The average advertised price for a used car in America at the end of July was exactly $25,500. The figure marks a full year of price increases and sits 28% higher than it did one year ago.
Supply Problem Eases Slightly
The increases have come amid a year of increasing demand and restricted supply, but the nationwide supply of used cars increased slightly in July. Dealers ended the month with 2.44 million vehicles listed, compared to 2.4 million at the end of June.
Dealers had approximately a 42-day supply of cars to sell at the end of July. That was 21% higher than one year before but still 12% below pre-pandemic figures from July of 2019.
Higher prices have pushed used car shoppers to borrow more money than ever, often for older cars.
Finding What You Want Remains Difficult
“For consumers, finding a used vehicle at an attractive price represents a huge challenge in today’s market,” said Charlie Chesbrough, Cox Automotive senior economist. Cox Automotive is the parent company of Kelley Blue Book.
“Sales have been slowly falling in recent months due to limited availability and high prices, but not enough to chase off prospective buyers,” Chesbrough explained. “The even more pronounced lack of new vehicles is forcing shoppers into the used market, and so even more buyers are chasing fewer vehicles. The situation is unlikely to improve significantly until the supply issues in the new market start to improve.”
New car prices are also spiking, with the average price paid for a new car now over $42,000.
Vehicles Under $10K Hardest to Find
The least-expensive models remain the hardest to find. Used vehicles under $10,000 had the lowest supply at only 30 days.
Trends pass through the used market years after they affect the new car market. A lull in new car sales after the 2008 recession has left fewer higher-mileage, older vehicles available to used car buyers.
Vehicles priced between $10,000 and $20,000 had a 38 days’ supply. Between $25,000 and $35,000, supply was 43 days. The above $35,000 segment had the highest supply at 49 days.
Is Now the Time to Buy, Sell, or Trade in a Used Car?
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August 21, 2021 at 12:05AM
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Average Used Car List Price Hits $25,500 - Kelley Blue Book
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