Wholesale used car prices fell 0.6% in June, according to the Manheim Used Vehicle Value Index. The index tracks more than 5 million used vehicle sales annually to identify pricing trends in the used vehicle market. Despite a drop in the recent results, the June index indicated that wholesale pricing was up 3.6% on a year-over-year basis, driven by favorable retail credit conditions.
Wholesale values for compact cars ended June up 3.9% compared to the same period last year, according to the index, and despite midsize car values showing a 4.8% increase from a year ago, values showed a slight decline from the previous quarter. Volumes and pricing are expected to ease in the third quarter, according to a press release from Manheim, Inc., with vehicles coming off lease and increasing the supply of late-model vehicles and rental units beginning to enter the market after a long delay.
