Used-vehicle prices in October fell 0.7 percent from September to an average $9,768, ADESA Analytical Services said. But last month's average was still 3 percent higher than in October 2009.
"This is the time of year when prices tend to weaken," says Tom Kontos, vice president of customer strategies and analytics at ADESA.
He says the month-to-month price softness is keeping with seasonal patterns that call for softening in October and November, followed by a modest increase in December.
Kontos says October used-vehicle prices were higher than they were a year ago in part because many dealers last year were owed money from the federal government for participating in the federal cash-for-clunkers incentive program. Because those dealers were short of cash, they were reluctant to buy used vehicles, and the lower demand brought down prices in October 2009.
The average wholesale price of a used light truck in October was $11,123. That is up 5 percent from October 2009 and down 1 percent from September 2010.
The average wholesale price of a used car in October was $8,557 -- 2 percent higher than in October 2009 and 0.4 percent below September 2010.