With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
Wholesale supply has increased with weaker purchase activity in early July, yet it is otherwise normal for this time of year.
All major market vehicle segments saw seasonally adjusted prices that were lower year over year in the first half of June.
The average price likely will stay relatively high since few new vehicles have been sold in recent years, and little leasing was done.
Conditions have shifted to favoring buyers, but with tight supply, the market is not far from being balanced between buyers and sellers.
Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
The average price likely will stay relatively high since few new vehicles were sold in recent years and little leasing was done.
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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