All major market vehicle segments saw seasonally adjusted prices that were lower year over year in the first half of June.
Days' supply increased due to a slight weakening in sales toward month-end. Despite a decline in the average listing price, it remained above $47,000.
Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
Post-pandemic pent-up demand is moving into the automotive market. Strong sales growth into fleets strengthened April numbers.
For the second month in a row, average transaction prices undercut manufacturer's suggested retail prices, reversing a prior 20-month trend.
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?
Dealer lots are no longer empty, with far more selection for vehicle shoppers who may have been waiting to buy a particular model.
While this is the EV decade, the market is a long way from becoming one centered on electric vehicles.
As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
Analysis: In house experts look at recent research, business intelligence, and a wide segment of first-party data to distill some likely trends for the automotive market.
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