Wholesale used vehicle prices increased 0.47% month-over-month in October, bringing the mid-month Manheim Used Vehicle Value Index to 161.9, a 15.4% increase from October 2019, according to Manheim’s Used Vehicle Value Index.
However, non-seasonally adjusted monthly change was down 1.9%, which is in line with what the Index has seen in weekly price trends. Manheim Market Report (MMR) prices declined at a decelerating pace over the four full weeks of October, resulting in a 2.8% cumulative decline on the Three-Year-Old Index. In the last full week of October, the Three-Year-Old Index declined 0.5%, which was the smallest weekly decline in nine weeks, and the decline was less than the average decline for that week over the last seven years.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in October. Pickup trucks and luxury cars outperformed the overall market, while most other major segments underperformed the overall market.
Total used vehicle sales volume was down 5% year-over-year in October, according to Cox Automotive estimates. The report estimates the October used seasonally adjusted annual rate (SAAR) to be 37.5 million, down from 39.6 million last October and down compared to September’s 39 million rate.
Meanwhile, the average price for rental risk units sold at auction in October was up 5.3% year-over-year. Rental risk prices were down 5% compared to September. Average mileage for rental risk units in October (at 54,400 miles) was up 13% compared to a year ago and up 28% month-over-month.