Driving the news: Used vehicle sales dipped 1.5% in June to 1.46 million units, but remained 2.4% higher than last year, while inventory held steady at 2.21 million units with 45 days' supply, according to Cox Automotive.
Average listing prices ticked up slightly to $25,512, now running 1% above last year's levels.
Certified pre-owned sales dropped 13.1% month-over-month, though fewer selling days in June contributed to the decline.
Why it matters: Despite the typical post-spring, seasonal slowdown, used car demand remains strong as affordability challenges in the new car market push consumers toward used vehicles. Cox Automotive's manager of economic and industry insights, Scott Vanner notes buyers are seeking "affordable vehicle options" and trying to "get the most value for their money," with some potential new car buyers switching to used instead.
What we're watching: The supply crunch is most severe for the most budget-conscious buyers. Vehicles under $15,000 have just 32 days' supply, 13 days below the industry average.
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