As was the case in each of the last prior months, much of the reported increase was a result of the seasonal adjustment.
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Combined sales into large rental, commercial, and government buyers were down 32% year over year in December and down 4% full-year 2021 versus 2020.
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During the first 15 days of December, the Manheim Used Vehicle Value Index hit 239.8, a 49% increase from December 2020.
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Wholesale prices appear to have peaked the week before Thanksgiving as weekly prices have declined slightly in each of the last two weeks. But retail prices continue to increase.
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Meanwhile, used supply normalizes, rental risk pricing declines, and auto loan performance deteriorates.
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October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
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The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
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On a year-over-year basis, all major market segments saw seasonally adjusted price increases in July.
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While prices bounce up during springtime, this year's qualify as a leap, an economist says.
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The latest trends in the key indicators suggest used vehicle values are likely to continue to see appreciation in the days and weeks ahead.
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