief there.
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Dealers saw their supply of used cars decrease slightly during the month. The average dealership currently holds a 46-day supply of used cars to sell, which is one day fewer than they had in June.
Demand typically eases in late summer, but that’s not happening yet this year, says Scott Vanner, Cox Automotive manager of Economic and Industry Insights.
“Used vehicles continue to offer a compelling value proposition compared with new models, even as used prices have moved higher. Improving credit availability is also helping support consumer demand, with credit access reaching its highest level since November 2015 in July.”
Vehicles priced below $15,000 remain the rarest thing on a dealer lot. Dealers ended July with just a 32-day supply of those.
Ford, Chevrolet, Toyota, Honda, and Nissan remained the top-selling used-vehicle brands in July, unchanged from June and collectively accounting for half of all retail used-vehicle sales.
