Demand for used vehicles stays strong in June as affordability challenges in the brand new market push consumers toward used.
Used-vehicle inventory levels in the beginning of July showed little change month over month and mainly remained unchanged in comparison with early July 2024, while used retail prices increased barely in comparison with June but have shown little change over the previous few months, based on a Cox Automotive evaluation of vAuto Live Market View data released July 11.
As July opened, the full supply of used vehicles on dealer lots – each franchised and independent – across the U.S. stood at 2.21 million units, in regards to the same as the beginning of June and the beginning of July a 12 months ago.
The retail used-vehicle sales pace was down month over month in probably 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 barely in comparison with April and May, which is seasonally normal for this time of 12 months.
Nevertheless, demand stays strong as affordability challenges in the brand new market proceed to push consumers toward used. Sales proceed to outperform recent years, with a 2% increase in comparison with the previous 12 months.
The Cox Automotive days’ supply is predicated on the estimated each day retail sales rate for probably the most recent 30-day period. Used vehicles had 45 days’ supply in the beginning of July, unchanged from the upwardly revised level at first of June but down two days in comparison with last 12 months. Days’ supply is showing signs of normalizing, but stays constrained, remaining below levels seen in recent times. Nevertheless, for the primary time this 12 months, days’ supply is sort of flat in comparison with levels seen in 2019.
Used retail prices increased barely in comparison with June but have shown little change over the previous few months. The common used vehicle listing price increased to $25,512, up from the revised $25,441 at first of June and better by 1% in comparison with the degrees observed a 12 months earlier.
Price-conscious buyers have limited options for reasonably priced used vehicles. Few used cars priced below $15,000 can be found, with only 32 days’ supply, which is 13 days below the general industry average. The highest five sellers of the month were listed at a median price of $23,800, almost 7% below the typical listing price for all vehicles sold.
Once more, Ford, Chevrolet, Toyota, Honda and Nissan were the top-selling brands, accounting for 49% of all used vehicles sold.
This Article First Appeared At www.automotive-fleet.com
