Average listing prices for used cars in the United States have reached $27,027, the highest level since the summer of 2023.
That represents a 6 percent increase from a year ago, according to Cox Automotive data.
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Used vehicle inventory on dealer lots stood at 2.14 million units at the end of June, equivalent to a 47-day supply.
Inventory was up 1 percent from May and 0.2 percent from a year earlier, though it remains tight by historical standards.
Price Trends and Sales Volume
As recently as February, average listing prices sat at $25,207 before jumping sharply in April and May.
The rise followed stronger wholesale values at Manheim and a greater share of younger vehicles in the sales mix.
Cox Automotive estimates that 1.376 million used vehicles were sold in June, down from 1.449 million in May and 1.634 million in March.
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The decline aligns with seasonal patterns typical at the start of summer.
The supply of used cars priced below $15,000 was just 33 days in June, well below the overall market average of 47 days, highlighting a shortage of affordable vehicles.
Credit Access Improves
Despite higher prices, credit access for buyers has reached its highest level since December 2015, offering more financing opportunities.
Ford, Chevrolet, Toyota, Honda, and Nissan accounted for nearly half of all used vehicle retail sales in June.
Certified pre-owned (CPO) sales in June climbed 5 percent year-over-year but slipped 7.8 percent from May to an estimated 210,335 vehicles.
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CPO's share of total used retail sales fell from 15.7 percent in May to 15.3 percent in June.
