Cox Automotive said that its Manheim Used Vehicle Value Index, which tracks vehicles sold at Manheim’s U.S. auctions, rose just 0.04% in January compared with December. The January number, however, was 45% higher than a year earlier. Those numbers were adjusted for mix, mileage and seasonality. Total used-vehicle sales fell 0.8%in January compared with the year-earlier period, Cox Automotive estimated.
January price patterns varied by vehicle age and segment, with older vehicles likely to see stabilizing prices and younger vehicles likely to see larger declines, according to Manheim. All major market segments saw seasonally adjusted year-over-year price gains in January, according to Manheim. Van prices grew by nearly 60%, the biggest such change, followed by compact car prices, which rose 52% from January 2021. Pickups and luxury cars lagged the overall market. Month to month, it was a different story. Prices for midsize cars, sports cars and SUVs rose in January compared with December, while prices for compact cars, luxury cars and pickups decreased.