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Graphic: Cox Automotive
Wholesale used vehicle prices increased 0.7% in the first 15 days of January compared to the month of December, bringing the mid-month Manheim Used Vehicle Value Index to 162.3, a 14.6% increase from same time last year, according to Manheim.
Manheim Market Report (MMR) prices declined in the first full week of January but were unchanged the following week, and, overall, experienced a 0.4% cumulative decline over the last two weeks, for the three-year-old index, according to the company.
Over the first 15 days of January, MMR Retention, which is the average difference in price relative to current MMR, averaged 100.4%, according to Manheim. The sales conversion rate has also improved markedly in the first 15 days of January relative to declines experienced over the holidays.
The latest trends in the key indicators suggest non-adjusted used vehicle values will likely see stable prices if not modest appreciation over the next week, Manheim reported. On a year-over-year basis, all major market segments saw seasonally adjusted price increases in the first 15 days of January.
Used retail supply is slightly above normal levels, at 51 days, based on vAuto data. Wholesale supply has increased to 25 days for the most recent seven-day period, when normal supply is 23.
The average price for rental risk units sold at auction in the first 15 days of January was up 8% year-over-year, according to the report from Manheim. Rental risk prices were up 2% compared to December. Average mileage for rental risk units in the first half of January (at 49,800 miles) was down 3% compared to a year ago and down 4% month-over-month.
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