CAR 2024: An all-star panel of economists and data analysts find that used/wholesale vehicle prices and values will remain above the previous “normal” levels last seen in the late 2010s.
The latest numbers more activity in the lanes at Manheim in the second half of the month and finished the last week of February with some of the strongest weekly gains in wholesale prices for many years.
As the wholesale market returns to a new normal following the pandemic, this seminar looks at an overview of the current market, including inventory and pricing, as well as emerging trends.
Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
Over the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 1.9%, which was more than the normal decline of 1% for the time of year.
Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
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