The haywire period in used-vehicle prices may finally be coming to an end.
fell 4% in August, compared with July, according to Cox Automotive's Manheim Used Vehicle Value Index, the monthly benchmark widely used to gauge used price movement.
At 210.8, the Manheim index marked its sixth decline in the last seven months and its lowest point since December. "The number came down like a rock this month," Chris Frey, an analyst for Cox Automotive, tells Axios.Wholesale price movement typically precedes retail price movement, meaning used-vehicle prices could soon experience declines."There’s some trepidation in the market overall," Frey says. "That’s essentially what’s causing the used market to slack off a little bit."SUVs — the most popular segment of vehicles — posted a 4.
And used-vehicle inventory has ticked upward from 21 days at the end of August 2021 to 47 days at the end of August this year.Overall used-car prices averaged $33,414 in August, according to car-shopping app CoPilot. That's about 34% higher than "projected normal levels," absent the pandemic's supply chain mess limiting the output of new vehicles, according to CoPilot.
"Last year was outrageously volcanic — explosive with price gains," Frey says. "This year, it seems that things are mitigating. They’re turning back to normal."
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