Days' supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
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Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
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Post-pandemic pent-up demand is moving into the automotive market. Strong sales growth into fleets strengthened April numbers.
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For the second month in a row, average transaction prices undercut manufacturer's suggested retail prices, reversing a prior 20-month trend.
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Analysis: Consumers are repairing vehicles and holding them longer to avoid historically high used-car prices. The real question is: How long will used inventory remain tight and prices above normal?
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Dealer lots are no longer empty, with far more selection for vehicle shoppers who may have been waiting to buy a particular model.
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While this is the EV decade, the market is a long way from becoming one centered on electric vehicles.
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As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
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Analysis: In house experts look at recent research, business intelligence, and a wide segment of first-party data to distill some likely trends for the automotive market.
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Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
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