Used Car Market In Turmoil As Prices Collapse And Demand Wanes

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Used car prices have recorded their biggest plunge ever, falling below pre-COVID levels.

Auto research firm Cox Automotive - the owner of the closely followed Manheim price index - published new data this week for October that shows wholesale used-vehicle prices continue to slide and have reached the lowest levels since April 2021. The Manheim Used Vehicle Value Index stood at 209.4 in October, down 2.3% from September. The index is down 4% from a year ago. These wholesale prices filter into the retail side of the market with a slight lag.

Wholesale vehicle values typically experience some modest increases during the holiday season, and with two months remaining, we could see some upward price movements.' Charles Schwab Chief Investment Strategist Liz Ann Sonders was the first to point out on social media platform X that the Manheim price index has 'extended its maximum drawdown to -18%, which is largest in index's history.' X user CarDealershipGuy said the 'strikes are over' and 'now back to reality.

 

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