Retail used-vehicle prices have been consistently lower through the first seven months of 2024 compared to year-ago levels.
A cyber breach at a widely used dealer management system heavily affected the automotive industry, slowing sales and reporting in the second half of June.
A mid-month measure shows a slight increase in prices in June but continued lower price levels compared to 2023.
Affordability remains challenging for consumers, and supply is more limited at lower price points.
The total U.S. supply of available unsold new vehicles opened May at 51% above a year ago, but volume is still down 26% from 2019 levels.
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.
Wholesale flattens mid-month, while used retail vehicle sales rose slightly but are still down compared to last year.
The Manheim Used Vehicle Value Index (MUVVI) fell to 198.4, a decline of 14% from a year ago.
Used-vehicle sales in the period were up more than 5% year over year, in line with spring fever and the tax refund season.
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.
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