As the Manheim Used Vehicle Value Index rose to 122.6 in November, up from 121.9 in October, wholesale used-vehicle prices increased 0.6% last month.
Despite a month-over-month increase, the Manheim Index dropped 1% from last year. By comparison, it was up 25% from December 2008.
Used-car values were boosted by Hurricane Sandy as demand rose and supply dwindled following the superstorm, which hit the East Coast in the final days of October. Those factors are expected to continue through early 2013, which could ease any instability stemming from a potential shift in retail demand.
Sales of new car and light-duty trucks last month surged to 15.5 million, which were lifted by the pickup of sales lost because of Sandy and the subsequent need to replace cars damaged during the storm.
Sandy also caused used-vehicle replacement demand to rise, as used sales rose 15%, and CNW found that dealers posted a 31% gain. The Index reported that full-year sales are on track to hit the 41 million mark for the first time in five years.
Most rental companies put a slight hold on their scheduled de-fleeting, as long-term rentals rose following the hurricane. Wholesale trucks, as well, saw pricing strength as the building and services trade is seeing more activity.
