Used Vehicle Market Conditions
Wholesale used vehicle prices continued to climb in March and April resuming pre-pandemic seasonal trends. Wholesale values remain above pre-Covid levels by over 20% as used vehicle demand faces a perfect drought in used vehicle supply. According to KAR Global Analytical Services’ monthly analysis of wholesale used vehicle prices by vehicle model class, wholesale prices in March averaged $13,627 — up 2.9% compared to February, up 25.9% relative to March 2020, and up 22.8% compared to pre-COVID/March 2019.
Based on NADA data, retail used vehicle sales by franchised and independent dealers in March were up 14.6% month-over-month and up 0.1% versus March 2019/pre-COVID sales. CPO sales were up 36.0% from the prior month and up 7.2% versus March 2019/pre-COVID levels, according to figures from Autodata. Additional retail sales trends are available via KAR Global’s Interactive Dashboards.