Cox Automotive reports tighter used inventory and rising prices as affordability issues drive buyers away from new cars.
On the Dash:
- July sales rose 9% month over month and 7% year over year, as affordability challenges in the new-car market push buyers toward used vehicles.
- Dealer lots held 2.20 million used vehicles with a 43-day supply, the lowest for this time of year in three years, signaling limited availability, especially for vehicles under $15,000.
- Average listing prices increased slightly to $25,527, while top-selling brands like Ford, Chevrolet, Toyota, Honda, and Nissan remain dominant, reflecting high demand and constrained supply.
U.S. used-vehicle sales rose in July, but dealer inventory struggled to keep pace, according to Cox Automotive’s latest analysis of vAuto Live Market View data.
Retail sales of used vehicles climbed 9% month over month, reaching 1.52 million units in July compared to 1.39 million in June. Sales were also 7% higher than a year earlier, as buyers increasingly turned to pre-owned options amid affordability challenges in the new-car market. Lower credit rates and improved access to financing also supported demand.
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At the start of August, used-vehicle inventory on franchised and independent dealer lots totaled 2.20 million units, nearly unchanged from July but up 1% year over year. Despite the volume, supply remains tight. Dealers entered the month with a 43-day supply, down from 47 days in July and the lowest level for this time of year in three years.
Pricing also reflected the market strain. The average used-vehicle listing price rose slightly to $25,527 at the beginning of August, compared to $25,342 in July. However, values remain flat compared to last year, signaling limited price relief for buyers.
Affordable vehicles under $15,000 remain especially scarce, with only 31 days’ supply, well below the industry average. The month’s top sellers averaged $23,838, roughly 7% below the overall listing price. Ford, Chevrolet, Toyota, Honda, and Nissan continued to dominate the market, making up 51% of all used sales.
Cox Automotive noted that the used-vehicle supply has consistently lagged behind demand, a trend that has defined the market for several years.
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