The Average Used Car Crossed $27,000 For The First Time Since 2023
Used car prices in the US have reached a new high, with the average listing price crossing $27,000 for the first time since 2023.
Key Takeaways
- Average used car listing prices in the US have reached $27,027, a 6 percent increase from a year ago.
- Used vehicle inventory in the US was at 2.14 million units at the end of June, a 1 percent increase from May.
- Credit access for buyers has reached its highest level since December 2015.
- The supply of used cars priced below $15,000 was at just 33 days in June.
- Used vehicle sales declined in June, dropping 1.6 percent compared to a year ago.
What’s Driving the Increase in Used Car Prices?
Average listing prices for used cars in the US are higher now than they’ve been at any time since 2023, denting affordability and making it even more difficult for buyers to get behind the wheel of a used car.
The rise in prices follows stronger wholesale values at Manheim earlier in the year, while a greater share of younger vehicles in the sales mix also lifted the average.
How Does This Affect Buyers?
Although overall used vehicle sales declined in June, the fall isn’t unexpected. Cox Automotive notes the slowdown from May to June “aligns with seasonal patterns typically seen at the start of summer.”
Inventory volume increased 1 percent as the sales pace fell 2 percent, lifting days’ supply by 2.9 percent.
Is There Any Good News?
While this may all sound like bad news, there is a faint ray of sunshine. Credit access has reached its highest level since December 2015, so buyers have more financing opportunities than before.
Ford, Chevrolet, Toyota, Honda, and Nissan collectively accounted for nearly half of all used vehicle retail sales in June.
What About Certified Pre-Owned Sales?
Certified pre-owned sales painted a murkier picture. June volume climbed 5 percent against the same month last year, yet slipped 7.8 percent from May to an estimated 210,335 vehicles.
That pushed CPO’s slice of total used retail sales from 15.7 percent in May to 15.3 percent in June, and year-to-date the segment sat roughly 2.1 percent below where it stood over the same stretch last year.
Specifications
| Specification | Value |
|---|---|
| Average Used Car Listing Price | $27,027 |
| Used Vehicle Inventory | 2.14 million units |
| Days’ Supply | 47 days |
| Credit Access | Highest level since December 2015 |
Frequently Asked Questions
Q: What is the current average listing price for used cars in the US?
A: The current average listing price for used cars in the US is $27,027, a 6 percent increase from a year ago.
Q: How has used vehicle inventory changed in the US?
A: Used vehicle inventory in the US was at 2.14 million units at the end of June, a 1 percent increase from May.
Q: What is the current state of credit access for used car buyers?
A: Credit access for buyers has reached its highest level since December 2015, providing more financing opportunities for buyers.
