
Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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.
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Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
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All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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.
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