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Wholesale Used Car Prices Decreased 2.3% in October; Down 4.0% Year-over-year

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From Manheim Consulting today: Wholesale Used-Vehicle Prices Decrease in OctoberWholesale used-vehicle prices (on a mix, mileage, and seasonally adjusted basis) decreased 2.3% in October from September. The Manheim Used Vehicle Value Index (MUVVI) dropped to 209.4, down 4.0% from a year ago.

“October revealed some not-so-spooky price moves, namely a reversal of the gains that were seen during the prior two months,” said Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive. “This confirms the caution that was mentioned last month The UAW strike , avoiding one action that could have led to higher wholesale prices. October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced. Wholesale vehicle values typically experience some modest increases during the holiday season, and with two months remaining, we could see some upward price movements.”

The seasonal adjustment reduced the October decrease. The non-adjusted price in October declined by 3.1% compared to September, moving the unadjusted average price down 6.3% year over year.
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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 October (seasonally adjusted) and were down 4.0% year-over-year (YoY).

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