Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 8.3% month over month in April. This brought the Manheim Used Vehicle Value Index to 194.0, a 54.3% increase from a year ago and a record high for the Index, according to a news release from Cox Automotive.
Manheim Market Report (MMR) prices saw weekly price increases in April that reached peak acceleration mid-month. The Three-Year-Old MMR Index, which represents the largest model year cohort at auction, increased 2.0% in each of the two middle weeks of the month. Over the four full weeks of April, the Three-Year-Old Index increased 7.6%. Over the month of April, MMR Retention, which is the average difference in price relative to current MMR, averaged 102.9%. The sales conversion rate also increased for most of the month but began declining in the final week of the month.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in April. Pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.