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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While some weakening in the market over the Memorial Day weekend is seasonally normal, May saw more market softening in the latter half of the month.
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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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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.
Read More →The average daily sales conversion rate increased to 62.5%, showing that demand improved relative to February.
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Prices in all vehicle market classes dive by double-digit teen percentages with electric vehicles down the most by 19% compared to March 2023.
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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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