Auction Vehicle Sales Up, Quality Down in First Quarter
A widespread auction data report points to the key question of: will the overall upside market last?
A widespread auction data report points to the key question of: will the overall upside market last?
Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
Finding the right product at the right price is more challenging for used vehicle buyers today, amid higher interest rates and recession fears.
The average price likely will stay relatively high since few new vehicles were sold in recent years and little leasing was done.
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Conditions have shifted to favoring buyers; but with tight supply, the market is close to a balance between buyers and sellers.
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?
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Prices usually decline in the first two weeks of April, but in each of the last two years prices increased substantially during these same weeks, the Manheim Index shows.
Finding the right product at the right price is more challenging for buyers today. Sales for all of March were down 4% compared to a year ago.
Buyers in the used, new, and remarketed vehicle segments should expect continued growth in used electric vehicle sales as availability increases and retail prices decrease.
After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
In a confidence builder for EVs, fewer than 2% of batteries have been replaced outside of publicized recalls during the last 10 years.
Although prices are falling, they likely won't decline too much given the tighter inventory compared to 2021.
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