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Wholesale used vehicle prices dip in April as retail sales cool

Price declines were more visible in some segments than others.

Wholesale used vehicle prices in April continued declines observed throughout the first quarter, with retail sales taking a hit as tax season drew to a close.

Cox Automotive’s Manheim Used Vehicle Value Index (MUVVI) dropped to 198.4 last month, marking a 14% decrease from the previous year. Prices were 2.3% lower on a month-over-month basis.

Price declines were more visible in some segments than others. Luxury used vehicles showed the most resilience during the period, with only a 12.9% average price decrease. On the other hand, compact cars and electric models faced the heaviest declines, both losing around 18% of their prior-year values.

Traditional used vehicles continued to depreciate at a slower pace than electric models. Excluding battery-powered cars, the average price decline was only 13.3%.

On the retail front, vAuto data revealed a 4% decrease in retail used-vehicle sales compared to March, marking the end of tax season, although sales remained 9% higher on a year-over-year basis. The average retail listing price for used vehicles saw a 2% increase over the last four weeks, indicating resilience in dealership pricing strategies amidst market fluctuations.

While April’s new-light-vehicle sales were down 3.3% from the previous year, the seasonally adjusted annual rate (SAAR) showed a modest 0.4% increase, reaching 15.7 million. These figures underscore the industry’s ongoing adaptation to supply chain challenges and shifting consumer demands.

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CBT News Staff Writer
CBT News Staff Writer
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

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