Wholesale used-vehicle prices exhibited only a tiny decline in July amid a stagnating summer sales season.
Cox Automotive said Friday that wholesale prices fell just 0.1 percent in July compared with June. The Manheim Used Vehicle Value Index — an indicator of used-vehicle market pricing trends — declined to 219.6, down from 219.9 in June but up from 195.2 in July 2021.
Ultimately, wholesale prices remain elevated in 2022 compared with 2021. They were 13 percent higher in July than in the year-earlier period. Those numbers are adjusted for mix, mileage and seasonality. On a nonadjusted basis, the index fell 3.2 percent in July from its June level, with prices up 10 percent year over year.
Used-retail sales fell 13 percent in July from June, and sales were down 16 percent year over year, according to Cox Automotive. Sales in July were down 29 percent compared with 2019 — the "worst comparison" against 2019 since January, according to Cox Automotive.
Average wholesale prices for 3-year-old vehicles, the largest model year cohort at Manheim's auctions, fell 2.7 percent over the last four weeks.
Cox estimated used-vehicle retail supply stood at 48 days at the end of July. That's down from 52 days at the end of June but up from 41 days in July 2021. Wholesale supply ended July at 31 days, higher than 26 days in June and higher than 22 days in July 2021.
Black Book index
Another indicator of wholesale pricing trends — Black Book's Used Vehicle Retention Index — also declined month over month.
The index fell to 189.3 points in July, down 2.2 points from its June level, according to data released Wednesday by Black Book. That was up 17 percent from July 2021 and 50 percent from July 2020.