A mid-month measure shows a slight increase in prices in June but continued lower price levels compared to 2023.
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Affordability remains challenging for consumers, and supply is more limited at lower price points.
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The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
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The average used-vehicle listing price was $25,571, up slightly from the revised $25,536 at the start of April but down 6% from a year earlier.
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Wholesale flattens mid-month, while used retail vehicle sales rose slightly but are still down compared to last year.
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The Manheim Used Vehicle Value Index (MUVVI) fell to 198.4, a decline of 14% from a year ago.
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Used-vehicle sales in the period were up more than 5% year over year, in line with spring fever and the tax refund season.
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This was the first time the Manheim Market Report index reading has been under 200 since March 2021, illustrating the outsized moves in the index over the last three years.
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Total days’ supply at the start of March fell to 44, compared with the revised 53 at the beginning of February, a 20% decline.
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Domestic brands continue to have the highest inventory while Asian imports rank lowest.
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