For independent dealers, the biggest story in August’s used-vehicle data isn’t rising prices — it’s shrinking supply of the affordable vehicles buyers want most. Inventory of used vehicles priced under $15,000 fell 25.9% year-over-year, now making up just 15.1% of total used inventory, down from 20.6% a year ago, according to Cox Automotive.
The Manheim Used Vehicle Value Index closed August at 208.2, down 0.9% from July but up 0.4% year-over-year, as wholesale depreciation slowed in the latter half of the month. Older, lower-priced vehicles continued to hold value better than newer units, with nine- and ten-year-old models depreciating well below typical seasonal rates.
On the retail side, average listing prices climbed to $27,239 in August — up 7% year-over-year and the highest monthly average since December 2022 — while retail days’ supply tightened to 44 days, two fewer than July. Sub-$15,000 vehicles carried just 29 days’ supply, 15 days below the industry average.
Cox Automotive Chief Economist Jeremy Robb noted that depreciation trends, stronger earlier in the summer, decelerated as August progressed. With affordable inventory tightening and demand holding steady, sourcing budget-friendly vehicles remains a key challenge heading into fall.
