Wholesale used-vehicle prices declined again in November, though only slightly, according to one major indicator.
Cox Automotive said Wednesday its Manheim Used Vehicle Value Index — a measurement of wholesale used-vehicle prices compiled by tracking vehicles sold at Manheim's U.S. auctions and applying statistical analysis to it — fell just 0.3 percent in November from October. That follows more substantial declines earlier in the autumn season.
The Manheim index fell to 199.4 in November, the first time since August 2021 it's dropped below 200. It reached a peak of 236.3 in January 2022.
Wholesale prices were down 14.2 percent at the end of November compared with a year ago. That figure is adjusted for mix, mileage and seasonality. On a nonadjusted basis, the Manheim index declined 1.6 percent from its October level, with prices down 12.4 percent year over year.
Used retail sales fell 1 percent in November from October, and are down 10 percent year over year, according to Cox Automotive. Sales are down 22 percent compared with November 2019, Cox said.
Cox estimates that retail used-vehicle supply was at 47 days at the end of November, down from 53 days at the end of October but up from 44 days at the end of November 2021. Wholesale used-vehicle supply ended November at 29 days, unchanged from the end of October but higher than the 24 days' supply at the end of November 2021.
Average wholesale prices for 3-year-old vehicles, the largest model year cohort at Manheim's auctions, fell 2.2 percent in November from October.
Black Book's Used Vehicle Retention Index also decreased, for the fifth straight month.
The index dropped to 171.4 points in November, down 2.9 points or 1.6 percent from its October level, according to data released Monday by Black Book. That is down 18.5 points or 9.7 percent year over year.