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Wholesale used-vehicle prices climb again in January
Wholesale used-vehicle prices rose for a second month in a row in January, the result of higher-than-expected demand, according to one major indicator.
Cox Automotive said Tuesday its Manheim Used Vehicle Value Index — a measurement of wholesale used-vehicle prices calculated by tracking vehicles sold at Manheim’s U.S. auctions and applying statistical analysis to those figures — rose 2.5 percent in January from December.
Wholesale prices, however, fell 13 percent at the end of January compared with the same month in 2022, according to Manheim, which adjusts its figures for mix, mileage and seasonality. On a nonadjusted basis, the Manheim index rose 1.5 percent in January from December, with prices down 11 percent year over year.
In January, Manheim Market Report values “saw price increases that were not typical,” according to a Cox Automotive statement. Those values are usually little changed in the month, the company indicated.
Average nonadjusted wholesale prices for 3-year-old vehicles, the largest model year cohort at Manheim’s auctions, rose 1.2 percent in January from December.