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Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
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The average price likely will stay relatively high since few new vehicles were sold in recent years and little leasing was done.
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Post-pandemic pent-up demand is moving into the automotive market. Strong sales growth into fleets strengthened April numbers.
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Dealer lots are no longer empty, with far more selection for vehicle shoppers who may have been waiting to buy a particular model.
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While inventory is up from 2022 levels, it remains low by historical standards. Meanwhile, the estimated typical monthly payment for a new vehicle declined to $754 from the peak of $791 in Dec. 2022.
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Prices usually decline in the first two weeks of April, but in each of the last two years prices increased substantially during these same weeks, the Manheim Index shows.
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Although prices are falling, they likely won't decline too much given the tighter inventory compared to 2021.
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The month also ended at near 41 days’ vehicle supply, down from 48 days at the end of January and 13 days lower than February 2022 at 54 days' supply.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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All eight major market segments again saw seasonally adjusted prices that were lower year over year last month, with compact cars showing the smallest decline.
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