by Calculated Risk on 12/07/2023 11:25:00 AM

From Manheim Consulting today: Wholesale Used-Vehicle Prices Decrease in November

Wholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.1% in November from October. The Manheim Used Vehicle Value Index (MUVVI) dropped to 205.0, down 5.8% from a year ago.

“While November’s decline was only slightly less than October’s, the move lower was on our radar, given the typical seasonal downward trend that paused in August and September,” said Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive. “Prices still have a chance of rising slightly in December, though we’re not predicting an odd spike or trough. Rather, we’re expecting a measured movement through the end of the month and the year, which should get us close to the January forecast for a 4% year-over-year decline by December 2023. We’ll share our 2024 forecast during our January 8 call, but current views suggest less of a roller coaster in the new year.”

The seasonal adjustment reduced the November decrease. The non-adjusted price in November declined by 2.9% compared to October, moving the unadjusted average price down 7.5% year over year.
emphasis added

Click on graph for larger image.

This index from Manheim Consulting is based on all completed sales transactions at Manheim’s U.S. auctions.

The Manheim index suggests used car prices decreased in November (seasonally adjusted) and were down 5.8% year-over-year (YoY).