The Manheim Used Vehicle Value Index was unchanged in August on a month-to-month comparison and showed a 1.7% increase from the same month a year ago. The reading confirmed that wholesale used-vehicle prices have remained significantly above pre-pandemic levels and continue to show resilience in the face of fluctuating market conditions. The seasonal adjustment smoothed out some volatility; while the index itself was flat, non-adjusted prices in August gained 1.0% from July, and stood 1.8% higher than the previous year.
Price dynamics included ongoing low used-vehicle inventories and steady demand from buyers seeking affordable options, which kept values elevated. Retail used-vehicle sales jumped 9.2% month-over-month and 9% year-over-year. The average retail listing price moved up slightly by 0.3%, while the number of days of supply of retail used vehicles fell to 42 from 46 at the end of July in an indication of a tightening market.
In terms of segment breakdown, the luxury car segment led annual price gains with a 2.3% rise, followed by SUVs up 1.3%. In contrast, trucks dipped by 0.3%, mid-size sedans declined by 2.0%, and compact cars saw the steepest fall, down 3.5% on a year-over-year basis. On a month-over-month basis, compact cars, mid-size sedans, and SUVs saw minor gains, while pickups and luxury vehicles dropped.
Electric vehicle prices rose in August due to a temporary surge in EV demand that analysts said is partly attributed to the impending expiration of federal incentives on September 30. “The increased demand has elevated values for used EVs at auction, making the EV segment the strongest performer currently against last year for wholesale values,” highlighted Cox Automotive economist Jeremy Robb.
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