Used vehicle prices may have bottomed for 2023 after August increase

Prices of wholesale used vehicles in the US increased for the first time since March, according to Cox Automotive's Manheim Used Vehicle Value Index. The index rose 0.2% in August to 212.2, but remains 7.7% lower than August 2022. The small reversal is not expected to continue, with tight inventories and high sales levels preventing substantial pricing declines. Retail prices are likely to follow the changes in wholesale prices, which have been elevated due to the pandemic and supply chain issues.

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Frequently Asked Questions

Q: Have used vehicle prices bottomed out for 2023?

A: According to a report by Cox Automotive, there was a slight uptick in used vehicle prices from July to August, suggesting that prices may have bottomed out for 2023. [Source: CNBC]

Q: When did used vehicle prices start to increase?

A: Used vehicle prices started to increase in August 2023. [Source: CNBC]

Q: What is the Manheim Used Vehicle Value Index?

A: The Manheim Used Vehicle Value Index is a measure of used vehicle prices and is used to track changes in the used vehicle market. [Source: CNBC]