June 2024 Used Car Insights

  • Retail used-vehicle sales in May increased from April and were up by 15.9% month over month. 
  • Total supply of used vehicles on dealer lots – franchise and independent – across the U.S. was at 2.26 million units at the end of May, up 3% from a year ago but slightly lower than the 2.27 million units at the start of May. 

Total Unsold Vehicles*

MonthAmount
March2.22M
April2.27M
May2.26M

Average Mileage*

MonthAmount
March69,232
April69,224
May69,773

Days’ Supply*

Month# of Days
March44
April45
May48

Average Listing Price*

MonthAmount
March$25,407
April$25,571
May$25,670

Used Vehicle Value Index**

MonthValue
March199.2
April199.1
May197.3

Average Trade-In Equity***

MonthAmount
March$7,558
April$8,004
May$7,866
“Following a less-than-spectacular spring selling season, May used-vehicle retail sales rebounded to the highest level so far this year. In fact, used retail sales volume is higher than any month since March 2022, when tax refunds were juicing the market.”

Scott Vanner, Senior Analyst of Economic and Industry Insights at Cox Automotive

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Sources:

* Cox Automotive Insights

** Manheim
*** J.D. Power