Wholesale Used Prices Dip in September
Wholesale used-vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) declined 0.2% from August in the first 15 days of September.
The mid-month Manheim Used Vehicle Value Index decreased to 203.6, down 5.0% from the full month of September 2023. The seasonal adjustment softened the results. The non-adjusted price change in the first half of September rose 0.2% compared to August, while the unadjusted price was down 4.6% year over year. The average change for the month of September is an increase of two-tenths of a point for seasonally adjusted values, so the current measure is below trend for the early read of the month.
Jeremy Robb.
“It’s normal for seasonally adjusted values to cool a bit in the first half of September as results include the impact from the Labor Day holiday week, which has a lingering effect on the industry over a few weeks,” said Jeremy Robb, senior director of Economic and Insights at Cox Automotive. “We typically see non-seasonally adjusted values decline for the full month of September, yet they are currently higher by two-tenths of a point even through the holiday period. This suggests we are currently continuing to see lower than normal depreciation trends in the wholesale industry.”