Used-vehicle inventory levels at the start of July showed little change month over month and mainly remained unchanged compared to early July 2024, while used retail prices increased slightly compared to June but have shown little change over the last few months, according to a Cox Automotive analysis of vAuto Live Market View data released July 11.

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, about 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.

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 last year. Days’ supply is showing signs of normalizing, but remains 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.

Price-conscious buyers have limited options for affordable used vehicles. Few used cars priced below $15,000 are available, 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.