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.
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
The industry overall is seeing a strengthening trend in wholesale used vehicle market values.
Retail used-vehicle prices have been consistently lower through the first seven months of 2024 compared to year-ago levels.
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.
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.
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.
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.
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