More than 3 million used vehicles were sold in July.
The 3 million in sales were a jump of 2.1 percent from June, according to new data from Cox Automotive.
In spite of the July boost based on registrations, the sales pace for 2023 remains behind 2022, with an expected 35.7 million sales. July 2022’s pace was 38.4 million.
Retail used sales continue to also be strong, with 1.6 million in July. That was a 2.1 percent increase from June’s 1.57 million. Cox reports retail used sales through the first seven months of the year are up 6 percent from the same period in 2022.
“Used retail supply is still considered tight by historic norms,” said Chris Frey, senior manager of Economic and Industry Insights at Cox Automotive in a press release. “But used-vehicle sales volume, both total and at the retail level, have been gaining momentum through the summer. Prices have moderated some, which is providing some buying opportunities. Generally, though, with new-vehicle inventory improving and used-vehicle loan rates still sky-high, the used-vehicle market is facing headwinds.”
The retail used vehicle sale pace for the year is at 18.8 million, which is slightly behind June’s pace of 19 million.
According to Cox Automotive’s newest report of vAuto data, used vehicle inventory hit its high point for the year in July. The supply of unsold used vehicles rose to 2.25 million at the end of July.
The 45 days of supply was down from 49 at the end of June.
The average listing price for used vehicles decreased in July by 0.5 percent from $27,167 to $27,028. It was down 4.1 percent from July 2022.
The average mileage of used vehicles for sale was 69,950.