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US Vehicle Transaction Prices Down in January
The automobile market is not contributing to inflation. The extensively covered January Consumer Price Index (CPI), a key measure of inflation is widely misrepresented in AutoInformed’s opinion.
Cox Automotive* said today that it observed declines in retail vehicle prices last month, according to actual transaction data. Kelley Blue Book reported that average transaction prices for new vehicles were down by 3.5% year-over-year, Another Cox measure, Dealertrack data show average used retail prices down slightly less. “Both measures indicate the retail auto market is not pushing overall inflation higher,” Cox said.
The mid-February Manheim Used Vehicle Value Index (MUVVI) had fallen further from January and was down 13.8% compared to the full month of February one year ago. The January MUVVI report, posted earlier this month, showed wholesale vehicle values down 9.2% year over year, as used-vehicle prices continue to drop.
“Consumer sentiment is up slightly so far in February. With vehicle prices falling, consumers’ views of buying conditions for vehicles improved to the best level since July 2021,” said Jonathan Smoke Chief Economist at Cox Automotive. An undisputed expert on translating automotive data and trends, in AutoInformed’s opinion. Forty states now have more jobs than before the Trump mis-administration of the pandemic.
*Cox Automotive
Cox Automotive says it is the world’s largest automotive services and technology provider. Fueled by the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox Automotive tailors leading solutions for car shoppers, automakers, dealers, retailers, lenders, and fleet owners. The company has 25,000-plus employees on five continents and a family of trusted brands that includes Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital™, and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately owned, Atlanta-based company with $22 billion in annual revenue. Visit coxautoinc.com or connect via @CoxAutomotive on X, CoxAutoInc on Facebook, or Cox-Automotive-Inc on LinkedIn.
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