average price for used car rose in may as inventory dropsThe average price of a used vehicle jumped to its highest level in three years in May as reduced inventory levels pushed the amount paid toward $27,000.average price for used car rose in may as inventory dropsAccording to Cox Automotive, the average price rose 6 percent on a year-over-year basis to $26,918, which is the highest since the middle of 2023. There are just over 2.1 million vehicles sitting on dealer lots across the United States, which equates to about a 45-day supply."Volume is down 0.6 percent compared to a year ago but increased 4 percent from April. Despite the monthly gain, used-vehicle inventory remains tight by recent historical standards," Scott Vanner, Cox Automotive manager of Economic and Industry Insights, wrote.AdvertisementAdvertisementRising prices likely crimped demand in May, but there was an off-set as banks and other lenders eased up on restrictions, which improved credit availability for buyers last month. Ford, Chevrolet, Toyota, Honda, and Nissan were the top-selling brands again in May, accounting for nearly 50% of all used vehicles sold, Cox noted.Another buying trend remains strong: consumers want inexpensive used cars and they are selling quickly. That means finding a used offering for less than $20,000 is going to take longer than before because when they come available, they disappear faster than ever.average price for used car rose in may as inventory dropsVehicles priced under $15,000 carried 33 days' supply in May, 12 days below the overall market average of 45."Both inventory and sales of vehicle priced under $20,00 declined in April, while sales of higher-priced units grew. Near-new SUVs posting the largest gains," Vanner wrote. "The top five sellers of the month had an average price of $25,043, approximately 7% below the average listing price for all used vehicles sold."[Images: Chevrolet and Honda]Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by subscribing to our newsletter.