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Wholesale used-vehicle prices were down in June compared to May after adjusting for mix, mileage, and seasonality. The Manheim Used Vehicle Value Index fell 8.9% year-over year to 196.1. The seasonal adjustment to the index mitigated the impact on the month, resulting in values that declined 0.6% month over month for the second time in a row. The non-adjusted price in June decreased by 2.2% compared to May, moving the unadjusted average price down 10.0% year over year.
The major market segments all experienced seasonally adjusted prices that were down in June from a year ago. The pickup segment was down 8.3%, while the SUV segment declined by 9.3%, the luxury segment fell 9.9%, the midsize segment was off 11.0%, and the compact car segment slumped 12.0%. Compared to the previous month, SUVs showed the best results, rising by 0.3% against May, and compacts fell just 0.4%, less than the industry average of -0.6%. Performing worse than the industry, midsize cars fell by 0.8%, luxury was down 0.9%, and pickups declined the most in comparison to May, falling by 1.4% for the month.
Seasonally adjusted electric vehicle values for June 2024 were down 16.6% from a year ago, while non-EVs were down 9.5% for the same period. Seasonally adjusted EV values continued to decline on a sequential basis too, falling by 6.5% in June compared to May, while non-EVs declined only 0.3% over the same comparison.
“Wholesale value declines have been stronger than we normally see for much of the last two months,” noted Cox Automotive Director Jeremy Robb. “However, even though much of the industry was feeling the retail sales disruptions caused by the CDK outages in the latter part of the month, Manheim started to see wholesale price declines decelerate, ending the month at a seasonally normal pace.,” he added. Robb also pointed out that sales conversion is currently running several points above the previous three years, indicating that buyer demand is relatively strong despite all the uncertainty in the market.
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