Wholesale used car prices dropped last month by the largest amount since the beginning of the COVID-19 pandemic, according to the latest Manheim Used Vehicle Value Index , tumbling by 4.2 percent in June from May.
On a year-on-year basis, Manheim estimates that used car prices were down in June 6.0 percent,"the best year-over-year performance since March." The average retail listing price for a used vehicle also dropped over the last four weeks, though by only 0.5 percent. Sales by volume, on the other hand, were 0.5 percent higher in June from May.
Last month, the Federal Reserve put its aggressive hiking campaign on hold as it estimated the impact of higher interest rates on the U.S. economy and inflation. The central bank is meeting again this month, Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, described the drop in prices as"among the largest declines in MUVVI history and the largest decline since the start of the pandemic in April 2020 when the index plunged 11.4 percent," as mentioned by Manheim.
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