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In a first-ever metric compiled by Cox Automotive, seasonally adjusted electric vehicle values ended 2023 down 17%, while non-EVs were down 7.1% for the year.
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All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Only three of eight major market segments saw seasonally adjusted prices that were higher year over year in September. The full-year Manheim Used Vehicle Value Index forecast is expected to finish the year down nearly 14% YOY, up from the second quarter’s revised forecast of a 6% decline.
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October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
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The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
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On a year-over-year basis, all major market segments saw seasonally adjusted price increases in July.
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Wholesale used vehicle prices increased 0.47% month-over-month in October, bringing the mid-month Manheim Used Vehicle Value Index to 161.9, a 15.4% increase from October 2019.
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