Used Car Market
The prices dealers pay for cars and trucks at Manheim auctions climbed to all-time highs in September and will likely remain elevated through spring. Wholesale values rose 27% last month from September 2020, according to the Manheim Used Vehicle Value Index, which tracks prices of cars and trucks sold at auctions. And, September is not likely to mark the peak for this year.
“Basically, the odds favor more increases between now and spring because we’re still in a very supply-constrained market in total, in both the wholesale market and the new-vehicle market,” Cox Automotive chief economist Jonathan Smoke said in a conference call last week. “With new-vehicle production still hampered by the chip shortage and with consumer demand relatively strong, wholesale values are expected to stay elevated well into next year