Wholesale used vehicle prices were flat in February, halting three months of declines, according to Manheim’s Used Vehicle Value Index.
On a segment-by-segment basis, all major market segments, except for mid-size cars, saw gains in their average wholesale values.
“As expected, now that the prices are more in line with the general trend prior to the hurricanes, the rapid acceleration of depreciation has slowed to normal. We will likely miss the normal “bounce” in used vehicle prices in March as tax refunds will again be delayed as part of the IRS effort to combat identity fraud,” Manheim noted in its report.
Through February, used vehicle sales were up 2% year-over-year, versus the same time last year, according to Manheim. Meanwhile, new-vehicles saw a flipped performance, with sales volume declining 2% compared to the same time last year.
Combined rental, commercial and government sales were up 4% year-over-year in February. Commercial and rental fleet sales were the biggest drivers of this growth, realizing 4% and 5% sales growth, respectively.