Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
An iseecars.com study finds electric car prices saw an increase of 54% in July from the same month last year while gas-powered cars were up just 10%.
Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
For the first time, used EV prices are exceeding the consumer price index for all used cars spurring sales and resales, according to the Q3 2022 Used Electric Car Market Report.
While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
Compared to last month, wholesale used vehicle prices are down 1.3%, but year over year, prices are up 10.7%.
The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
Insights from the "cereal box" workshop at the 2022 Conference of Automotive Remarketing show how consignors and auctions can be creative in accurately pricing wholesale vehicles.
The average listing price at the end of April was $28,365, surpassing the $28,000 mark for the first time since December 2021.
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