The average used car in America listed for $25,415 in July — $164 higher than June’s average. Despite the 0.6% increase, prices remain more than $1,600 lower on average than last July.
The price of the average used car held study last month, almost unchanged from early summer.
Used car prices rose mainly because of a surge in sales. The average used car dealer ended July with 41 days’ worth of used cars in stock. They started the month with 55, according to Kelley Blue Book parent company Cox Automotive.
Further price increases could be ahead. For several weeks, dealers have been paying higher prices at auction for used cars. They must pass those costs on to shoppers through higher prices to maintain profitability.
Used cars below $15,000 continue to show low availability, with only 31 days’ supply.
Ford, Chevrolet, Toyota, Honda, and Nissan were the top-selling automakers, accounting for 51% of all used vehicles sold.
