U.S. used-car prices continue to grow y/y, with the Manheim Used Vehicle Value Index up 2% in September
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The Manheim Used Vehicle Value Index (MUVVI) rose 2.0% y/y and -0.2% m/m to 207 in September.
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It was up 1.7% y/y in August and 2.9% in June.
“As we close the books on Q3, we’ve continued to see wholesale values remain elevated against normal depreciation trends, even with declines in September and right as tax incentives on EVs come to an end,” said Jeremy Robb, deputy chief economist for Cox Automotive. “Both new and used retail sales were fairly elevated over most of Q3, but we started to see some declines in the last few weeks of September. Simultaneously, we observed that weekly wholesale valuations declined a bit more than earlier in the month, as the relationship between supply on dealer lots and wholesale values remains strongly intertwined.”