The wholesale prices dealers pay for the used cars they later sell are on an unprecedented climb. In the first 15 days of October, that rate of increase has accelerated. That’s almost certain to mean the retail prices shoppers pay at the dealership will increase, too.
The Manheim Used Vehicle Value Index tracks the prices dealers pay for used cars at auction, adjusted for normal seasonal variations, the types of cars dealers buy, and mileage. In the first two weeks of October, the index rose 8.3% — from September numbers that were already at record levels.
The index is published by Kelley Blue Book parent company Cox Automotive. It sits 37% higher than one year ago.
Used car prices have broken new records throughout 2021. At the end of August, the average used car in America carried a list price of $25,829 – 24% higher than one year before. September’s numbers aren’t available yet (we expect them soon). But wholesale prices grew in September, so retail prices likely broke the $26,000 mark for the first time.
That comes despite slowing sales. Cox Automotive estimates that total used vehicle sales declined 13% in September. Several factors combined to drive the change, including a limited supply of used cars and buyers staying home rather than paying high prices.
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October 20, 2021 at 10:34PM
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Wholesale Used Car Prices Climb Again - Kelley Blue Book
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