Used vehicle lots had increased options for consumers in July.
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. That was up from the 2.21 million at the end of July.
“Used-vehicle inventory has seen an improvement since March, but the overall inventory volume is still considered tight,” said Chris Frey, senior manager of Economic and Industry Insights at Cox Automotive in the press release. “Days’ supply, at 45, is on par with levels seen in 2019, but there has been a decline over the last several weeks, owing to increased used retail sales. Usually, we’d expect days’ supply to increase through year-end, but moderating prices and surprising summer demand may keep inventory numbers down.”
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.