The Manheim Used Vehicle Value Index, which measures overall used-vehicle prices, reached a record high in October.
The index -- adjusted for vehicle mileage, model mix and time of year -- stood at 122.9 in October, Manheim said today. That is up from 118.9 in September and 117.4 in October 2009.
Without the adjustments, October prices declined 1.2 percent from the previous month.
Manheim chief economist Tom Webb said the index increase, which came amid strong sales, is the result of market conditions that have existed for several months: tight used-vehicle supplies and restrained new-vehicle incentives and inventory levels.
If those conditions continue, used-vehicle prices have “a little more room to run” upward, Webb said. “In the past, one major downward pressure on used-vehicle values was new-vehicle inventory level and incentive activity.”
The index also shows that prices of full-sized pickups and vans have performed better than other segments year over year. Prices of full-sized pickups were 10.1 percent higher last month than they were in October 2009; vans were 10.6 percent higher.
Webb also cited data by CNW Marketing Research, of Brandon, Ore., indicating that franchised and independent used-car dealers sold 1,768,854 used units in October, up 40 percent from October 2009.
The Manheim Index was started in January 1995 at 100.