The average used car in America sold for $25,499 in October, up $138 from September’s average. The slight adjustment mirrored a tiny rise in new car prices, according to data from Kelley Blue Book parent company Cox Automotive.
The average used car price remains 4% lower than this time last year.
Used cars remain in slightly short supply. Car dealers ended the month with 6% fewer cars on lots than a year ago. The pace of sales increased during the month, drawing down numbers.
It may not last. Dealers paid less for used cars at auction in October. A wholesale price change usually becomes a retail price change in about six to eight weeks.
A second straight rate cut by the Federal Reserve, announced last week, could also help shoppers.
Older, higher-mileage used cars priced below $15,000 remain the hardest to find. Dealers have just a 33-day supply of those, compared to a 45-day supply of the average used car.
Once again, Ford, Chevrolet, Toyota, Honda, and Nissan were the top-selling brands, accounting for 51% of all used vehicles sold last month.
