Used Car Prices Hit a New High - Here’s What Buyers Face Now

S. has climbed back above $27,000 for the first time since 2023, squeezing shoppers who thought the market might finally cool off. According to fresh data from Cox Automotive, the average listing price hit $27,027 at the end of June, a 6 percent jump from the same time last year and the highest mark in nearly two years.

That’s up from $25,207 back in February, before prices shot upward in the spring as wholesale values strengthened and dealers stocked more newer, pricier models.

The supply crunch isn’t helping. 14 million units at the end of June, which translates to 47 days’ supply, tight by historical standards. While that’s up slightly from May and a year ago, it’s still not enough to meet demand, especially for budget-conscious buyers. Vehicles priced under $15,000 are particularly scarce, with just 33 days’ supply in June, well below the overall market average.

634 million sold in March.

There is a sliver of good news: credit access is at its highest level since December 2015, meaning more buyers can qualify for financing. Ford, Chevrolet. Toyota. Honda, and Nissan accounted for nearly half of all used retail sales in June. 8 percent from May to an estimated 210,335 vehicles.

Still, the overall market is showing seasonal patterns typical for summer, and inventory inched up 1 percent even as sales slowed. For now, shoppers may need to act fast and be flexible on price to land a deal.