Used Vehicle Prices Hit $26,918 as Sales Slow

Prices Keep Climbing at Retail

Cox Automotive says the average used-vehicle listing price rose for a third straight month in May, reaching $26,918. That was the highest level since mid-2023 and about 6% higher than a year earlier, based on vAuto Live Market View data released June 12.

The increase was not just a broad market lift. Automotive Fleet reported that the mix of vehicles being sold changed, with fewer units under $20,000 and more higher-priced vehicles moving through retail channels. Near-new SUVs were among the segments posting the largest gains.

Supply Improved, But Sales Slowed

Dealers had about 2.12 million used vehicles in inventory in May. That was up 4% from April, but still down 0.6% from a year earlier. Retail used-vehicle sales volume was estimated at 1.45 million, down 3.9% year over year and 2% from April.

The affordability pressure is clearest at the low end. Vehicles priced below $15,000 carried a 33-day supply in May, well below the overall market's 45-day supply. For fleets trying to buy budget replacement units, that means the cheapest inventory is still moving faster than the market average.

What Fleets Should Watch

For fleet managers, the used market is a replacement-planning signal. Strong resale values can help fleets disposing of older assets, but higher retail prices also raise the cost of backfilling units, especially for organizations shopping the sub-$20,000 lane.

The practical takeaway is timing. Fleets with remarketing volume may still benefit from firm used values, while buyers should plan for tighter options on older, affordable vehicles and avoid assuming that a slower sales pace automatically means cheaper inventory.