- The average used car sold for $27,239 in August.
- That’s the highest price since December 2022.
The average used car in America was listed for $27,239 in August — the highest price since December 2022.
Late summer typically brings flat to slightly lower used car prices. But a limited supply of vehicles has forced prices up this year.
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Why? Restricted supply. America’s car dealers have about 2.13 million used cars for sale today. In August 2022, they had 2.42 million.
Plant closures at the height of the COVID-19 pandemic meant automakers built about 8.1 million fewer cars than they otherwise would have. That shortage will ripple through the used-car market for years to come.
Ford, Chevrolet, Toyota, Honda, and Nissan remained the top-selling used-vehicle brands in August, unchanged from July and collectively accounting for roughly half of all retail used-vehicle sales.
Dealers have a 44-day supply of used cars on average, but more limited are supplies of the older, higher-mileage used cars they sell for $15,000 or less. Used vehicles priced under $15,000 sit at just a 29-day supply nationwide.
