The average listing price for used vehicles surpassed the $25,000 mark for the first time – $25,101 to be exact. That compares with $24,414 a month earlier. Only a year ago, the average listing price hit the $20,000 mark. It has been rising ever since. The average listing price was 26% higher than the end of June 2020 and 29% higher than 2019.

The total supply of unsold used vehicles on dealer lots across the U.S. stood at 2.45 million vehicles at the start of July, up from 2.38 million units at the start of June. The used-vehicle inventory was 6% above the same time in 2020 but 11% below 2019.

“While new-vehicle inventory continues to drop, the used-vehicle market is showing small signs of improvement, with slower sales allowing inventories to creep upward,” said Charlie Chesbrough, senior economist, Cox Automotive. “With wholesale prices of used vehicles beginning to retreat from record highs, the worst of the supply crunch in the used market may be behind us.”

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Average Used Car Price Has Topped $25,000

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