Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 4.4% comparing the first 15 days of July to the month of June, according to data published by Manheim.
This brought the mid-month Manheim Used Vehicle Value Index to 155.9, a 11% increase from July 2019.
Manheim Market Report (MMR) prices improved over the last two weeks, resulting in a 2.9% cumulative increase in the first two weeks of July on the three-year-old Index. Over the first 15 days of July, MMR Retention, which is the average difference in price relative to current MMR, was above 100% every day and averaged 102%.
Price appreciation was strongest this year in the first three weeks of June but has remained consistent over the last three weeks.
On a year-over-year basis, most major market segments saw seasonally adjusted price increases in the first 15 days of July. Luxury cars and pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.
As used retail sales continue to recover, both retail and wholesale supply have come down. Using a rolling seven-day estimate of used retail days’ supply used retail supply peaked at 115 days on April 8, Manheim said.
The average price for rental risk units sold at auction in the first 15 days of July was up 5% year-over-year. Rental risk prices were up 2% compared to June.