Average used vehicle listing prices rose for the third consecutive month in May, reaching $26,918, the highest since mid-2023 and up 6% year over year, according to Cox Automotive’s analysis of vAuto Live Market View data released June 12.

Meanwhile, used-vehicle inventory increased in May as the retail sales pace slowed.

While list prices increased across all segments, age groups, and price tiers, the overall increase was driven primarily by a shift in what was selling. Both vehicle inventory and sales priced under $20,000 declined in April, while sales of higher-priced units grew. Near-new SUVs are posting the largest gains.

The top five sellers of the month had an average price of $25,043, about 7% below the average listing price for all used vehicles sold.

The higher prices at used retail right now reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles. Auction prices – an important source of used-vehicle inventory – ran well above year-ago levels earlier in 2026 and have held, carrying through to retail and helping explain the sustained gains.

Price-conscious buyers continue to face limited options in the used-vehicle market, with inventory in the lowest-priced segments remaining scarce. Vehicles priced under $15,000 carried 33 days’ supply in May, 12 days below the overall market average of 45.

Used Vehicles Supply and Sales

Combined franchised and independent auto dealers had a total supply of 2.12 million used vehicles on their lots in May. Volume is down 0.6% from a year ago but up 4% from April. Despite the monthly gain, used-vehicle inventory remains tight by recent historical standards.

The retail used-vehicle sales pace slowed in May, down 3.9% from a year ago and 2% from April. Total retail volume is estimated at 1.45 million. Growing economic pressures and rising vehicle prices likely weighed on demand.

At the same time, improving credit availability, which reached its highest level since April 2022, and the continued value proposition of used vehicles relative to new vehicles likely offset the impact. Ford, Chevrolet, Toyota, Honda, and Nissan were the top-selling brands again in May, accounting for nearly 50% of all used vehicles sold.

New-vehicle sales in May were up more than 7% year over year in May, according to Kelley Blue Book estimates, a notable divergence between the two markets.

The Cox Automotive days’ supply is based on the estimated daily retail sales pace for the most recent month. Days’ supply of used vehicles in May was 45, up 1 day year over year and up 2 days from the revised April measure of 43. Compared to April, inventory volume was up 4%, while the sales pace decreased by 2%, resulting in a 6.1% increase in days’ supply.

CPO Sales in May

Certified pre-owned (CPO) sales decreased 0.9% year over year in May, according to data reviewed by Cox Automotive. CPO sales in May were up 6.1% month over month. May CPO sales are estimated at 228,521, up from 215,354 in April. CPO share of total used-vehicle retail sales was 15.7% in May, up from 15.0% in April. Year-to-date, CPO sales are running approximately 3.3% below the same period last year.