Manheim's report for August's wholesale used car prices showed a continued decline in prices for the fifth consecutive month. The Manheim Used Vehicle Value Index hit 120.7 in August — down 2.4% from a year ago, according to the report released Sept. 28.
August's decline was substantially less than previous months at only -0.4%.
Manheim said that further downward realignment in wholesale pricing is expected with current market conditions, but that adjustments will continue to be less severe. The report stated that prices will likely show some upticks as well as declines.
Manheim noted that compact and midsize cars continue to fall at faster rates than the overall market — suggesting increased pressure from the new vehicle market. Compact and midsize cars also have the largest share of late-model units being sold at auctions. Manheim said that vehicles with model-year closeout programs are experiencing noticeable declines in pricing.
In the first part of September, Manheim said that wholesale prices were "virtually unchanged."
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