As July opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.08 million units, unchanged from a year ago but down from the 2.25 million units at the start of June.
Affordability remains challenging for consumers, and supply is more constrained at lower price points. Used cars below $15,000 continue to show low availability, with only 39 days’ supply, 35% less than the industry average.
The top five sellers of the month were listed at an average price of $23,833, about 6% below the average listing price for all vehicles sold, and were once again Ford, Chevrolet, Toyota, Honda and Nissan, accounting for 49% of all used vehicles sold.