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Average used car list price reaches $ 25,500

According to a study conducted by Cox AutomotiveThe average listed price of used cars reached $ 25,500 in July, setting a new record for used cars. The new record was set shortly after the price of a used car exceeded $ 25,000 for the first time in history. As in some contexts, Secondhand car Last summer it was $ 20,000. At that time, it was the best ever.

According to outlet data, the average listing price of used cars was 28% higher at the end of July compared to the same period last year. Prices are 32% higher than during the same period in 2019. It’s not surprising to hear that the number of unsold used cars in the United States increased at the end of July compared to June due to rising used car prices. At the end of the month, there were 2.44 million unsold used cars, compared to 2.4 million in June.

Comparing the average price of used cars from independent dealers and franchise dealers, you can see that franchise dealers are much more expensive. The average listing price of used cars at franchise dealers was $ 27,402 in July, up about $ 100 from June. For independent dealers, the average listing price was $ 22,629, up $ 468 from June.

With more used cars left unsold in dealer lots, consumers should be able to spend an easier time finding used cars.Unfortunately, shoppers are watching Spending more money on used cars than they want, Because there is a shortage of affordable used cars. Cox Automotive claims that the supply of used cars under $ 10,000 is the lowest in 30 days. For used cars priced between $ 10,000 and $ 20,000, the maximum supply time is 38 days. Used cars from $ 25,000 to $ 35,000 have a 43-day supply. Above $ 35,000, the supply was 49 days.

Used car prices set a new record after consumers realized that it was almost impossible to find a new car at a reasonable price at a dealership. Due to the COVID-19 pandemic and lack of chips Automakers struggle to deliver new cars to dealer lots.. And when the vehicles get there, consumers are ready to pay the suggested retail price to buy them. As a result, shoppers went to the used car market and prices went up.

Has no real answer When the price of a used car goes down.. Some people think that 2023, when used car prices will drop normally, will be a magical year. Indeed, used car prices continue to rise. If anything, prices are expected to continue to rise in the near future as demand for new cars remains insanely high. Average used car list price reaches $ 25,500

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