Wholesale Used Vehicle Prices Experience Significant Decline, Set to Stabilize in Second Half of the Year
Wholesale used vehicle prices recorded their largest monthly decline since the start of the pandemic, signaling a potential stabilization in the market during the second half of the year.
Wholesale prices of used vehicles are at their lowest level in more than a year
The Manheim Used Vehicle Value Index is a method of tracking prices of used vehicles sold at its U.S. wholesale auctions. the latest metric shows prices have fallen approximately 16% from the record-high levels in January.
Even used cars are making potential buyers think twice, now
Used cars are officially unaffordable for most Americans. Interest rate bumps have forced a number of potential car shoppers to reconsider buying, even what has previously been the most ‘reasonable’ option.
Used-car price tags have dropped slightly, soothing the blow from record-high inflation
Cox Automotive revealed this past Friday that its Manheim Used Vehicle Value Index, which records prices of used vehicles sold at its wholesale auctions, dropped 1% between March and April 2022.