Used-Vehicle Inventory Drops Slightly as Sales Hold Steady

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of June dropped slightly month over month. Still, inventory was relatively flat compared to early June 2024.

As June opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. stood at 2.21 million units, down from 2.22 million units at the start of May but nearly unchanged from a year ago.

The retail used-vehicle sales pace was steady month over month in the most recent 30-day period.  Used retail sales were at 1.53 million vehicles in May, unchanged from the 1.53 million reported in April. Following the run-up in March and the subsequent slowdown in April, used retail sales appear to be holding steady for the time being. Sales remain higher than in recent years, with a 4% 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 43 days’ supply at the start of June, down one day from the upwardly revised level at the beginning of May and down two days compared to the same time last year. Days’ supply continues to be constrained, reaching its lowest level for this time of year since 2021 and three days below levels seen in 2019.

Used retail prices showed little change but did drop slightly compared to May, following consecutive increases in the previous two months. The average used-vehicle listing price dropped to $25,470, down from the revised $25,490 at the beginning of May, representing a 1% decrease compared to the levels observed a year earlier.

AVERAGE USED-VEHICLE LISTING PRICE

Affordability remains a challenge for consumers, and the used-vehicle supply is more constrained at lower price points. Used cars priced below $15,000 continue to show low availability, with only 31 days’ supply, five days lower than the same time last year and 12 days below the overall industry average. The top five sellers of the month were listed at an average price of $23,779, 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 50% 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.