Used Vehicle Inventory Plummets Due to Brisk Sales
Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
While prices bounce up during springtime, this year's qualify as a leap, an economist says.
Wholesale used-vehicle prices increased 3.74% in the first 15 days of March compared to the previous month.
Wholesale used vehicle prices jumped 3.79% month-over-month in February, led by a major increase near the month's end.
Wholesale values continued their ascent in the final weeks of February, with nearly all reporting segments experiencing gains.
The latest trends in the key indicators suggest used vehicle values are likely to continue to see appreciation in the days and weeks ahead.
Wholesale prices continued to gain strength for the first week of February in what Black Book Market Insights said is starting to look like the beginning to an early start to the Spring market.
Wholesale prices continued their decline last week through the month of January, though declines in the overall market are at a 0.21% decline, higher than historical 0.44% drops.
Wholesale used vehicle prices increased in the first 15 days of January compared to the month of December, bringing up the mid-month Manheim Used Vehicle Value Index.
Wholesale used-vehicle prices decreased 0.59% month over month in December 2020, bringing the Manheim Used Vehicle Value Index to 161.1, a 14.2% gain from a year ago.
Volume-weighted, overall car and truck segments both experienced continued softening in values to round out the last full week of 2020, but are higher than seasonal averages of the previous three years.
Wholesale used vehicle prices increased 0.4% in the first 15 days of December compared to the month of November, bringing the mid-month Manheim Used Vehicle Value Index to 162.6, a 15.3% increase from December 2019.
Wholesale used vehicle prices increased 0.07% month over month in November, bringing the Manheim Used Vehicle Value Index to 162 a 16.6% increase from a year ago.
Volume-weighted, overall car and truck segments both experienced continued softening in values, decreasing by 0.38%. However, these overall values are slightly higher than seasonal norms of the last three years, which averaged around -0.75% between 2017 - 2019.
Volume-weighted, overall car and truck segments both experienced continued softening in values, but rate of decline slowed with the overall market decreasing by 0.52% this past week.
As vintage Chevrolet trucks increase in popularity with enthusiasts, more trucks are going up for auction and sale prices for the most coveted trucks keep increasing. As we look back at 100 years of Chevy truck history, here’s a gallery of the nine most expensive Chevrolet trucks sold at Barrett-Jackson auctions to date. Photos courtesy of General Motors.
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