February Sees Fastest Wholesale Value Decline in More than Three Years

Tom Webb
Chief Econ­o­mist
Cox Auto­mo­tive

Feb­ru­ary saw its fastest decline in whole­sale used vehi­cle val­ues in more than three years. The Man­heim Used Vehi­cle Val­ue Index came in at 123.3, a 1.4% decline from a year ago. The Index had been above its long-term trend­line for 66 of the past 72 months, and the past month saw more of a return to that trend­line. Mar­ket adjust­ments may be mod­est and sup­port­ive of retail financ­ing for the used vehi­cle mar­ket in the near term.

Tax Refunds Had Been Down Due Pri­mar­i­ly to IRS Com­put­er Out­age:
By late Feb­ru­ary, tax refunds had returned to nor­mal for car pur­chas­es.

CPO Sales Rose 7% in Feb­ru­ary with Year-to-Date Gain of 2.5%:
Total used vehi­cle sales up 8% in Jan­u­ary with more mod­est rise in Feb­ru­ary.

Lux­u­ry Cars Out­per­formed Over­all Mar­ket but Y-O-Y Were 2nd Weak­est Seg­ment:
Val­ues for com­pact cars con­tin­ued to fall, both in recent months and over past year.

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