Wholesale Used Vehicle Prices Dip Further This Month
All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of 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.
Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
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.
If retail consumers avoid buying new vehicles because of high inflation and interest rates, then OEMs may route more of them into fleet and lease channels.
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Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
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The average price paid for a new vehicle in America now tops $48,000. Supply of popular segments – like subcompacts, hybrids and EVs – remain low.
Combined sales into large rental, commercial, and government fleets were up 14.6% year over year in August.
Sales into commercial fleets were up 37% and sales into government fleets were up 28% last month compared to August 2021.
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