Used-Vehicle Inventory Holds Steady in June as Affordability Keeps Demand Strong

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of July showed little change month over month and remained largely unchanged compared to early July 2024.

As July opened, the total supply of used vehicles on dealer lots – both franchised and independent – across the U.S. stood at 2.21 million units, roughly the same as the start of June and the start of July a year ago.

The retail used-vehicle sales pace was down month over month in the most recent 30-day period. Used retail sales were at 1.46 million vehicles in June, down from the 1.49 million reported in May. In June, used retail vehicle sales slowed slightly compared to April and May, which is seasonally normal for this time of year. However, demand remains strong as affordability challenges in the new market continue to push consumers toward used. Sales continue to outperform recent years, with a 2% increase compared to the previous year.

USED-VEHICLE INVENTORY VOLUME AND DAYS’ SUPPLY

The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. Used vehicles had 45 days’ supply at the start of July, unchanged from the upwardly revised level at the beginning of June but down two days compared to the same time last year. Days’ supply is showing signs of normalizing, but continues to be constrained, remaining below levels seen in recent years. However, for the first time this year, days’ supply is nearly flat compared to levels seen in 2019.

Used retail prices increased slightly compared to June but have shown little change over the last few months. The average used-vehicle listing price increased to $25,512, up from the revised $25,441 at the beginning of June and higher by 1% compared to the levels observed a year earlier.

AVERAGE USED-VEHICLE LISTING PRICE

Price-conscious buyers have limited options for affordable used vehicles. Used cars priced below $15,000 continue to have low availability, with only 32 days’ supply, which is 13 days below the overall industry average. The top five sellers of the month were listed at an average price of $23,800, 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 49% of all used vehicles sold.

Scott Vanner

Manager of Economic and Industry Insights

Scott Vanner is a manager of Economic and Industry Insights at Cox Automotive, which works to find actionable insights for the industry posed by Cox Automotive clients. Scott works with the Sales, Finance, and Data Science organizations and creates innovative solutions often combining proprietary data from other Cox Automotive brands. Scott joined Cox Automotive in 2022.