If you’ve been in the market for a used vehicle, you’ve undoubtedly noticed prices are significantly higher than in the past. However, there’s been some relief as prices have been trending downward since the tail end of the pandemic.
That continues as the Manheim (wholesale) Used Vehicle Value Index fell 0.6% in May and is down 12.1% from a year ago, on a mix, mileage, and seasonally adjusted basis. While the Memorial Day holiday likely had an impact, Cox Automotive noted “depreciation trends are currently tracking higher than long-term averages for the year.”
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