News
Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
Read More →The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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A third quarter report from AutoIMS comes amid the outside pressures of inflation and the United Auto Workers strike.
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The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
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The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
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Over the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 1.9%, which was more than the normal decline of 1% for the time of year.
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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
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Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
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The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
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September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
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The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
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