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After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
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All eight major market segments again saw seasonally adjusted prices that were lower year over year last month, with compact cars showing the smallest decline.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
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After including dealer and manufacturer fleet sales, the total fleet share of all sales was 14%, up 2% from April 2021's fleet share.
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On a month-over-month basis, all major segments saw seasonally adjusted price declines, with pickups declining the most.
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Combined sales into large rental, commercial, and government buyers were down 30% year over year in February. Sales into rental were down 52% YOY.
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Manheim Forecast: Tax refunds and a supply-constrained market will likely lead to another round of price increases in the first half of 2022
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October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
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