Current Used Vehicle Market Conditions
Average wholesale used vehicle prices declined for the 4th consecutive month, yet finished the year approximately 10% higher than a year-ago. Certified Preowned vehicles (CPOs) were down in 2020, but only modestly considering the pandemic and 2019 being a record year.
According to KAR Global, December wholesale prices were down 2.2% compared to November, up 4.9% compared to pre-COVID months, and up 9.9% compared to December 2019. Though auction prices have tapered since reaching their peak in August, prices remained up on a year-over-year basis at year-end for all model class groupings, especially pickup trucks.