DETROIT -- After five consecutive months of declines, used car prices were back on the rise in November, according to the Manheim Used Vehicle Value Index.
The monthly index stood at 123.8 last month. That’s up from 122.8 in October but down from 124.3 in November 2010. The index measures changes in used-vehicle prices and is adjusted for model mix, mileage and time of year. The index started in January 1995 at 100.
Citing data from CNW Research, Manheim says retail used unit sales rose 3.4 percent in November with segments such as certified used and vehicles financed with subprime loans showing strength.
Other points in Manheim’s monthly commentary:
- Despite a significant uptick in the number of retired rental vehicles sold by rental car companies at auctions in November, prices of those vehicles remained steady.
- Prices of commercial fleet vehicles in segments such as mid-sized cars, pickups and cargo vans rebounded in November after showing weakness in October.
- Over the past three months and the past six months prices of the pickup and minivan segments have shown strong upward movement; the compact car segment is up the most year-over-year but has weakened in the second half of the year.