Used-vehicle inventory levels at the start of June were slightly lower than in May, according to an analysis of Cox Automotive’s vAuto Live Market View data released June 14, as sales picked back up in May after a slowdown in April following an unexceptional tax refund season.
The total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.26 million units as June opened, up 3% from a year ago but slightly lower than the 2.27 million units at the start of May.
The market saw an increase in sales for both new and used vehicles in May. Inventory levels of new increased through May but decreased for used. (Read about new-vehicle inventory.) Used-vehicle days’ supply at the start of June was 45 days, compared with the revised 48 days at the start of May, and lower by 8% against last year.
The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period, when sales were 1.51 million units. Used-vehicle sales in the period were up more than 12% year over year.
The average used-vehicle listing price was $25,670, up slightly from the revised $25,534 at the start of May but down 6% from a year earlier. Retail used-vehicle prices have been consistently lower through the first five months of 2024 compared to year-ago levels.
Used cars below $15,000 continue to show constrained availability with only 34 days’ supply, 22% less than the average. Affordability remains challenging for consumers, and supply is more limited at lower price points. The top five sellers of the month sold at an average price of $23,999, about 7% below the average listing price for all vehicles sold, and were once again Ford, Chevrolet, Toyota, Honda and Nissan, accounting for 52% of all used vehicles sold.
