All major vehicle market segments experienced seasonally adjusted prices that were down year over year in September, although declines in recent months have slowed.
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Used vehicle sales increased during August to the highest level since October 2021, but U.S. auto dealers still see the current used-vehicle market as poor.
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The Tesla Model 3, Kia Niro EV, Maserati Levante, Nissan Leaf, Hyundai Kona Electric, and Chevrolet Bolt saw the biggest used vehicle price drops over the past year
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The industry overall is seeing a strengthening trend in wholesale used vehicle market values.
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Retail used-vehicle prices have been consistently lower through the first seven months of 2024 compared to year-ago levels.
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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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