While consumer sentiment remains subdued, early reads suggest confidence is recovering amid good vehicle sales supported by lower APR rates.
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Better affordability compared to new vehicles and a larger selection of newer model year vehicles rank among the drivers of this market.
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As the month progressed, used retail sales were higher each week, ending with tighter inventory levels.
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But sales remain strong, up 7% compared to the previous year, as the used market offers a better value for consumers avoiding pricier new cars.
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Consumers are buying up electric vehicles ahead of the Inflation Reduction Act’s tax credit expiration amid strong demand and tight inventory.
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The used market especially benefits from consumers seeking more affordable alternatives than those offered in the new car segment.
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EV sales surged in July as buyers moved quickly ahead of the tax credit deadline, with new and used markets showing strong growth and prices adjusting to meet demand.
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Demand remains strong as affordability challenges in the new market push consumers towards used options, with the market also benefiting from lowering credit rates and improved credit access.
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June figures show that for the first time this year, days’ supply of used vehicles is nearly flat compared to levels seen in 2019.
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Wholesale appreciation trends have been more volatile over Q2 as tariffs affected new sales and supply, and the used marketplace.
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