Wholesale used vehicle prices increased 1.35% month-over-month in February, bringing the Manheim Used Vehicle Value Index to 143.5, which is 6.2% higher than it was at the same time in 2019.
The start of 2020 followed more typical trends expected in January, but in February, prices began to rise more rapidly as the month ended, according to Cox Automotive.
The average values of three-year-old vehicles were up 1.1% through February, as both non-luxury and luxury vehicles experienced similar gains.
While most vehicle segments saw some sort of improvement to their average wholesale values in February, Luxury cars in particular saw the largest gains.
Total used vehicle sales volume was up 4.4% year-over-year in February, according to Cox Automotive estimates. Give this sales volume, Cox Automotive estimates that the February used SAAR will be 39.8 million, which would make it a year-over-year and month-over-month improvement.
Combined rental, commercial, and government purchases of new vehicles were up 2.7% year-over-year in February, according to Cox Automotive data. Commercial vehicle sales volume, specifically, was up 8.7% year-over-year.