All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
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Wholesale supply ended November at 30 days, up one day from the end of October and flat year over year.
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While the used vehicle market is not fully back to normal, it shows signs of more stability and balance.
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Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
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The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
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The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
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The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
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