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Wholesale used car prices drop by largest amount since pandemic began
The Hill ^ | 07/10/2023 | LAUREN SFORZA

Posted on 07/10/2023 11:09:18 AM PDT by ChicagoConservative27

Wholesale used car prices dropped by 4.2 percent from May to June, marking the largest monthly decrease since the start of the COVID-19 pandemic, according to the Manheim Used Vehicle Value Index (MUVVI).

The index, which is a measurement of wholesale prices of used vehicles, also saw a drop of 10.3 percent from a year ago.

“The 4.2 percent drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in April 2020 when the index plunged 11.4 percent,” Chris Frey, senior manager of economic and industry insights for Cox Automotive, said in a statement.

“The year-over-year decline was also large, another 2.7% drop from May’s annualized 7.6% decline, but as mentioned last month, auction prices were lower in the fall last year, and we expect these increasing year-over-year moves to shrink in the months ahead as the market normalizes,” Frey added.

(Excerpt) Read more at thehill.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Your Opinion/Questions
KEYWORDS: automotive; car; pandemic; prices; usedcars; usedvehicles; wholesale
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To: MinorityRepublican

I only know of one company going all EV for their fleet


21 posted on 07/10/2023 3:29:47 PM PDT by ChicagoConservative27
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To: ChicagoConservative27
I only know of one company going all EV for their fleet

That's crazy.

22 posted on 07/10/2023 3:36:10 PM PDT by MinorityRepublican
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To: ChicagoConservative27

Get them while you can or wait to be forced to purchase one of the expensive EVs.


23 posted on 07/10/2023 3:36:20 PM PDT by RetiredTexasVet (Biden not only suffers fools and criminals, he appoints them to positions of responsibility. )
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To: FarCenter

“ The Average Car Is Now a Record 12.5 Years Old”

My car is 12.5 years old, and as long as it keeps passing inspection, I’ll keep it. It has less than 100,000 miles, so I could make it to 200,000 if gas engines are still legal by then.


24 posted on 07/10/2023 3:54:54 PM PDT by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals)
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To: Zuriel

” forgot a thing or two.”

We make a list always something we left off.

Most of food now is home made, followed by canned/frozen meals, a big thing for us is sushi from the local HEB (big chain Tx), special days (birthdays, etc) is delivered pizza.

Biden economy is not nice to me.


25 posted on 07/10/2023 4:24:25 PM PDT by nomorelurker
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To: ChicagoConservative27

They have a lot further to go…

They are still grossly overpriced.


26 posted on 07/10/2023 4:29:24 PM PDT by HamiltonJay
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To: stylin19a; AlmaKing

I suppose it may vary by location somewhat but we are seeing prices come down at a lot of places but some are still trying to shake down those who havent heard.

Like the others said, its the interest right now.
In December I know a no credit person got a used car loan for 5. This morning two excellent credit individuals were offered a best available loan of ONLY a low low 10%.

I think a lot of those cars are going to sit there for awhile. Good news is they should be marked even further down by then.


27 posted on 07/10/2023 4:46:31 PM PDT by gnarledmaw (Hive minded liberals worship leaders, sovereign conservatives elect servants.)
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To: Paladin2; null and void; Red Badger; Travis McGee; Diogenesis; rx; rxsid

[Economic contraction?]

Yes, IMHO.

Also known as the W/Obama/Obama/Biden Disaster All According to Plan. /shiny side out


28 posted on 07/10/2023 4:48:03 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: nomorelurker

[Biden economy is not nice to me.]

Same here, my FRiend.


29 posted on 07/10/2023 4:48:34 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Gideon7

“They don’t go on sale until they are practically wrecks.”

I use an 18 yr. old vehicle most every day for local running around. And I have an identical spare [that my wife finally rejected] in the garage as backup.


30 posted on 07/10/2023 4:55:39 PM PDT by Paladin2
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To: tje

Heh, we bought our Subie Outback used, a bit over 11 years ago. It now has over 250k miles on it. “Everything works”, but it needs new wheel bearings on at least 2 wheels (this has been a repetitive problem), both front CV boots have split (another repetitive problem), the catalytic converter may be shot (yet another repetitive problem - one that’s already had one recall) and there’s an exhaust leak where the exhaust splits into 2 pipes. Plus I’m re-doing the wiring harness to the hatch. But, the car runs well and all other stuff works fine.


31 posted on 07/10/2023 10:22:06 PM PDT by Paul R. (You know your pullets are dumb if they don't recognize a half Whopper as food!)
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To: gnarledmaw
thanx for that.

I think a lot of those cars are going to sit there for awhile. Good news is they should be marked even further down by then.

what i have noticed is, dealerships that were skinny on inventory are now replenished somewhat.
32 posted on 07/11/2023 7:18:29 AM PDT by stylin19a ( "Except For Ending Slavery, Fascism, Nazism and Communism, WAR has Never Solved Anything." )
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