Used car prices continue to fall as they dropped 0.6% last month. Wholesale prices are down 12.1% from a year ago. EVs and compact cars were the biggest losers as their values have dropped significantly. If you’ve been in the market for a used vehicle, you’ve undoubtedly noticed prices are significantly higher than in the past. However, there’s been some relief as prices have been trending downward since the tail end of the pandemic. That continues as the Manheim Used Vehicle Value Index fell 0.
The wholesale price, on the other hand, is the lower one and essentially represents a car's trade-in value to a dealer. On a year-over-year seasonally adjusted basis, the biggest losers were compact cars which were down 17.4%. They were closely followed by mid-size cars and crossovers / SUVs . On the flip side, the models that held their value the best were pickups and luxury vehicles. EV values took a beating as they were down 16%. That compares to an 11.
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