ATLANTA–July proved to be another very strong month for used car demand.
Cox Automotive said its vAuto Live Market View data estimates 1.52 million used vehicles were sold through dealers during July. That represents an 8.9% increase over volume and June, and a 7% increase over one year earlier.
Cox Automotive data shows the days’ supply of used cars at dealerships in the U.S. in July was 43, down four days four days versus in early July and down two days versus a year ago.
Analysts said a significant piece of the volume is coming from tariff-related price increases in new cars, which have driven people to the used market, and from fears prices will continue to rise.
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Scott Vanner, manager of Economic and Industry Insights at Cox Automotive, told Yahoo Money that while new car prices are driving used vehicle sales, he believes there’s “some added momentum from gradually decreasing credit rates and improved credit access.”
