Two used-wholesale vehicle indicators show a drop in prices in October, continuing a multimonth decline that started as spring gave way to summer.
Cox Automotive’s Manheim Used Vehicle Value Index decreased 2.2%, while Black Book’s Used Vehicle Retention Index fell 1.2%, indicating ongoing drops in wholesale used-vehicle market values.
Cox’s index was down 10.6% year-over-year, adjusted for seasonality, mix and mileage, while Black Book’s was off 3.3%.
Cox’s nonadjusted price change was 2.1% from September, for a 12-month drop of 9.3%. Black Book’s index is adjusted for seasonality, vehicle age, mileage, condition and inflation. It tracks percent retention from original MSRP of a typical 4-year-old vehicle in the market.
Used-retail prices decreased 9% from September and 13% from a year earlier, Cox said.