All major market segments saw seasonally adjusted prices that were higher year over year in the first half of March.
The average used-vehicle listing price dipped below $28,000. The inventory volume and days’ supply are both above last year, although sales remain low.
Available vehicle inventory inched higher, edging closer to normal. Key stats: 2.38 million unsold vehicles, 51 days' supply, 69,737 average mileage.
The Cox Automotive Insights team looks at key industry trends ahead that overall point to a healthy year.
Analysis: A big drop of 20% to 30%, as one report suggests, is highly unlikely. History tells us a decline of more than 10% is rare indeed.
Manheim Forecast: Tax refunds and a supply-constrained market will likely lead to another round of price increases in the first half of 2022
During the first 15 days of December, the Manheim Used Vehicle Value Index hit 239.8, a 49% increase from December 2020.
Available inventory edged slightly higher but remain below normal.
Wholesale prices appear to have peaked the week before Thanksgiving as weekly prices have declined slightly in each of the last two weeks. But retail prices continue to increase.
The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
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