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The Manheim Used Vehicle Value Index (MUVVI), which measures wholesale used-vehicle prices, saw a significant decline in June. Prices decreased by 4.2% compared to May, marking one of the largest drops in MUVVI history. Year-over-year, prices were down by 10.3%.
The decline is attributed to a break in buyer activity at auctions and improving used retail inventory. However, the market is expected to stabilize, resulting in less volatility in wholesale price movements for the remainder of the year.
Various vehicle segments experienced price decreases, with sports cars being the most affected.
Wholesale supply and retail sales both decreased, but the year-over-year performance of used-vehicle retail sales improved.
New-light-vehicle sales increased by 19.9% compared to the previous year, and consumer confidence showed improvement in June. Gas prices also declined slightly.
Read more about the latest Manheim Used Vehicle Value Index update here: https://publish.manheim.com/en/services/consulting/used-vehicle-value-index.html
