Wholesale Used-Vehicle Prices Decreased in the First Half of April

At CmySkills, we are always up to date on the latest trends and news in the automotive industry. The recent Collision Weekly report shows that used car prices continued to decline in April 2024. The Manheim Used Vehicle Value Index dropped 13.7% year-over-year in the first half of April. This is the first time the index has been under 200 since March 2021. All major market segments saw year-over-year price declines, with compacts falling the most at 17.1%. Even electric vehicles, which had been a bright spot in the market, are down 18.3% from April 2023.

There are also signs that demand for used cars is weakening. The average daily sales conversion rate was down from both April 2019 and March 2024. This suggests that buyers are less willing to pay asking prices.

Wholesale supply remains tight, but it is improving slightly. Wholesale supply is estimated to have been 23 days at the end of March, which is down from 26 days at the end of February. However, this is still tighter than usual for this time of year.

Read the details of the report: https://collisionweek.com/2024/04/18/wholesale-used-vehicle-prices-decreased-first-half-april/

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