Wholesale Used-Vehicle Prices Declined in February

In February, wholesale prices for used vehicles took a dip compared to both the previous month and the same time last year. The Manheim Used Vehicle Value Index (MUVVI) dropped by 13.1% from a year ago, with a slight decrease of 0.1% compared to January. Despite a 1.7% increase in non-adjusted prices from January, the overall trend showed an 11.0% decline in prices compared to the previous year. This decrease signals a reduction in collision repair work before vehicles are declared total losses.

Despite the overall decline, there were positive signs in the market. Tax refunds increased, putting more money in consumers’ pockets, and leading to heightened retail purchase activity. This resulted in stronger wholesale prices towards the end of February, with above-average weekly increases and improved market demand. Electric vehicle (EV) values saw a slight increase compared to the previous month, indicating a growing interest in EVs relative to non-EVs.

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Read more: https://collisionweek.com/2024/03/08/wholesale-used-vehicle-prices-declined-february/

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