During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
Wholesale supply has increased with weaker purchase activity in early July, yet it is otherwise normal for this time of year.
The Manheim Market Report values saw above-average declines that were relatively consistent, with values declining almost 4% in the last four weeks.
The average price likely will stay relatively high since few new vehicles have been sold in recent years, and little leasing was done.
Mid-Month Update: The Manheim Used Vehicle Value Index was down 7% compared to the full month of May 2022.
Conditions have shifted to favoring buyers; but with tight supply, the market is close to a balance between buyers and sellers.
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.
After closing out 2022 with the longest-running, sharpest decline over a single year, wholesale used vehicle prices have risen in 2023.
All eight major vehicle market segments saw seasonally adjusted prices that were lower year over year in January.
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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