by Calculated Risk on 5/06/2022 11:05:00 AM

From Manheim Consulting today: Wholesale Used-Vehicle Prices Decline in April From Seasonal Adjustment

Wholesale used-vehicle prices (on a mix-, mileage- and seasonally adjusted basis) declined 1.0% in April from March. The Manheim Used Vehicle Value Index declined to 221.2, which was up 14.0% from a year ago. The non-adjusted price change in April was an increase of 2.9% compared to March, leaving the unadjusted average price up 16.4% year over year.

Manheim Market Report (MMR) values saw weekly price increases that were strongest to start April and slowed as the month progressed.
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 declined in April seasonally adjusted but are still up 14.0% year-over-year.

Note: This index was up 25% YoY last month, and up 45% YoY in January - so it appears prices will be down YoY soon.

According to the BLS, "Used cars and trucks" were down 3.8% in March compared to February and up 35% year-over-year in March. It seems likely that "Used cars and trucks" will be down again in the April CPI report.