Used Car Sales Jump 8.1% as Late Summer Prices Soften
Cox Automotive reports sales of pre-owned vehicles by U.S. franchised and independent dealers improved by 8.1% year-over-year in August, aided in part by affordability: The average transaction price for a used car or truck was $25,393 last month, up 1% from August 2024 but down 0.5% from July.
“Retail used-vehicle sales showed solid momentum in August, with both month-over-month and year-over-year gains pointing to resilient consumer demand,” writes Scott Vanner, a Cox insights manager, in a release. “Despite inventory challenges, the market continues to perform above expectations.”
vAuto (div. Cox Automotive) data shows dealers moved a total of 1.55 million used units on 43 days’ supply in August — two days fewer than the same month a year ago — including 238,659 certified pre-owned vehicles. CPO sales improved by 7% from the prior month and 0.9% year-over-year.
Last week, Cox’s Kelley Blue Book division reported an ATP of just over $49,000 for new vehicles purchased from U.S. dealerships in August, up 2.6% from August 2024.
