In a first-ever metric compiled by Cox Automotive, seasonally adjusted electric vehicle values ended 2023 down 17%, while non-EVs were down 7.1% for the year.
All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in July.
Wholesale used vehicle prices increased 0.47% month-over-month in October, bringing the mid-month Manheim Used Vehicle Value Index to 161.9, a 15.4% increase from October 2019.
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