With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
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.
Days’ supply in October was 26% above year-ago levels. Used-vehicle inventory has been holding at about this level since mid-January.
All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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