June 2024 Used Market Update

Used Retail Prices Industry:

• Used retail prices at franchised dealers experienced a slight 0.6% loss in May relative to April.
• May’s decline was the first loss recorded this year since February.
• Retail prices remain incredibly strong and only $2,374 below their all-time high recorded in April 2022.
• Through the first five months of the year, used retail prices are 3.4% lower than during the same period in 2023. Retail prices are expected to remain strong, however, cooling will continue over the second half of the year.

Used Retail VS Wholesale

• Similar to used retail prices in May, wholesale prices experienced a decline as well. However, the wholesale sectors 2.4% greatly outpaced the slight 0.6% decline on the retail side of the market.
• Dealers remain reserved in the lane, making sure they do not overpay for units as retail prices cool and squeeze profitability.
• Through the first five months of the year, wholesale prices are 9.9% lower than during the same period in 2023. As a result, the used retail versus wholesale price gap remains wider than during pre-COVID.
• In May, the retail to wholesale gap reached an average of  $13,445, as dealers continue to maintain favorable used retail prices, and source used inventory from channels other than only wholesale.

Get the full report now!