Used-Vehicle Value Volatility Shows Signs of Calming
First half of year ends with signs of normalizing, thanks to improved inventories.

Sales fell an estimated 6% year-over-year in June, which Cox says is the best result since March.
IMAGE: Pexels/Pixabay
Used-vehicle values took a roller-coaster ride in the first half of the year, ending down more than 10% year-over-year but stable in June as inventory rebalances, Cox Automotive says.
Meanwhile, used-vehicle retail sales were also down but not as much as they were in the spring.
“The wholesale market story for the first half of 2023 can be summed up in one word: volatile,” said Cox Automotive Chief Economist Jonathan Smoke.
“The result, however, is not unexpected. Larger upswings during the first quarter and a downward trajectory that began in the second half of March have brought us to roughly where we expected to be at this point in the year. The good news is that the worst of this is likely behind us. Used retail sales held steady in June and are showing signs of strengthening – inventory levels are generally balanced between supply and demand.”
Cox’s Manheim Used Vehicle Value Index fell to 215.1 in June and was down 10.3% year-over-year for the first half of the year.
Wholesale used-vehicle prices fell 4.2% in June, a record for the month, Cox said, and influenced in part by seasonal factors, among them multiple holiday weekends. The unadjusted average price was down 10% year-over-year.
Sales fell an estimated 6% year-over-year in June, which Cox says is the best result since March.
Days’ supply at the end of June was estimated to be 45, seven days fewer year-over-year.
DIG DEEPER: New-Car Sales Could Leave Pandemic Behind
Originally posted on Auto Dealer Today
More Industry

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →