The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
With sales slightly stronger than expected, tight supply, and prices at about 6% below last year, these factors are expected to prevent any substantial decline in wholesale prices through year-end.
The conversion rate indicates that the first 15 days of August saw buyers with more bargaining power for this time of year.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
Wholesale supply has increased with weaker purchase activity in early July, yet it is otherwise normal for this time of year.
All major market vehicle segments saw seasonally adjusted prices that were lower year over year in the first half of June.
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