The Manheim Market Report values saw above-average declines that were relatively consistent, with values declining almost 4% in the last four weeks.
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?
CAR 2023: What happens when you put four remarketing economists and analysts in one room? Lots of data, predictions, trends, and uncertainty.
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.
After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
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.
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.
The companies are collaborating on an electric vehicle-specific valuation influenced by the condition of the battery, the most expensive part of an EV.
IARA Summer Roundtable: A panel of economists laid out a mash up of economic indicators and remarketing industry signals that show the worst is over since 2020. But how much improvement lies ahead?
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