Wholesale prices had been on the decline since April 2018, however, a strong showing in June bucked that trend and moved current wholesale price performance ahead of last year.
Wholesale vehicle prices reached the highest point since October 2017 last month.
Chart via Cox Automotive.
Wholesale prices last month reached the highest point seen all year, according to Manheim's latest Used Vehicle Value Index.
Wholesale prices had been on the decline since April 2018, however, a strong showing in June bucked that trend and moved current wholesale price performance ahead of last year.
Wholesale used vehicle prices were up 0.53% month-over-month in June, bringing Manheim’s used vehicle value index to 134.9, representing a 4.3% increase over last year, and the highest level seen since October 2017.
“Used vehicle prices had been moving down since that April peak [in week 15 of this year], but that trend took a surprising turn in the last two weeks of June,” noted the June Manheim report. “As a result, prices remain higher now compared to where they were at the beginning of the year than any of the last three years.”
All market segments — except luxury vehicles — experienced price gains in June on a year-over-year basis, according to Manheim. Compact cars, midsize cars, and SUVs/CUVs, in particular, had the strongest performances through the month.
The average price for rental risk units sold at auction was up 7% year-over-year in June. The average mileage on these vehicles’ odometer was 42,700, which was up 5% year-over-year.
On the retail side, used vehicle sales volume was also up in June, climbing 2% ahead of the volume sold in June 2017. The current used seasonally adjusted annual rate of 39.8 million is 1% over where it was last year.
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