The average price likely will stay relatively high since few new vehicles have been sold in recent years, and little leasing was done.
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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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Conditions have shifted to favoring buyers; but with tight supply, the market is close to a balance between buyers and sellers.
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Prices usually decline in the first two weeks of April, but in each of the last two years prices increased substantially during these same weeks, the Manheim Index shows.
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After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
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All eight major vehicle market segments saw seasonally adjusted prices that were lower year over year in January.
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All eight major market segments again saw seasonally adjusted prices that were lower year over year last month, with compact cars showing the smallest decline.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
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