Used-car values down 14% as Manheim index hits lowest level since March 2021
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Wholesale vehicle prices continued their downward slope in April, falling double-digit percentages from a year ago.
In fact, Cox Automotive’s Manheim Used Vehicle Value Index for the month fell below 200 for the first time in more than three years.
The company said in a Data Point report accompanying the index that wholesale vehicle prices were down 14.0% year-over-year and 2.3% month-over-month, when adjusting for mix, mileage and seasonality.
Unadjusted, prices fell 11.9% year-over-year and 0.6% from March.
The index reading (198.4) was the lowest it has been since March 2021, when it came in at 195.4, according to Cox Automotive’s data.
In addition to the overall decline of 14%, there were year-over-year decreases across the board in selective market classes.
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Compact cars (down 17.6%) had the heftiest decline, followed by midsize cars (down 16.8%) and pickups (down 15.2%), Cox said. SUV/CUV prices were off 14.6% year-over-year and luxury prices fell 12.9%.
The decline for non-electric vehicles was at 13.1%, while EV values dropped 17.5% from April 2023.
