Cox Automotive reported a slight uptick in its Manheim Used Vehicle Value Index from July to August.
The index, which tracks vehicles sold at its U.S. wholesale dealership auctions, remains elevated from historical levels but is down 7.7% compared with August 2022. Retail prices for consumers traditionally follow changes in wholesale prices."August brought a stop to wholesale price declines, though it was only a small reversal of the larger magnitude declines so far this spring and early summer," Chris Frey, Cox senior manager of economic and industry insights, said in a release.
Frey said wholesale used vehicle prices are not expected to change much through the end of the year, with tight inventories and expected sales levels preventing any substantial pricing declines. Cox estimates used vehicle retail sales in August were up 5% compared with July, and year over year they were up 0.8%. The average price listed for a
– the most recent data – was $ 27,028, down from a month earlier but still elevated from historical levels.
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