Wholesale used vehicle prices dropped 11.41% month-over-month for the month of April, bringing the Manheim Used Vehicle Value Index to 125.8, which is 9.2% lower than it was at the same time in 2019, and is the lowest level seen in three years.

Declines in Manheim Market Report (MMR) prices accelerated over the last two weeks of March and the first two weeks of April but then started to decelerate over the final two weeks of the month, Manheim found. April saw a decline of about 10% in the Three-Year-Old Index.

Year-over-year, all major market segments saw seasonally adjusted price declines in April, Manheim said. Luxury cars and SUVs/CUVs outperformed the overall market, while most other major segments underperformed the overall market

Used vehicle sales were down 34.3% year-over-year for April, according to Manheim.

Meanwhile, wholesale prices are beginning to stabilize as the excess supply of used vehicles comes down; used retail supply peaked at 115 days on April 8. Normal used retail supply is about 44 days’ supply, which reached 53 days at the end of April.

Year-over-year, April total new vehicle sales were down 47%, with one more selling day compared to April 2019. The April SAAR came in at 8.6 million, a decrease from last year’s 16.5 million and down from March’s 11.4 million rate.