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Wholesale used-vehicle prices (mix, mileage, and seasonally adjusted) were higher in July compared to June. The Manheim Used Vehicle Value Index (MUVVI)* rose to 201.6, a decline of 4.8% from a year ago. The seasonal adjustment to the index amplified the impact on the month, resulting in values that rose 2.8% month-over-month. The non-adjusted price in July increased by 0.6% compared to June, moving the unadjusted average price down 5.9% year over year, according to a division of Cox Automotive.
“In late June, wholesale value declines slowed, and that trend continued throughout July as we saw values appreciate over the course of the month,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “The sales conversion rate has been higher for each week in July, and that translated to higher prices overall at the wholesale level for the month. We are just beginning to see lower lease maturities for the key 3-year-old segment, and that impact will be felt over the rest of this year and into 2025 and 2026. As supply tightens for this key segment for the used vehicle market, we expect to see variances from historical average depreciation rates.”
Manheim Data
During July, Manheim Market Report (MMR) values saw weekly increases in three of the last four weeks, “clearly higher than what is normal for weekly value changes over the month.” During the last four weeks, the Three-Year-Old Index increased an aggregate of 1.1%, including a rise of 0.5% in the last week of the month. Those same four weeks delivered an average decrease of 0.6% between 2014 and 2019, – the appreciation trend for the month of July contrasted against long-term averages.
The major market segments all experienced seasonally adjusted prices that were down year over year in July, though the pace of declines has slowed from previous periods. Compared to July 2023, SUVs declined by 5.2%, and pickups fell by 5.3%. Midsize cars fell a bit more, declining 6.0% against the prior year, as luxury was down 6.2%, and compact cars continued to show the worst performance, falling by 6.4%. Compared to the previous month, we saw some changes in performance, with midsize cars rising by 3.8% and compact cars increasing by 3.3%, both higher than the average rise of 2.8%. Showing rises less than the market, SUVs rose by 2.7% in the month, pickups were higher by 2.6%, and luxury overall increased by 1.6% against the prior month.
*Manheim Used Vehicle Value Index
By applying statistical analysis to its database of more than 5 million used vehicle transactions annually, Manheim has developed a measurement of used vehicle prices that is independent of underlying shifts in the characteristics of vehicles being sold. The Manheim Index is increasingly recognized by both financial and economic analysts as the premier indicator of pricing trends in the used vehicle market, but should not be considered indicative or predictive of any individual remarketer’s results.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
July Manheim Index Show Wholesale Used-Vehicle Prices Up
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Wholesale used-vehicle prices (mix, mileage, and seasonally adjusted) were higher in July compared to June. The Manheim Used Vehicle Value Index (MUVVI)* rose to 201.6, a decline of 4.8% from a year ago. The seasonal adjustment to the index amplified the impact on the month, resulting in values that rose 2.8% month-over-month. The non-adjusted price in July increased by 0.6% compared to June, moving the unadjusted average price down 5.9% year over year, according to a division of Cox Automotive.
“In late June, wholesale value declines slowed, and that trend continued throughout July as we saw values appreciate over the course of the month,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “The sales conversion rate has been higher for each week in July, and that translated to higher prices overall at the wholesale level for the month. We are just beginning to see lower lease maturities for the key 3-year-old segment, and that impact will be felt over the rest of this year and into 2025 and 2026. As supply tightens for this key segment for the used vehicle market, we expect to see variances from historical average depreciation rates.”
Manheim Data
During July, Manheim Market Report (MMR) values saw weekly increases in three of the last four weeks, “clearly higher than what is normal for weekly value changes over the month.” During the last four weeks, the Three-Year-Old Index increased an aggregate of 1.1%, including a rise of 0.5% in the last week of the month. Those same four weeks delivered an average decrease of 0.6% between 2014 and 2019, – the appreciation trend for the month of July contrasted against long-term averages.
The major market segments all experienced seasonally adjusted prices that were down year over year in July, though the pace of declines has slowed from previous periods. Compared to July 2023, SUVs declined by 5.2%, and pickups fell by 5.3%. Midsize cars fell a bit more, declining 6.0% against the prior year, as luxury was down 6.2%, and compact cars continued to show the worst performance, falling by 6.4%. Compared to the previous month, we saw some changes in performance, with midsize cars rising by 3.8% and compact cars increasing by 3.3%, both higher than the average rise of 2.8%. Showing rises less than the market, SUVs rose by 2.7% in the month, pickups were higher by 2.6%, and luxury overall increased by 1.6% against the prior month.
*Manheim Used Vehicle Value Index
By applying statistical analysis to its database of more than 5 million used vehicle transactions annually, Manheim has developed a measurement of used vehicle prices that is independent of underlying shifts in the characteristics of vehicles being sold. The Manheim Index is increasingly recognized by both financial and economic analysts as the premier indicator of pricing trends in the used vehicle market, but should not be considered indicative or predictive of any individual remarketer’s results.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.