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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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SEARCHMENUSEARCHThe higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
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The slowing economy has driven average vehicle sale and floor prices past a turning point compared to last year.
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The southeastern U.S. independent auction vehicle wholesaler now spans 10 locations after its second acquisition this year.
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Analysis: Starting in 2023, the effects of the pandemic-driven slowdown and the changes in leasing will affect the used-vehicle supply by mid-decade.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
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September marks a record 16th straight month that new-vehicle ATPs were higher than the average manufacturer’s suggested retail price (MSRP).
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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.
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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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