All major market vehicle segments saw seasonally adjusted prices that were lower year over year in the first half of June.
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The average price likely will stay relatively high since few new vehicles have been sold in recent years, and little leasing was done.
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Conditions have shifted to favoring buyers, but with tight supply, the market is not far from being balanced between buyers and sellers.
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Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
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The average price likely will stay relatively high since few new vehicles were sold in recent years and little leasing was done.
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Conditions have shifted to favoring buyers; but with tight supply, the market is close to a balance between buyers and sellers.
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Analysis: Consumers are repairing vehicles and holding them longer to avoid historically high used-car prices. The real question is: How long will used inventory remain tight and prices above normal?
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CAR 2023: What happens when you put four remarketing economists and analysts in one room? Lots of data, predictions, trends, and uncertainty.
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Prices usually decline in the first two weeks of April, but in each of the last two years prices increased substantially during these same weeks, the Manheim Index shows.
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Although prices are falling, they likely won't decline too much given the tighter inventory compared to 2021.
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